PIVX is a new privacy coin that uses the Zerocoin Protocol. Last week, it was announced that, for the first time ever, the developers were able to mint Zerocoin from the mobile wallet of the company. Why is this important? Because Zerocoin is at the heart of the PIVX system.
The Zerocoin protocol is used by the PIVX network to mixes its service with zero knowledge proofs to create anonymous transactions that cannot be traced by other people and give some privacy to the user this way.
Zerocoins converts the viewable PIV into an anonymous one, the zPIV. When the users mint the zPIV, the original PIV is burned so the new one is sent without being registered and this makes for an anonymous system.
While this is still a small step of the development of the token, it is a very important one and can be significant in the future.
PIVX uses a proof of stake consensus system and has a network of masternodes that were used to create a better system for the governance of the whole ecosystem that would enable the creation of a well functional privacy coin.
The price of the tokens has been recently very flat but it dropped a bit recently. Last month, it reached $2.02 USD and at the time of this report, the tokens were being sold by $1.90 USD. The token has a market cap of $108 million USD.
At the moment, the price remains unaffected by the news but it looks like it might rise a bit if the situation actually develops more and the token gets more interesting for investors.