PIVX To Launch zDEX: First Private In-Wallet Decentralized Exchange
Designed and developed by PIVX, zDEX (zPIV Decentralized EXchange) will be the first private in-wallet decentralized exchange in the cryptocurrency world. PIVX has previously been on the highlights for being the world’s first Zerocoin that utilizes a proof of stake cryptocurrency. Additionally, PIVX focuses on providing users with low transaction fees by implementing the SwiftTX feature that processes and confirms transactions in seconds at extremely low fees.
Challenges That zDEX Seeks To Address
Lack Of Anonymity
Most of the cryptocurrencies implement blockchain technology whose major drawback is its transparent public ledger which in most cases negatively affects the users as users with a lot of cryptocurrencies can be targeted for theft, impossibility in purchasing sensitive products without getting traced down and offering other users, companies or institutions with records of users history, wealth or income.
zDEX will solve this challenge by enabling users to trade zPIV and BTC within the wallet in a trustless and anonymous way without involving any intermediaries. In the future, more cryptocurrencies will be exchangeable in the exchange.
Regulations By Countries
Some countries have put in place bans against cryptocurrencies that offer users with high anonymity levels as the governments of those countries believe that these cryptocurrencies aid in illegal activities such as money laundering.
Through offering a privacy-focused cryptocurrency, users will benefit from the numerous use cases of cryptocurrencies that are legitimate and important.
High Transaction Fees
The exchange seeks to lower the high trading fees that some of the exchanges charge for trading on their platform.
How zDEX First Private In-Wallet Decentralized Exchange Works
zDEX will offer users with a decentralized and yet anonymous exchange platform for converting bitcoin to zPIV and vice versa. zPIV is categorized as a zero knowledge proof of PIV tokens ownership, which in turn means that holders of zPIV can trade it anonymously and the record of the transaction will not be recorded on any ledger.
Users will also not necessarily have to undergo an in-wallet registration in order to use the services of the exchange platform. To further secure and increase the anonymity of the exchange platform, coins will not be stored in servers.
The amount that the exchange collects from trading fees will be distributed among master node owners (zDEXNodes) who contribute in securing the platform. The collected fees will also be used to reward investors who purchase and hold the PIV tokens for a long term.
The exchange will also be beneficial to miners as they could additional income without incurring additional electrical expenses.
It is anticipated that the decentralized exchange will be released for public use in late July 2018, which is an indicator that in case there is a market bounce it will gain bitcoin.
PIVX To Launch zDEX Benefits
Anonymous Decentralized Exchange
zDEX will enable users to trade the privacy coin zPIV anonymously without the record of the transaction being recorded anywhere and without require users to provide identity verification.
Increase In Demand For zPIV
The decentralized exchange will increase the demand for zPIV as more traders adopt the platform. The increase in demand will be especially beneficial to the PIV token holders, as it will increase the value of their tokens.