There is one common myth that cryptocurrencies are private and assure users anonymity. This is true only to a certain degree. A user’s name and ID may be hidden, but transaction records are open to everyone. These records include how many cryptocurrencies have been transferred in the past and one’s current balance. With this information, dedicated and resourceful parties can piece the data together and unveil one’s identity.
However, there are certain cryptocurrencies that are entirely private, and PRiVCY (PIVX) is one such coin. Here is an insight into one of the best privcy coins.
How Does PIVX Work?
Privcy coins work in two modes when it comes to assigning identity: proof-of-stake and proof-of-work. PIVX operates through the former, allowing its users to run master nodes holding their stakes. Users are required to have a minimum of 10,000 tokens to run a master node. Only the user has information about his/her stake, and all records such as transactions and balance are stored in the node. As different users run their master nodes, the network continues upgrading and running smoothly for a flawless user experience.
Although PIVX is completely private and anonymous, it still matches the efficiency of other tokens on the market. For starters, transactions are quick even with the additional security measures in place – the block time is currently at about 60 seconds, and this number will reduce as development continues. The blockchain is completely anonymous and cannot be analyzed, hence assuring total privacy.
Although PIVX has a high entry threshold of 10,000 tokens, it is cheap to use as transaction fees are quite low compared with most other privacy tokens. The coin has wallets for all PC platforms including Windows, MAC, and Linux. Wallets for mobile users are yet to be rolled out but currently under development.
PIVX is still at its first stages in spite of its impressive framework, and developers are promising more changes and upgrades come early 2019, so users can look forward to the better user experience.
PIVX Security Measures
There is concern that privcy tokens may be used for illegal dealings owing to their absolute privacy. However, PIVX also takes measures to keep bad guys out, particularly by setting a high entry threshold so that only dedicated users looking for convenience rather than refuge can join. It also utilizes the best technology for its master nodes so that each user can only access their nodes regardless of how vibrant or elaborate the network may become.
PIVX is a relatively new coin as it was just launched this year. So far, it already has its social media campaigns rolled out, and it just recently started distribution of coins and applied to exchanges to have it listed and traded.
PIVX will end free distribution on 5th February 2019 and then send more applications to new exchanges to take it mainstream. It will at the same time develop new wallets for Android and iOS mobile devices ahead of going mainstream. Finally, it will revamp its social media and online campaigns.