Cryptocurrency PIVX (PIVX) has seen a meteoric rise in value over the previous week, leaving many within the crypto neighborhood questioning — what’s PIVX and what’s inflicting this large surge?
PIVX is a privacy-focused cryptocurrency that makes use of superior cryptography protocols to guard customers’ monetary knowledge and supply anonymity. It was launched in January 2016 as a fork of Bitcoin and Sprint, with the objective of making a decentralized, community-governed cryptocurrency centered on monetary privateness via options like stealth addresses and nameless transactions.
Over the previous week, PIVX has shot up over 160%, going from round $0.22 final Wednesday to over $0.58 as we speak. The rise got here very quickly earlier than yesterday’s itemizing announcement from main crypto alternate Binance, which mentioned it might start PIVX/USDT buying and selling pairs beginning Nov. 16.
Binance’s announcement lent legitimacy to PIVX, exposing it to Binance’s large userbase and certain driving important new demand and liquidity for the previously obscure privateness coin. The timing coincided completely with privateness and anonymity gaining elevated curiosity and worth within the crypto sector.
PIVX makes use of zero-knowledge proof cryptography referred to as zk-SNARKs to create nameless transactions, guaranteeing customers’ monetary knowledge and exercise is totally personal. This zk-SNARKs protocol known as SHIELD in PIVX.
Past privateness, PIVX makes use of proof-of-stake consensus. PIVX additionally helps quick transactions with SwiftX, real-time decentralized governance via masternode voting, and chilly staking capabilities.