As Governments Intensify Scrutiny, Anonymous Crypto PIVX Rises 30%

Invariably, all the crypto coins fell yesterday. However, at the end of the day, there was one crypto currency which withstood the bear onslaught. That was PIVX coin. The acronym PIVX stands for Private Instant Verified Transaction. It was created by forking DASH, a coin which facilitates anonymous transactions. It has all the features of DASH, such as master nodes, instant send and private transfer. However, the network uses Proof-of-Stake algorithm, instead of Proof-of-Work (PoW). The coin cannot be mined, but can be earned as a reward by staking it in the online wallet.

The coin gained 32% to trade at about $12. PIVX has implemented a highly-vetted protocol called Zerocoin with many custom enhancements allowing blockchain-level transaction anonymity in the way of unlinkability. The developers call this zPIV, where PIV is a unit of PIVX and ‘z’ prefix is for Zerocoin.

What zPIV provides is a protocol-level coin mixing service using zero knowledge proofs to sever the link between the sender and the receiver with 100% anonymity and untraceability. That means each coin that is sent using zPIV is 100% fungible as it has no determinable history attached to them. Furthermore, the balance can be masked, thereby avoiding from being a target of hackers.

As governments tighten the noose around crypto currency investors, we can expect coins, which offer privacy and security to rise in value.