What is PIVX?

PIVX is a decentralized blockchain project and cryptocurrency that was announced on November 25, 2015, and launched on January 30, 2016. Initially utilizing a Proof of Work algorithm, it transitioned to a Proof of Stake system on August 17, 2016. PIVX employs a custom-developed PoS consensus engine and has a native cryptocurrency called PIV, which serves multiple functions within the network.

Governance of PIVX is managed through a community-driven decentralized autonomous organization (DAO). The project features a Masternode network that contributes to decentralized governance, with ongoing developments including Deterministic Masternode Lists and Long Living Masternode Quorums. PIVX implements an anonymity protocol based on zk-SNARKs Sapling, and its coin supply is governed by a fixed block emission rate combined with monthly budget allocations, alongside a mechanism for burning transaction fees.