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Watch my block: PIVX | BTC-ECHO

articles have:

because PIVX has cribbed the zero knowledge proofs by ZCash and the master Odes of dash, the surmise that it combines the advantages of both systems. PIVX exactly how and whether PIVX is actually suitable as anonymous Internet currency, we now examine.

Darknet” launched

PIVX was features in February 2016 under the ominous name. A special feature compared to already analysed privacy coins is using a proof of stakeholders as a consensus algorithm. For a proof of stakeholder, the validity of the transactions in the network is not ensured by Miner, but by the Staker. A Staker has a certain number of coins he freezes as a pledge for the validation of transactions. In return, he gets new coins as a reward for his work. PIVX called these actors “Staking Nodes”. Attack points for the proof of stakeholders will be discussed in the next section.

The anonymization happens in PIVX, much like at dash, by a CoinMixer . The currency will be broken down for that in eight different default values (1, 5, 10, 50, 100, 500, 1000, 5000). At PIVX, the operation of the mixing means ‘ minting’. The anonymous monetary unit is called zPIV . A transaction that is made after the mixing, obscures the history of coins. For a third party is only shown getting the coins out of the pool at zPIV. The process of a transaction is shown here:

PIVX uses the zero coin Protocol to prove values different to the currency in the eight to splitting and the ownership of PIV, without to uncover the identity of the owner.

PIVX weaken has some weaknesses that should be called when it comes to robust privacy coins. First, there is the so-called “rich list” to mention . Public Blockchains as Bitcoin or just PIVX is visible for all people, which address is how much money. Even if this address is a pseudonym and not directly visible, this public who is behind it, is a risk for the financial privacy (more in the watch my block: Bitcoin). A stock in zPIV is held, so these stocks not on the Blockchain are shown.

Another weakness of PIVX is the consensus mechanism, the proof of stakeholder. When it comes to robust, decentralized consensus mechanisms, there are some voices in the crypto community, which greatly doubt the proof of stakeholders . The fundamental problem with the proof of stakeholders was that a newcomer to the system must trust the existing Stakern to get a correct version of the Blockchain. A newbie can not verify the complete history as in the proof of work itself since the Genesis block. The system is no longer “trustless”.

The last weakness exists also in other CoinMixing privacy coins such as dash and Bitcoin. As a user you must familiar well with the functioning of the Kryptowährung, to not accidentally reveal his identity. An analysis of the Blockchain could make connections between wallets at outrightly with PIVX – especially if you change from a zPIV transaction to a known change address. The change to a zPIV address can be send for a fee of 1 zPIV – for privacy that is strongly recommended.

Current state of the art (development) has used for budget proposal

PIVX 10% of block rewards. The master odes to decide what this money is ultimately used. With this model, at least a financial basis for the continued development of PIVX is given.

Look into the future

2018 are great innovations for PIVX.

In the first quarter should be rolled out a deterministic zPIV wallet, an iOS-wallet and the so-called ‘zPIV staking’. Thus, usability should be increased and increased by the zPIV staking the privacy of all users of the network.

PIVX is an interesting project with a focus on privacy and user friendliness. The mechanisms of PIVX offer privacy for the users. To be the anonymity really safe and make no rash errors, you should deal but more with PIVX. For me personally, the use of proof of stakeholder is a thorn in the side. How problematic this consensus mechanism really is, time will tell.


about Alexander Roos

 Alexander Roos Alexander Roos happened earlier in the year 2018 to the BTC ECHO team. He completed a Bachelor of science in “Management, Philosophy & Economics” at the Frankfurt School of finance & management and his Bachelorthese “the fields of application and adaptation of the Blockchain technology” written. In decentralised Kryptowährungen, Alex sees the invention of money through the free market. His focus is on free-market principles applied in Blockchain projects and privacy-coins.

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