PIVX is a fork of DASH, but has taken a different path, where privacy and security is the key elements, and has so far been 3 steps ahead of many other projects.
Bitcoin mining is consuming an increasingly large percentage of the world’s energy. Today’s estimates suggest that mining operations are now consuming as much or more electricity than the entire nation of Denmark.
This is because Bitcoin mining is accomplished by running energy-hungry mining computers 24 hours a day, seven days a week. Each individual device, such as the Bitmain S9 consumes a steady stream of upwards of 1400W of electricity.
So what’s the solution to the energy consumption conundrum? PIVX doesn’t use mining at all. Instead, it uses an advanced version of what’s called proof-of-stake. Instead of running energy-intensive mining operations, anyone can buy and hold units of PIVX, and earn a reward for doing so. This is because when a user holds PIV in an online wallet, their computer will continuously stay up to date with the network and help propagate transactions and updates.
Summing it up
So what does all this mean? Cryptocurrencies like Bitcoin, Litecoin, and Dash are facing a growing problem. That being, rising energy costs and usage, the centralization of mining, and a company that has a near monopoly on nearly all ASIC mining hardware.
PIVX was created with a few goals in mind. One of the most important goals among them was to make a cryptocurrency network that was as maximally distributed, decentralized, and consequently as secure from attack as possible. In the last year, the PIVX team has even added some serious privacy features. This puts it on par with other privacy coins, and in many ways even surpasses them. Not only that, but PIVX is the only cryptocurrency today that has both serious and secure privacy features, as well as proof-of-stake mining.
2018 is going to be a major year for PIVX as dozens of new features are slated to come out. While Bitcoin and other cryptocurrencies are still trying to get their act together and solve old problems, PIVX will be blasting forward into what will certainly be some of the most advanced cryptocurrency tech on the market.
