The PIVX team has announced that it is has begun work on the implementation of Zerocoin Protocol which will make it the first cryptocurrency based on Proof of Stake and a 2nd-tier Masternode network with Zero-Knowledge private transactions.
Privacy has become a critical subject in the financial technology sector due to the need for users to maintain the confidentiality of the information on their personal transactions and finances and in the ryptocurrency world, they are a few projects that offer top notch privacy services. Private Instant Verified Transaction (PIVX) seeks to improve on its current privacy protocol.
PIVX’s current privacy technology requires mixing of coins before sending which may take longer periods depending on liquidity providers which are still better than the privacy of regular Bitcoin transactions but to make these anonymous transactions better and easier the team has taken steps to implement the Zerocoin Protocol.
Private Instant Verified Transaction (PIVX) made the announcement on its blog saying:
“Private Instant Verified Transaction (PIVX) will implement Zerocoin Protocol to improve its current method of enabling private transactions. The underlying technology utilizes Zero-Knowledge Proofs (ZKP) that allow users to mint and spend coins with no transaction history.”
Zerocoin Protocol transactions use Zero-Knowledge Proofs to guarantee absolute privacy. Zero-Knowledge Proof is a cryptographic process by which transactions occur with the only public information signifying that the money was indeed sent or received. With this, one party (the sender) can prove to another party (the receiver) that a given statement is true, without conveying any information apart from the fact that the statement is indeed true.
PIVX already has an impressive list of features which include SwiftTX, Masternodes, and Community Designed Governance. This announcement comes after the PIVX Masternode network agreed on giving up exclusive voting rights to allow the implementation of Community Designed Governance which will ensure a more decentralized currency.