Today, the team of cryptocurrency PIVX reported that it has now crossed a milestone with over 10 million PIV converted to zPIV, which accounts for nearly 20% of its coin supply, making it the largest anonymous set of any coin that uses the Zerocoin protocol.
This feature provides the ability to keep balances completely private by simply converting PIV into zPIV.
Thanks to the mobile/light wallet core developer known as Furszy, spending and minting zPIV through mobile will also become a reality very soon.
The team emphasized that “for a while now, people in the privacy cryptocurrency space have frowned upon non-mandatory privacy. Their claim is that not enough people will use the privacy transaction features or keep their balance private when not spending. The 10+ million zPIV supply of PIVX proves otherwise.”
Incentivizing Privacy
Another crypto first developed by the PIVX team was “zPoS” (Zerocoin Proof of Stake) – a fully private staking mechanism allowing users to stake their zPIV and privately earn 3 zPIV as a reward when they win a block, instead of the public 2 PIV block reward when staking PIV using PoS.
PIVX further explained:
The Zerocoin protocol works where the higher the supply of zPIV (divided in accumulators of 1 zPIV, 5 zPIV, 10 zPIV, etc.), the better the privacy. If a user would spend 1 zPIV, the anonymity set that the protocol uses to secure and ensure privacy is currently above 66,000. Just looking at the 1 zPIV denomination set, PIVX has a larger set size in total than all the accumulators combined in Zcoin. This is largely achieved by the innovation of zPoS and the consistent improvement of the original Zerocoin protocol.
The total number of zPIV is only expected to grow, as many improvements to zPIV and zPoS are in the pipeline. The most requested improvement, by many users, is precomputed proofs, which will greatly improve zPIV spend times and improve zPoS efficiency. Soon to follow will be Bulletproofs to significantly decrease its proof sizes and create a trustless setup.