What is Pivx (PIVX)?
Private Instant Verified Transaction(X) is the full form of PIVX which is a new type of cryptocurrency discovered from Dash and focuses on the concept of “Proof of Stake.” PIVX is an open source and decentralized cryptocurrency which is designed and evolving with the best practices to ensure privacy and transactional security. Buy Pivx (PIVX) India – BuyBitcoin
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This concept will trigger to exchange your cryptocurrency in the digital form but with utmost privacy and with security. It is solely a decentralized program. Through this mode of the blockchain, the transaction time and levies are reduced but keeping the privacy and the safety in the centrifugal point.
PIVX Coin – The Cryptocurrency
The cryptocurrency PIVX works with the Quark algorithm. This algorithm has been programmed to work with little memory space and energy. The algorithm is a lightweight. Lightweights are particularly important at the interface between cryptographic protocols and RFID technology. The Quark algorithm allows mining with little storage space. The algorithm is based on the sponge principle. A sponge algorithm stores a limited amount of information itself, but can process an arbitrary amount of input/output.
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Like a sponge on the seabed, data such as seawater can flow through the algorithm.
The algorithm always stores the same amount of information, only the value of the information changes continuously. The seawater in a sponge doesn’t stay the same all the time. Therefore, this algorithm is well suited for applications where even a small amount of memory is available. The algorithm combines three instances with each other. Each instance has a different compatibility. The “lightest” instance, u-quark, guarantees security against attacks such as collisions and multi-collisions even at 64 bits. u-Quark is compatible with 1379 gates and requires 2.44 watts at 100 kHz. Miners take 60 seconds to find a block.
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Up to block number 151,200 miners will receive a reward of 250 PIVX coins per block and from 151,201 to 259,200 50 PIVX coins etc. From block number 648,000 on, there will only be 5 PIVX coins as a reward. A total of 43,166,500 PIVX coins are expected to be produced.
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