This article was written by Elisha Owusu Akyaw, a Contributor to the PIVX Project, and is sponsored by PIVX
As part of its roadmap earlier indicated some months ago, PIVX (Private Instant Verified Transaction) has started the implementation of the Zerocoin Protocol for more secure end-to-end transaction anonymity.
The Zerocoin Protocol uses a cryptographic method known as the Zero-Knowledge proof. It enables a party to prove that a given financial transaction – as in the case of PIVX – is true to another party without conveying any information to the public apart from the fact that the money was indeed sent or received.
This move by the privacy focused decentralized open source cryptocurrency launched in 2016 will make it the first Proof of Stake coin with the Zerocoin Protocol. The privacy-enhancing protocol that will ensure that every end-to-end transaction becomes entirely untraceable will also give PIVX an edge over several other Bitcoin Alternatives that have been trying to fill the role of private zero-knowledge transactions as created by Bitcoin’s pseudo-anonymous nature.
Anonymity and privacy of transactions have been issues of interest in today’s emerging cryptocurrency-based economy. Though the most popular at this point, Bitcoin has not been able to provide total anonymity. This drawback has lead to the emergence of a few cryptocurrencies that promote full anonymity.
However, as other Bitcoin alternatives seek to improve on their relevance in the market by focusing on the solutions they tend to proffer to particular problems, PIVX is raising the value of its usefulness in a world where over-exposure and control by centralized authority is becoming worrying.
Its integration of the Zerocoin Protocol is to add to its existing features such as faster transactions (SwiftTX), incentivized node network (Masternodes) and Community Designed Governance to make it a robust private, instant and verified cryptocurrency.
Born out of a code fork of DASH and seeks to return to ensuring the true concept of decentralization, the integration is also another step in the PIVX’s goal to achieve near instant private transactions and a governance that helps sustain the network for the benefit of all of its users.
With several new features scheduled to be included to the network like end-to-end encrypted chat function for private and group discussions among its users, elastic block sizes that allow blocks to expand on their own to accommodate varying sizes, U2F integration, multi-signature address control function for wallets, PIVX is set to maintain its value proposition and its worth in the market.