PIVX is a peer-to-peer cryptocurrency that sports various intuitive features. Built on the Bitcoin core, the PIVX acronym stands for Private, Instant, Verified Transactions (X being Transactions). Its transaction speed is fast, with a 60 second block time for normal transactions and under a few seconds for SwiftX transactions, which only need one confirmation from a network of master nodes. PIVX uses Zerocoin technology for private transactions, ensuring that transaction details are kept hidden except to the sender and recipient. Users can also stake PIVX for rewards by keeping their wallet online, earning approximately 4.8% a year. Those who own masternodes (the computers which power the blockchain through the proof-of-work algorithm) can vote on proposals for the PIVX network.
PIVX (PIVX) is the token that is used to pay transaction fees and power the proof-of-stake algorithm.