PIVX LITE STORY
Pivx Lite exists with the sole aim of becoming one of the most widely utilized privacy-based coins in the market segment. The stated mission of Pivx Lite is to be an open source, scalable, cryptocurrency that places user privacy above all else. Financial privacy in the crytpo space has been overlooked by most market participants due to a lack of knowledge and the misconception that cryptocurrencies, in general, are private. They are not. We created Pivx Lite to facilitate instantaneous, secure and untraceable transactions, utilizing the latest state of the art cryptography and blockchain technology. In short, we endeavor to make it impossible for a third party to figure out through chain analysis who the sender and receiver are and the amount of coins transferred in any block. As explained in further detail in our white paper, we accomplish this task utilizing masternodes, coin mixing, shielded addresses with zk-SNARK encryption and The Onion Router (TOR) and DEFI with wrapped tokens.
FAST AND ANONYMOUS TRANSACTIONS
Pivx Lite is fast and cheap to transact with. We utilize zk-SNARK cryptography to provide you with the highest level of security and anonymity.
Low Tranfer Fees
Fork pivx repo, set up testnet, set new spork keys, rebrand to Pivx Lite
Launch mainnet on January 8, 2020. Complete new website, setup Slack, Twitter and Reddit pages. Start coin swap with Quark 2.0 holders.
The dev team is continuing coin swap. The team is also in active discussions with 2 crpto exchanges to list Pivx Lite coins
Update wallets with minor bug fixes. Release mobile wallets for Android and IOS platforms. Release TOR USB Hidden Wallet.
Continue to work on implementation of zk-SNARKS with anticipated 4th Quarter release.
Release new blockchain security, release new desktop wallets to support new chain. Continue with marketing and promotion.
Test and update github code and wallets to enable zk-SNARK transactions
Mainnet release of the zkSNARK upgrade and reduce block reward to 2
Official Release of Pivx Lite White Paper v1.0 released
Trading opens on Graviex Exchange and tracked by Nomics and Coinlore
Release updated wallets that improve performance and sync rates
PIVXL asset tracking initiated by Live Coin Watch
Update Tails OS to PIVXL Linux Wallet v2.1 that utilizes TOR outbound connections only
Update Android mobile wallet to v2.0 with shielded addresses
Update Apple IOS mobile wallet to v2.1 with shielded addresses
The Foundation wrapped 100,000 PIVXL into wPIVXL tokens on the Binance Smart Chain (BSC) for DEFI applications
Wrapped PIVXL listed on Pancakeswap with trading pairs wPIVXL/BNB and wPIVXL/BUSD
Wrapped Pivx Lite token now tracked by Top 100 Token
Wrapped Pivx Lite market data supplied by BscScan (a product of Etherscan)
Wrapped Pivx Lite now tracked by Poocoin Charts
Pivx Lite generates a new block every 60 seconds. This is one of the fasted block times in the crypto space. 2 PIVXL coins are generated per block and with the implementation of Pivx Lite masternodes transaction confirmations are instant.
Pivx Lite masternodes allow transactions to be confirmed instantly. A node requires 100,000 Pivx Lite coins and the owner will receive rewards randomly throughout every day the node is online for service. Masternode owners receive 1.4 coins per block for the service they provide.
Proof of Stake
Pivx Lite rewards holders of the coin by paying 30% of the block reward (.60 PIVXL) for staking your coins. This means you keep your wallet open and unlocked to create what is known as a node to better protect the network. We use environmentally friendly POS 3.0 and rewards occur automatically after only a few hours.
Pivx Lite has extremely low transaction fees compared to most other coins and tokens. The average cost for a transfer using is only 0.000085 PIVXL. The average transaction cost utilizing zk-SNARK encryption is only 0.02 PIVXL. Transaction fees are burnt.
Proof of Work
POW was only active for a few days to generate the exact amount of coins necessary for a 1 to 1 coin swap of former Quark 2.0 holders. We have a snapshot at block 353,155 (August 2019) to swap out all coins 1 to 1. This means we mined 9,321,106 coins for the coin swap. Proof of work was then deactivated and the network is now supported by POS and masternodes only.
Privacy With zk-SNARK Encryption
Zk-SNARK stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge”. It is an encryption protocol that completely obfuscates the sender and receiver address and also the amount of coins transferred in the block. The service is currently optional in the Pivx Lite wallets.
Pivx Lite is slowly gaining popularity among crypto community. Lots of real companies and exchanges have adopted our coin already. There is much more to come. Stay tuned.