With Dash Masternodes being virtually unaffordable, in steps PIVX to shake up the game.
So, PIVX has now burst onto the scene amidst a flurry of attention and a grass roots marketing blitz. Now lets compare PIVX to it’s parent and see what additions have been made and how they will separate PIVX
Full disclosure, my name is Crypto S.I , writing this as a holder of both Dash and PIVX, but I’m far more active in the PIVX community, so my views should be taken objectively.
So lets set the scene, It was late 2015 and DASH was steaming ahead with its development, the budget was working perfectly on a tech level, but socially a few cracks were beginning to appear. Historically in ALL crypto-currency there is a period of time where the core team have a massive influence over the direction of the coin, as the coin matures it becomes more decentralized. At this particular point in time Dash was reaching a cross roads philosophically more than anything. Should they focus on privacy or mass adoption? I was firmly in the camp of mass adoption. I’ve never been worried by the pseudo-anonymous nature of Bitcoin, privacy is really not much of a big deal to me personally, but the way the situation was handled led me to believe DASH needed real rivals.
My main gripe with the entire Masternode system is that it weights consensus according to financial status, meaning that the more money you have the more votes you get. A libertarians nightmare, but a necessary evil when it comes to discussing budgets, especially as the votes are directly correlated to how much security the controlling person is putting into the network and its features. However, community sentiment should at least be measured, or some sort of effort made to do this? Dash failed me on this, and I went off in search of forks.
I didn’t have to search long before I came across PIVX, which had been populated by a few former DASH community members, exactly what capacity I’m not actually sure, and to be honest I don’t really care. It’s important to accept that in this tribal game of cryptos, its acceptable in fact pragmatic to belong to 4-5 communities even if they are competing. Hedge your bets, that’s what I say, and that’s what I’ve done.
So before we look at this wonderful image crafted by the PIVX team (which is not biased at all ;)) let me explain the 2 main fundamental reasons I joined PIVX and invested in a decent amount of the currency.
- See-saw algorithm, this was the part which blew my mind, it’s so simple yet has such incredible ramifications for affordability and vote hording that it immediately made me an investor, you can see the white paper for it here, but let me explain in layman’s terms what id does and why its so important. The see-saw checks the amount of Masternodes and compares it to the amount of coins being staked at any one time, if the network is getting too Masternode heavy then the rewards each Masternode earns is reduced, thus incentivizing the Masternode owners to give up their votes and stake coins instead. This means that even early adopters will soon find that they are better off staking, or paying a premium in opportunity costs to keep their Masternodes running just to control voting. This is in stark contrast to Dash, where people with lots of Masternodes, can just keep acquiring more and more while the price goes up and new members can only dream of owning one. Current cost of Dash Masternode is 50,000USD, PIVX is $460, Of course PIVX cost will go up, but right now, very few can buy a Dash Masternode, while early adopters have hundreds.
- No maximum coin supply, Perhaps the fact that Bitcoin has a coin cap of 21 million was a reason most of us fell in love with crypto to begin with, but in reality currency MUST expand, assets don’t have to. For this reason plenty of people argue that Bitcoin is just an easily transferable asset and not a true currency, after all who wants to spend something that they know is going to go up in value, how many Bitcoin lovers would rather spend Bitcoin than Dollars? I know I prefer to spend my fiat and save my crypto. PIVX is different here, to both Bitcoin and DASH, in that it is PoS (Proof of stake) and will increase by roughly 5% per year once its completed all its development stages (may 2017 roughly) This makes PIVX an actual Currency, and although most of us see quantitative easing as some sort of scam perpetrated by central banks, we wouldn’t feel this way if the easing went directly into the citizens wallets and nowhere else, this is exactly how PIVX works, the new coins are distributed around the Masternodes AND the regular stakers (wallet owners) according to the see-saw, this means in essence PIVX will be inflationary when it finds its correct price, and not deflationary, also means that Masternodes will not become wildly expensive as time passes, or at least it mitigates these risks.
Those are the 2 quantifiable differences, but there are a few philosophical ones, that I wont go into detail on, mostly because they are more a matter of opinion than fact, and hugely subjective so you’ll need to join PIVX slack and experience for yourself. The 2 main differences are PIVX is sticking to it’s focus on PRIVACY, I believe this is important because projects like this need a solid direction if the community wants to change then fine, but it must be discussed openly fairly and dynamically.
Secondly there is a serious focus on governance, which I’ve personally had a hand in, I scoured the world for leading crypto’s in terms of progressive governance, and invited thinkers to come and work with PIVX, the main draw being that our Currency is already in progress so new models would not be theoretical but could be actually deployed among a thriving community, tweaked and quickly perfected. My calls were answered and we have some leading minds helping develop the next stage of our governance which may include voting for all stakeholders, but there will be more about this in a later post along with videos of the discussions and presentations explaining exactly our thought processes.
So finally without any further ado, here is a breakdown comparison of the 2 best Cryptos in my humble opinion,
This article was written independently by Crypto S.I,
Thanks for reading and please comment below with any questions or thoughts.
Download the PIVX-QT Wallet here.
The PIVX Website is here! Welcome to PIVX!
The PIVX Slack channel is available here! With PIVX tipbot
The PIVX Twitter account is here! Remember to #PIVXCrypto
The PIVX Forum on BitcoinTalk is here.