Glossary

Glossary of the main PIVX terms and definitions

Proof of Stake: The Proof of Stake (PoS) concept states that a person can mine or validate block transactions according to how many coins they hold. This means that the more coins owned by a miner, the more mining power they have (by opposition to Proof-Of-Work, where the mining power of an actor is linked to his computing power). More details on https://pivx.org/proof-of-stake.

Staking: The mechanism by which miners (called stakers) are rewarded for adding new blocks to the PIVX Proof-Of-Stake blockchain.

PIV: The currency unit of PIVX.

zk-SNARKS/SHIELD: Privacy protocol implemented on the PIVX blockchain. Zero-Knowledge proof (zk-SNARKS) is a cryptographic method by which one party (the prover) can prove to another party (the verifier) that a given statement is true, without conveying (or unknowingly leaking) any information apart from one simple statement: that the statement being made is indeed true. PIVX uses this mechanism to create SHIELD transactions, for which details are only visible to the sender and receiver. More details on https://pivx.org/privacy-protocol.

zPIV: A previous type of PIVs, at the time where PIVX was relying on the Zerocoin algorithm. They have now been retired and are irrecoverable since the Zerocoin algorithm was deprecated (to the benefit of zk-SNARKS/SHIELD).

Cold Staking:

Masternode: PIVX Masternodes are special wallets that, in exchange of the locking-up of a 10'000 PIV collateral, provide a second level of governance on the network, with functionalities such as voting on the Treasury Budget.

Treasury Budget: A monthly budget of 43'200 PIV that are allocated to community-submitted projects that are then voted upon by the PIVX masternode owners.