zDEX is a potential game changer for PIVX but possibly for the whole decentralized exchanges field as well
You rarely see Pivx in the headlines these days.
This MIT licensed, open source, blockchain-based Proof of Stake cryptocurrency which sports an advanced custom implementation of Zero knowledge-proof Zerocoin protocol has been on the backseat of investor interest for the last year or so.
However, one interesting news is coming from the Pivx camp and it is especially important now that regulators are clamping down on decentralized exchanges and their founders.
There is a new decentralized exchange, zDEX that utilizes the masternode network from PIVX in order to coordinate multisignature escrow accounts and orderbook matching. The “z” in zDEX comes from the fact that zDEX allows trades that ultimately involve zPIV which is a Zerocoin protocol version of PIVX that provide ultimate off-chain anonymity of the coins held.
zDEX requires no sign up process, since it is a DEX that runs through a bunch of nodes around the world, as you only need to download your zDEX application on Windows, Mac or Linux, then have local versions of Bitcoin or Litecoin or other wallets (Electrum versions work). You then send a transaction to the zDEX application and PIVX masternodes put your funds in escrow while the order is open. Since it goes through zPIV, it will use the zerocoin protocol which removes the digital footprint of the transaction. If it fills, then your return address gets the funds sent to it. If it never fills or cancels, then you get your funds back. The funds are never held by an exchange server, rather secured by the masternodes (exchange-ready masternodes) that support different coins for trading.
The exchange is in its infancy and still has a long way to go before being ready for significant user increase. But it surely looks like it’s gonna be awesome.
PIVX offers a various array of features which make it, what its fans like to believe, “the ultimate privacy coin”. Some of those features include:
- privacy through the most advanced Zerocoin implementation on the market
- instant transactions using SwiftX technology
- securely verified transactions through secure Zerocoin Proof of Stake (zPoS) consensus and masternode double-validation
PIVX also utilizes a zPoS algorithm which makes it the only private coin that you can stake on the market.
