PIVX (standing for Private Instant Verified Transaction) is a cryptocurrency forked from Dash (A PoW coin, which itself was a fork from Bitcoin) in early 2016. It was originally created by someone under the pseudonym “s3v3n h4cks” but the team now comprises of various community members.
PIVX has its own blockchain. It was originally created with 60,000 PIV on genesis block as premine in order to help setup 6 early masternodes. However, all of the premine was later destroyed at block 279917, order to avoid any potential manipulation in the economy of PIVX
Finally, PIVX is based on proof of work using the Zerocoin protocol and it is supported by the use of masternodes. Every masternode requires 10000 PIVX as minimum stake in order to be functional.
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