Proof-of-Stake Privacy Coin Succeeds in Launching iOS Mobile Wallet

January 9, 2019 / by Angel Reyes

The team of PIVX — Private Instant Verified Transaction — has just released the first iOS mobile wallet of any proof-of-stake coin on the market. Apple has enacted various restrictions for cryptocurrency related apps, but the release of the PIVX wallet may signal future shifts in the treatment of crypto apps for iOS. The release also allows increased functionality for PIVX privacy features.

Accessing this capability from one’s phone increases the usability of PIVX in real-world transaction situations

Privacy coins offer a controversial but desirable feature to the technological sphere of cryptocurrencies. Often associated with criminal activity, privacy coins attract unwanted — and often unwarranted — opinion by crypto critics. Embracing privacy and anonymity, however, is not exclusive to criminals. Rather, it allows individuals to reclaim individual rights over privacy of information and transaction. PIVX calls this privacy of financial information a “basic human right,” according to the project manifesto.

PIVX has been attempting to get Apple to approve its mobile wallet for over a year, according to an official blog post. With the addition of PIVX, only seven of the 100 top market cap coins have been able to pull this off.

After initially being denied access to the Apple App Store, PIVX community member Buer re-applied utilizing an Italian software development company. In collaboration with PIVX core developer Matias Furszyfer and various investors, the app was finally approved by Apple.

PIVX was previously capable of iOS transactions using the Coinomi multi-currency wallet. The Coinomi wallet offers functional sending and receiving of PIV, but does not support the privacy features that gives the coin its value and purpose. Coinomi does not allow the operation of PIVX’s Zerocoin Protocol — a privacy protocol using zero-knowledge proofs to maintain 100 percent anonymity and transaction unlinkability. One must first “mint” zPIV to send to PIV public addresses for privacy features to be enabled. The PIVX designed app will now allow for such features to operate.

PIVX was originally created and forked from privacy coin DASH in February 2016. Originally dubbed Darknet (DNET), the cryptocurrency altered itself to operate with a proof-of-stake consensus mechanism. Touting energy efficiency, low fees, and security from 51 percent attacks thanks to its PoS nature, DNET was rebranded as PIVX to reflect its vision of privacy. Users are incentivized to stake their tokens as well as run masternodes by earning up to five percent annual returns.

PIVX runs a project that has potential for the future as a distributed network privacy coin. Currently sitting at rank 74, according to Coinmarketcap.com, PIVX has fallen a long way from its peak of nearly $14. As with all cryptocurrencies, however, only the future will determine the success of the PIVX community. Being added to the Apple App Store, though, will boost PIV’s usability and may pave the road for further cryptocurrencies to be added as well.