Private Instant Verified Transaction (PIVX) will implement Zerocoin Protocol to improve its current method of enabling private transactions. The underlying technology utilizes Zero-Knowledge Proofs (ZKP) that allow users to mint and spend coins with no transaction history.
Our current privacy implementation involves wallet coin mixing based on CoinJoin with various improvements over the original, but done in a decentralized fashion facilitated by the network of masternodes. This provides an additional layer of privacy in transactions. While not perfectly anonymous, it is a far cry better than the standard bitcoin transaction which is why the PIVX project is working on an improvement.
The Zerocoin Protocol harnesses the power of Zero-Knowledge proofs to ensure complete financial privacy. Zero-Knowledge proof 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 any information apart from the fact that the statement is indeed true. In the context of Zerocoin, Zero-Knowledge proofs allow for financial transactions to occur with the only public information being that money was indeed sent or received. With this PIVX will be the first Proof of Stake coin with the Zerocoin Protocol.
In a world where over-exposure and control by centralized authority is the order of the day, anonymity and privacy of transactions appears to be the ideal goal. When it comes to transfer of value, PIVX will soon reach that target.
This integration will add to existing features of PIVX which includes faster transactions (SwiftTX), incentivized node network (Masternodes) and Community Designed Governance making PIVX a robust private, instant and verified Cryptocurrency.