One major promise of blockchain technology is the achievement of total control of individual financial transactions. In a world where over-exposure and control by centralized authority is the order of the day, anonymity and privacy of transactions appear to be the ideal procedure to achieve personal independence when it comes to transfer of value.
Before this, PIVX has based its private transaction system on Obfuscation. An in wallet coin mixing method that is based on Coinjoin. Using Coinjoin, a dark wallet user is matched with another dark wallet user who is making a payment at around the same time. The transactions are combined and encrypted so that it is very tough to determine who paid who.
Moving a step further, PIVX will offer more personal control over transactions as the project has announced the implementation of Zerocoin in coming months. While Obfuscation makes a given transaction unintelligible, Zerocoin goes a step further by deducting the user identities in a particular transaction.
This announcement was made on the PIVX blog, emphasizing on the improvement of the current privacy protocol:
“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.”
Zerocoin achieves this goal by employing zero-knowledge mathematical proofs. With zero-knowledge proofs, financial transactions are kept completely private and anonymous as transactions do not convey any information apart from the fact that coins have actually been received or sent. Hence total control, ownership, and security is guaranteed.
This development separates PIVX as the first cryptocurrency with Proof Of Stake and Masternodes to add Zerocoin protocol.
With this development, it is indeed appropriate to proclaim that the original intention of Satoshi and the promise of personal control over financial transactions will become possible.
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