Privacy Coin PIVX To Launch Own Decentralized Exchange ZDEX
Earlier this year BitcoinLinux had reported that PIVX, a privacy coin that leverages a customized Zerocoin protocol, is gearing up to launch its own decentralized cryptocurrency exchange, ZDEX.
Now, ZDEX has announced that the wait is almost over and we are just 15 days away from the launch.
ZDEX, the world’s first ZKP privacy enabled decentralized exchange is coming soon and the count down has begun! https://t.co/HiWBvDT6wU
ZDEX will run on the $PIVX masternode network and will enable direct trading of #zPIV with multiple cryptocurrencies. #bitcoin #zerocoin pic.twitter.com/RQeh1e3bCX
— PIVX (@_pivx) October 16, 2018
The ZDEX exchange will enable customers to acquire the anonymous form of PIVX’s currency, zPIV, which is generally only minted in transactions. This anonymous coin is a product of the Zerocoin protocol, which provides the PIVX network with a protocol-level coin mixing service using zero-knowledge proofs to create untraceable and anonymous transactions.
By leveraging the Zerocoin protocol in the new exchange, PIVX is enabling the buying and selling of an anonymized coin with zero transaction history. This can be considered as the first private decentralized exchange, which is also being developed to combat ongoing regulatory pressure.
Users will also not necessarily have to undergo an in-wallet registration in order to use the services of the exchange platform. To further secure and increase the anonymity of the exchange platform, coins will not be stored in servers. The amount that the exchange collects from trading fees will be distributed among master node owners (zDEXNodes) who contribute to securing the platform. The collected fees will also be used to reward investors who purchase and hold the PIV tokens for a long term. The exchange will also be beneficial to miners as they could additional income without incurring additional electrical expenses.
To secure ZDEX and assure rapid trade execution and settlement, PIVX will leverage its pre-established network of more than 1,350 masternodes. This network also enables the system to conduct trades of zPIV with multiple cryptocurrencies.
Notably, PIVX is also actively exploring a number of novel applications for the Zerocoin protocol and was notably the first network to deliver a Zerocoin mint on a mobile wallet.