Private Instant Verified Transaction, PIVX, is a privacy focused decentralized open source cryptocurrency launched on Feb 1, 2016, under the name of Darknet (DNET) before it was professionally re-branded to PIVX. Initial Proof of Work (PoW) distribution phase ended August 2016 when DNET transitioned to the current Proof of Stake (PoS) phase.
PIVX runs on Blackcoin PoS 2.0 protocol and is based on Bitcoin core 0.10.x code base. It utilizes a network of masternodes for an openly visible decentralized governance and increased transaction privacy.
The main goal of PIVX is to achieve near instant private transactions and a governance that helps sustain the network for the benefit of all of the users involved. While we are well on our way to achieving this, some of the features are under development and should appear in the near future.