PIVX announced the launch of PIVX Foundation at the UN’s second Blockchain for Impact Summit held in New York on June 4, 2019. The summit, which focuses on how blockchain technology can be used to drive the achievement of sustainable development goals, was led by the United Nations’ Blockchain Sustainability Commission.
The PIVX Foundation
Bryan Doreian, the PIVX Global Ambassador and Co-Founder of the PIVX Foundation, made the announcement to his fellow delegates during the summit.
“The launch of the PIVX Foundation, an independent non-profit focused on supporting PIVX and the larger blockchain ecosystem, provides a massive opportunity for PIVX to grow. Donors can now leverage charitable contributions (charitable contributions can offset taxes they might otherwise be paying) – AND help support the PIVX ecosystem at the same time. This is a major win for community members who may have been donating to fund projects through PIVX in the past without a charity tax receipt,” he said.
The PIVX Foundation is a registered charity, an extension of the PIVX community, and a component of the SDG Impact Fund, a donor-advised fund in support of UN’s SDGs. The Foundation’s mission is to leverage innovation to create impact.
What is PIVX
PIVX is a community-focused cryptocurrency that operates as a decentralised autonomous organisation (DAO), which means that it is run by the people, for the people. The PIVX Foundation will be run in the same way. The community makes monthly donations when the treasury budget is not enough to cover a project’s needs. Donors will now start receiving tax benefits for the money they contribute.
PIVX is an advanced cryptocurrency focused on privacy and security for digital cash. As a community-led project that forked from the Dash blockchain, it uses the Zerocoin protocol to anonymize transactions through its onchain Zerocoin Decentralized Exchanged (zDEX) for untraceable transactions. The name is an acronym, which stands for Private Instant Verified Transaction (PIVX).
PIV is minted through a Proof-of-Stake (PoS) and Zerocoin-Proof-of-Stake (ZPoS) hybrid consensus algorithm. This enables psuedonymous and anonymous transactions, which the PIVX Community labels as “extreme privacy.”
PIVX was launched January 31, 2016 by Dash community members who wanted to shift the reward system while focusing development on faster transactions times, privacy, and security. It’s focused on being a vanilla digital cash that enables fast value transfers. It’s more anonymous than other privacy coins like Zcash because the Zerocoin protocol is actually a custom version that also has a mechanism to auto-mint anonymous coins.
Anonymity is retained on PIVX using zPIV tokens on the zDEX, which are then processed by Masternodes using SwiftX technology.
According to a published statement from the PIVX Foundation, a generous community is presently funding the Foundation and its governance is under the PIVX community. “In order to receive the budget to fund impact development programs, grant applications will need to run through the PIVX Proposal system and be voted on by the community to ensure the SDGs maintain top priority for all funded initiatives,” the statement explained.
The PIVX Foundation is run using the PIVX currency, PIV. This means that donors contribute in PIV to help fund projects. As the first cryptocurrency-driven foundation within the SDG Impact Fund, PIVX has a place at the UN as a top impact technology.
The First Project
The PIVX Foundation will fund the first project in collaboration with Vendible and the SDG Impact Fund. Doreian will be leading this project with the aim of developing a payments processor with zero-fees on transactions, hence eliminating the three to seven percent processing costs associated with traditional online charitable platforms.
“Since the PIVX Foundation is a sub-component of the SDG Impact Fund, it is already taking part in leveraging its resources and insights to help build out some novel charitable donation platforms including the payment rails for the SDG Impact Fund and all affiliated charities to accept crypto donations. All of this will be of incredible use for the philanthropic realms, as well as more tangibly align blockchain with charity, putting PIVX in the central focus,” Doreian elaborated.
The announcement of the PIVX Foundation launch comes after the project introduced an iOS wallet app, an important step to increasing the adoption of the PIVX currency.