Today's episode talks about the PIVonomics or Economics of PIVX. This aims to let us understand who we are collectively as a community.
Transcript
Hey everybody this is Bryan or Snappy from PIVX and you're watching another episode of PIVXpress. So in today's episode we're going to be talking about PIVonomics or economics of PIVX and by that I mean we're going to need to understand who we are collectively as a community who you are Who I am who those people are - anybody that's involved inPIVX that's what we're going to start. So PIVX is designed first and foremost to be a cryptocurrency right we're not trying to be a business with token we're not trying to be a contract enforcement mechanism we're cryptocurrency designed to be a digital currency to be used instead of fiat currency so PIVX is around community we're not trying to be run like a corporation or some mega company but more like a co-op we encourage community development and participation. In fact everyone is welcome to participate in PIVX, making it the best cryptocurrency possible.
So PIVX is designed to benefit those who hold PIVX and have pivots we all own PIVX this is our currency and we wanted to take all the amazing things that other cryptos have built and include the community aspect, including paying all those who hold PIVX, fairly and equally PIVX pays all its owners who wish to provide computing power. Most cryptocurrencies are built on a model where they pay out the miners. These de-value of the currency, sometimes significantly over time. We chose instead to go in the direction of whats called proof of Stake.
Now what's that? That's where if you keep your wallets open we provide consensus together for the current block chains ourselves. This is called staking PIVX pays approximately 45% of its block reward to those who are participating in staking. This can change based on our innovative seesaw mechanism but in general basically that's the way to make sure the computers are providing an extra level security for instant transactions.
And guess what, it's working. PIVX also pays some owners to provide an additional computing functions, this is what we call running a master node. It requires 10,000 PIV to run a single master node these computers provide anonymity and private transactions, instant transactions, a decentralized budget system, a decentralized government and an immutable voting system. So for these special functions, PIVX pays approximately 45% of the block award as well to those who've on master-nodes PIVX is also designed to self fund our own development.
10% of every block award goes into a budget system for which we can fund development,PR, marketing along with numerous other functions that help support PIVX. This makes PIVX actually one of the few self funding cryptocurrencies on the market today. There's actually an exponential value created in not paying single specific people to do certain tasks, in fact it's been reported that decentralized movements and endeavors and projects cost 10% of the total cost of what a centralized organization that's comparable to it would cost. So that's why we're a community we're passionate about this cryptocurrency, we're passionate about a self funding mechanism and we're passionate about bringing this to everyone.
And the efforts that everyone puts in is vital to this this is what we call the swarm methodology of PIVX and it makes a community and a cryptocurrency great. And we do it together.