LetsExchange.io, a leader among instant cryptocurrency exchange services, and PIVX, an open-source decentalized ecosystem that focuses on user privacy, held a joint AMA (Ask me Anything) session on Twitter. Even though our partners had some issues with their account, the AMA session still took place, and users were able to ask both teams their questions. Here is the summary of the AMA sessions: questions asked by the teams and users’ questions.
Question from PIVX: What sets LetsExchange apart as a project?
Answer: LetsExchange is an instant exchange service with the biggest number of supported coins and tokens (3,700+ today), 80 supported fiat currencies, support of cross-chain swaps, and a DEX. Our users can enjoy the service without mandatory registration, and our partners can count on an extensive set of tools, such as API, exchange widgets&buttons, referral links, and similar, to expand their activities and generate new income flows. We actively collaborate with coin teams, wallets, DEXes and CEXes, and other projects that may be interesting for our users.
Question from LetsExchange: Why proof-of-stake? How did you come to the idea that proof-of-work may not be the best option for a project like yours and how could you describe your contribution to the proof-of-stake development?
Answer: At the inception of PIVX its creators already realized that Proof or Work is not a sustainable road to go. We are very much aware of the impact PoS has on the carbon footprints, something ETH recently also acknowledged. FYI they have reduced their energy consumption by 99%...
The great value PIVX added to PoS is zkSNARKs on Proof of Stake that plays a crucial role in PIVX providing privacy (prove that the conditions for a valid transaction have been satisfied without revealing any crucial information about for instance the addresses).
Question from PIVX: Can you describe your (average) customer base? Do you use influencers?
Answer: Our customers are those interested in swapping significant sums of crypto, including rare coins, without a mandatory registration hassle. While we rely to some extent on influencers to boost brand awareness and market reach, we work independently and with our partners to promote our service.
Question from LetsExchange: PIVX was among the first projects to explore and eventually adopt the PoS consensus mechanism. Now, are you planning to shift to something else or do you still believe that PoS is perfect for a project like yours?
Answer: We are not considering moving away from #PoS. That said, we are as always closely monitoring all developments in the ecosystem and constantly match that to the requirements of #PIVX and the needs/demands from our users.
Question from PIVX: Is there a certain geographical orientation, or are you serving a global market?
Answer: We aim our services at users in all parts of the world. That’s why our website and widget are available in the most popular languages and are accessible from any point on the planet where cryptocurrencies aren’t prohibited. To facilitate transactions, we have ensured that our service supports 80+ fiat currencies, along with over 3,700 cryptocurrencies.
Question from LetsExchange: What projects served as a sample for your team to launch PIVX? Are there any projects you consider samples now?
Answer: The history and anatomy of PIVX: Founded in 2015, released 29 January 2016 and was initially called Darknet. We forked from Dash, which in its turn forked from Bitcoin. The Zerocoin protocol is used for achieving privacy.
PIVX is the first implementation of zkSNARKs on Proof of Stake. And that also sums up the permissionless aspect of the blockchain: you see something good, use it, improve it, let others use it.
So in short, PIVX expanded on other projects and other projects got inspired by PIVX.
Question from PIVX: In crypto we see lots of highs and unfortunately also lots of lows. How do you navigate those?
Answer: We always work to deliver the best and the most comprehensive service and rely on our specialists to find the best solutions. With it, we are sure that we can handle any lows. In addition, fluctuation periods enable users to find the most stable assets (not stable coins, of course). And swap or buy them with our service.
Question from LetsExchange: Do PIVX coin holders have the right to participate in the governance of the project?
Answer: Excellent question and strikes to the core of what we are at @_PIVX We are a #DAO decentralized, community driven, with community driven governance.
So we can answer this short and sweet: Absolutely! It is even expected. We are all Satoshi We are all decentralized We are all the ecosystem We are all #pivx
Question from PIVX: The market changes frequently and unexpectedly. What is your secret to staying future proof, and more importantly relevant?
Answer: We follow all the important market events and adjust to them accordingly. Our service is being upgraded, and new features are constantly added to ensure our users can find whatever they need. We also keep track of the assets supported on our service and promptly remove those compromised for some reason.
Question from LetsExchange: Do you believe that projects focused on privacy, such as PIVX, can lay the foundation for Web3?
Answer: Web3, and the metaverse will not only show an increased need and demand for decentralized approach to crypto, but also towards privacy. For that requirement PIVX is well suited.....
Additionally web3 and the metaverse will require a high degree of interoperability, low to negligible fees, high-speed portability and micro payments....
These requirements are complex and is not something projects have successfully addressed. That said, would be a great opportunity for PIVX to capitalize on.
Question from PIVX: How do you see the relevance of CEX and DEX in the ecosystem?
Answer: Both play a crucial role in the ecosystem, each in its niche. The major CEXes provide our service with practically unlimited liquidity sources and extensive sets of functionalities to benefit from crypto, while DEXes ensure a safe and convenient environment for P2P swaps. We do whatever is possible to leverage all the benefits both types of ecosystems offer.
Question from LetsExchange: PIVX is among the top most actively developed projects even though it doesn’t have a team in its traditional sense. How do you manage it?
Answer: Again, a great question, and above all great observation!!! Also an important one as it strikes at the core of how decentralization can come to live and be successful.
Simple answer would be: PIVX is a Proof of Community blockchain that thrives because of its community.
But there is more to it. As a DAO we are a decentralized project: no ceo, no one in charge, no centralized decision making, no centralized funding etc. But that also introduces the challenge to get work done, and let us all sing "kumbaya" by the campfire instead.
That is a delicate balance to strike, but PIVX found it. Having a continuous rotation of fresh people engaging in the PIVX ecosystem is crucial to that.
Some projects have – for better for worse – key insiders linger on that can* hamper development. (*can, not always will of course). Secondly it is important to let people do what they what, what can and what they like: a meritocracy approach pur sang.
Our famed and acclaimed community designed governance fits right in there!!
Question from PIVX: Is there anything that has inspired the founders to launch this specific project with these features?
Answer: Most services require users to pass a long and fussy verification process, set limitations on how many coins can be swapped, or exchange crypto at inconvenient rates. So, our main aim was to create a platform where all these drawbacks are eliminated. Along with it, we aim at being a platform with the biggest number of supported assets, a super easy interface, and the most extensive functionality that allows our users to perform their activities in a single place.
Question from LetsExchange: How did the project survive the crypto winter?
Answer: Well, basically we can sum that up in one word: experience. PIVX was created in 2015, launched January 2016, so we have gone through a lot of bull and bear markets.
What we learned from that is 2 things: always operate lean and mean, and have a Treasury that can fuel development and operations. Continuity is the #1 priority of any project, PIVX is no exception.
Our Treasury is continuously funded, so we are in very good shape. Plus, most importantly our community is relentless in offering its time, resources and skills for free. We are all volunteers, we are all PIVX.
Question from PIVX: What have we forgotten to ask you that you think is important to share?
Answer: LetsExchange is one of the most dynamically developing services in the niche. We are open to new collaborations and offer our users and partners an extensive set of products. Among them are API, widgets and buttons, referral links, white-label solutions, and a branded Telegram bot, and for our partners, we offer mutually beneficial marketing activities. So, we are here, and we are open to discussion.
Question from LetsExchange: Are there any projects that you can consider your main competitors?
Answer: Not wanting to sound arrogant, but PIVX is not really that concerned with competition. We say so for three reasons.
First of all we wholeheartedly believe in decentralization which means we support permissionlessness. Anyone can copy PIVX and label it under a new name. That open door policy makes us stronger.
Secondly we focus on our community and the market we serve, not focus on other providers.
Lastly, we also need to realize we are still very much in the early days of blockchain and crypto. Important is to jointly promote the movement of blockchain and crypto rather than land grab market(share). Remember: United we stand, Divided we fall....
Question from PIVX: Where can we find more information on LetsExchange, like your website and socials?
Answer: All the most important and up-to-date information can be found on our Twitter account and in our blog. Additionally, we are working on a new design for our website to provide even more information to our users and partners.
Question from LetsExchange: What do you think of MiCA? Do you believe it is going to speed up crypto adoption in Europe? Does the new crypto regulation endanger such projects as yours in one or another way or on the contrary, are you optimistic about future developments?
Answer: The Markets in Crypto-Assets (official name of MiCA) regulation focuses on maintaining financial stability and protecting investors while promoting more widespread transformation in the crypto asset sector in Europe.
Good: - acknowledge crypto and digital assets, - promote/protect innovation in the financial sector, - provide clarity to the service providers EU wide, - agendize crypto globally to regulators, - boosts professionalism in the crypto ecosystem.
Bad: - CASPs (crypto asset service providers) can be easier shut down, - creeping paternalism (big brother knows what is good for you), - Stablecoin approach, - and lastly and most bizarre: CBDCs are exempt from the rules!? So much for a leveled playing field…..
Blind spot:
- DeFi,
- NFTs,
- crypto lending,
- staking
- and possible others.
#PIVX itself does not have an opinion, our members of the community might have.
Question from LetsExchange: PIVX burns 100% of transaction fees. Don’t your validators complain about it as it reduces their income?
Answer: - First of all the PIVX fees are low, really low.
- Secondly our master-node holders are ample compensated for their efforts. We recently actually doubled the rewards, now 5 PIVs per master-node per day. The model for rewarding is not focused on the fees in the PIVX ecosystem.
Questions from Twitter user: The transaction speed: how do you compete with more recent blockchains in this regard?
Answer: PIVX transaction speed is fast and capable of up to 173 TPS, with blocks processed approximately every 60 seconds. Although PIVX scores well here, that is only 1 part of the equation. There are also fees (cost per transaction) and liquidity (tradability) to consider.
Questions from Twitter user: Staking rewards are pretty low, as well as rewards for running a masternode. Do you believe it is all sustainable in the long term?
Answer: For $PIVX? The rewards were increased earlier this year.