Hi guys, from the sunny, hot, and exciting Acapulco. Today I will interview for you one of the Crypto Legends, the chief developer of the project PivX. He wants to keep his image private, so let’s respect his privacy and conduct this interview anonymously. And I want to stress this is just an interview. This is not a recommendation. This is not an investment advice, and I am not an investment advisor. Hi guys from Acapulco. I’m talking to Fuzzbawls today. He is the chief developer of PivX. How did you come up with the idea? What was the reasoning behind the project? I’m not actually the chief developer. We don’t actually have a chief or lead developer. SevenHacks was the visionary behind the product, and he came up with the idea. It was him and Coin Server. They’re the co-founders. I joined about a year after the project actually started. It started in 2016, right? Yeah, it started in 2016 under the name of DNET, Darknet, much like another very popular coin that used to be called DarkCoin. In January of 2017, the project rebranded into PivX. I joined up in March of 2017. Is it an abbreviation? Yeah, it’s a self-defining acronym: Private Instant Verified Transactions. The name of the project actually describes exactly what it does. It’s worked out pretty good for us. It’s not whatever coin, it’s not “Helpcoin.” It doesn’t have the word “coin” in it. That’s too much of a cliché nowadays. I understand. So it’s describes more of a system, not necessarily – you’re not bound to any use case, right? Our primary use case is actually being a currency. We’re not a platform, we’re not designed to be – or we’re not intending to be a stored value. We’re not intending to be like a messaging system. We’re designed and intending to be a currency. But PivX itself is a fork of… It is a code fork from Dash, much the same way that Dash, Litecoin, just about every other Bitcoin-like coin out there is a code fork from Bitcoin at some point in time. What are the main differences between PivX and Dash and maybe even Bitcoin? One of the main differences is we’re focusing primarily on privacy and speed. Comparing to Dash, a long time ago at one point Dash introduced what they call PrivateSend. Right. They still have that feature. It’s there, it works. It’s been attacked a couple times. Not specifically attacking Dash, but the whole CoinJoin and tumbling type of privacy. That’s been attacked a number of times. You see websites that are Bitcoin tumblers. It’s not completely private. Absolutely. What is the type of privacy you have? We use zero knowledge proofs. It’s the zero coin protocol. Like Zcoin or Zcash, right? Similar to Zcash, more similar to Zcoin. Zcoin and PivX both use the same library. There are differences between how the library works between Zcoin and PivX. One of the main differences that I can point to offhand is we allow direct private sending to an outside source, an external address. In Zcoin and some of the other Zcoin-based coins, you have to do a PrivateSend to yourself and then another transaction to somebody else. So if I wanted to pay you privately in PivX, I just pay you directly. One step. In some of the other coins, I have to do a PrivateSend to myself and then a regular send to you. I understand. Because they don’t have public/private addresses, right? Yeah. Zcoin like privatized coins don’t actually have an address. They have a proof, like a raffle. If you enter into a raffle, you get one half of a ticket, and that just proves that you have a ticket in the hat. Very, very similar with Zerocoin. You have a proof, but that proof in and of itself isn’t coin. It’s just a proof that you can spend coin. Tell me the vision of PivX. How do you see yourself in 1 or 2 years, in comparison maybe to other private coins? I think the adoption rate will be going up even more than it has. We’re not a project that is talked about a lot on social media. If you go and join Telegram trade groups or Facebook trade groups, you’re probably not going to hear about PivX. We’re not trying to promise 100% returns overnight or outlandish gains or anything like that. We’re intending to just be slow, steady growth. What’s your distribution model? How did you distribute the coins? There was initially a mining period. There was a 6-month open mining period. There was a small pre-mine, because we do run Masternode. It’s a Masternode coin. The small pre-mine was 60,000 coins, and that was used to set up the initial six Masternodes so that the blockchain actually worked. About 6 months afterwards, those 60K were destroyed. They were burned. The pre-mine doesn’t exist anymore. A 6-month open mining period, and now distribution is handled through Proof of Stake. So the open mining period, how many coins were produced? That was way before my time. I don’t know the exact number. It was double-digit millions. And what is the total number of coins? The amount of circulating supply right now is just shy of 55 million. Is it capped at some point? It’s not capped by an arbitrary hard number in the code. It’s capped by way of fee burning. In Bitcoin and in most other proof of work coins, when you send a transaction, there’s a transaction fee. Where does that transaction fee go? It goes to a miner. Somebody gets paid the transaction fee. That’s actually how Bitcoin is hoping to sustain itself when they reach the 21 million. What about PivX? PivX, we burn our transaction fees. They’re not paid to anybody. In a sense, by not paying them to anybody, they’re actually being paid to everybody. Does that make any sense? They don’t go to anyone, so everyone benefits. Yeah, everyone benefits. Right. The value is distributed, so to say. Yeah. And because we burn transaction fees, the limit on supply becomes limited by use. We do have a static reward amount, like every 60 seconds, 4.5 Piv are generated. That is a limit. Every 60 seconds, 4.5 Piv are generated. So there is like a small inflation, but its percentage is getting less and less, right? Yeah. The 4.5 per 60 seconds, that’s pretty constant. That’s the inflation. The counteraction to that is the burning of transaction fees. You’ve got coin emissions, transaction fees, and it ends up reducing the inflation further. So at the end probably there will be a negative inflation, right? It’s very possible. As the number of transactions per block or per second, whatever you want to say, increases, the amount of emitted supply decreases. So you can actually get to the point where there’s a negative inflation. What is the main unique selling point of PivX when you compare it to others? The privacy, first and foremost. That’s our main focus. Also the speed. I mentioned 60 second block times. That means that the maximum amount of time you’ll ever wait for a transaction to get its first confirmation is 1 minute. In addition to that, we have – this is a technology that Dash also uses. They call it InstantSend, we call it SwiftX. It’s basically the same thing, where the transaction has five confirmations instantaneously. I understand. Ok. That’s governed through the Masternode network. Recently the market went down a lot; it was a major correction. How do you see the future, let’s say in the next month, in the next year? What’s your perspective? How do you see it? Hard for me to say. I’m not a trader. I’m not even a fiat investor. I’ve put a grand total of 20 U.S. dollars into Bitcoin like 4 years ago. Yeah, I think [unclear 00:10:29], right? I work in the industry, so I get paid in Bitcoin. I used to do freelance. Now I get paid by PivX in Piv. So I don’t… You don’t really care. I don’t pay attention a lot. How did you come into the industry? How did you find out about Bitcoin? What is your story behind it? I first heard about Bitcoin actually back in 2009. A friend mentioned it to me in passing, and I didn’t really pay much attention to it at the time. I was busy doing other things. Then I went and did a lot of international traveling, and when I got back I was like, “Okay, I need to have income again.” And I remembered that my friend mentioning Bitcoin way back when, so I decided to look it up. I’ve got programming knowledge background, so I just jumped in and started doing freelance work. Hopped onto Bitcointalk and saw a lot of the source code on BitHub that was not really up to par. So I started helping out wherever I could. In Bitcoin development itself? Not Bitcoin. Altcoins. What were the altcoins you were involved in? So many of them I can’t even remember. I wasn’t actually involved in the projects themselves. It was like if you’re a plumber and someone calls you to fix a leaky faucet at their house, you’re not involved in their house. You’re just fixing a pipe. That’s basically what I was doing. There were a number of coins. I don’t even remember most of them anymore. Fuzzbawls, it was a pleasure meeting you and talking to you. And I wish you and your project a lot of success. Definitely. Perfect. Wonderful. Thanks so much for your time. Thank you. I hope you liked this interview. If yes, give me a thumbs up, subscribe below this video, and don’t forget to hit the bell button in order not to miss my other interviews with crypto legends. Please comment below the video, and don’t forget to give your Byteball address under your comment. Among the comments with the Byteball addresses, I will give away some Byteball bytes again in the next crypto video. Please don’t spam the comments. Only the meaningful comments, only the contributing comments will participate in the drawing. 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