PrivacySwap 2.0 AMA Transcript

"Privacy centric solutions with strong token utility - earn PRV you can actually use to decrease the size of your digital footprint."

By
BSCNews
on
November 2, 2021
Category:
AMA

Andrew (BSC.News)

Hello everyone and welcome to the AMA with PrivacySwap! 

Today we have @PRVAdmin joining us to talk about their new developments since the last time we spoke!

Great to have you here again :)

PRV Admin

Hi! Always a pleasure with BscNews despite time differences. We still choose BscNews! :)

Andrew (BSC.News)

Great to hear!

So how this will work is, the AMA will consist of two rounds. The first round will be us going through the questions that I had prepared for you before hand. And then the second round will be a community round where I will open up the room to allow questions to come in. The second round is also where we will select the two winners of our giveaway

Sound good?

PRV Admin

Yes. Sounds good. Thank you. And I will make sure I include "Done" once I am done with my answers. Haha!

Andrew (BSC.News)

Okay awesome!

So to kick things off


1. Please introduce yourself and the team behind PrivacySwap


PRV Admin

Hello guys and girls! Thanks for taking the time out to join us for our AMA. We appreciate it!

I'll jump right into the introductions. We are a bunch of cybersecurity professionals based in Asia and other parts of the world.

Me, personally, people refer to as L. I am the bridge between our development and the community.

We have a team of fellow friends and passionate people within the cybersecurity space, who simply love tech and blockchain as well as crypto. We banded together to create PrivacySwap with the goal to bring services otherwise difficult to understand and/or reach.

We are friendly. So don't worry about asking questions or anything!

Andrew (BSC.News)

Great, thank you for that introduction!

Real quick before we get into your platform, for those who may not know please answer this question


2. What is PrivacySwap?


PRV Admin

PrivacySwap is a few things, really.

1. We started off as a farm, in order to garner visibility and support, in order to build other aspects which we knew were things people in the cryptoverse wanted. As a farm, we have been around for about... slightly more than half a year now, and we are only just starting.

2. One of the biggest things we wanted to achieve was also to educate. Educate people on privacy, on farms, on everything we felt we knew. And at the point of our inception, a DeFi platform was the choice way of achieving that.

3. Then we moved on to other aspects like our recently released for trial PrivacyCards - essentially debit cards, and we also are migrating to PRV2, which will see us return to our roots with a very specific goal in mind to grow and move beyond that.

Andrew (BSC.News)

Okay I'm glad you bring up the PRV2 because that will be one of the big topics that we discuss today

So with that mission in mind of educating users as well as creating a long term defi protocol


3. Can you tell us more about what you have accomplished since our last AMA in July?


PRV Admin

Wow. Where do I begin. It has been a realllly crazy journey. We have grown and we have moved quite a bit from them.

I think one of the keys is that after moving away from being a farm, we started to realize that for farms to succeed, it required a very specific mix of tokenomics, marketing and thought. It isn't some "throw in the dark and see what sticks" approach most would assume.

That being said, we move towards being a yield aggregator of sorts as a vaults, but we realized that the vaults were just not enough. People wanted nice APRs, they wanted farms. In between this, we pushed out our Hack the Vaults game which saw some rounds with HUGE prize pots, and we also pushed out our trial PrivacyCard as well (this, by the way, is a huge step forward).

While all of this was happening, we figured out that one of the biggest moves we wanted to make was to pass on the ownership of PrivacySwap gradually to people who hold a governance token. Which is why we moved to PRV2, which introduced a dual token structure.

We have seen our TVL fluctuate from 10m to 2m to 6m and there about, and we are fairly certain that we have built a sufficient rapport as well as credibility despite being swarmed by rugpulls all around us. 

This is why we feel we have grown enough to undertake the next step in our growth.

Andrew (BSC.News)

Yeah I really like your guy's approach to the ever changing market. This is what is key to what building I would say rather than getting complacent so nice work

And yes let's talk about the TVL as well as token price in a bit

But before we do that


4. What are some differences between v1 and v2 of your platform?


PRV Admin

Ah great question!

V1 is strictly an inflationary token. We have observed the behaviour and happenings around us and came to a conclusion. Tokenomics is important in determining the perceived longevity of a project. This is true for things like BTC, ETH. Now the problem with PrivacySwap is that with a singular inflationary token, we were unable to somewhat peg or stabilize the price enough to introduce use case to go along with it - imagine a token which would lose its value at an alarming rate due to inflation. Deflationary measures are cool, but the problem with those is that even with net negative emissions, the fact is people cannot appreciate it. We can burn as much tokens, and the effect would be very small.

That being said, we needed to solve the problem where we need something stable-r in order to act as a bridge between farming and utility. Hence, we move into PRV2. PRV2 would be a high emission, inflationary farming token which users will earn from our farms. And yes, we will be introducing a number of farms again, to let users farm. Then we have PRVG, which is our governance/ownership token. PRVG is low emissioned, and we will be using it as a means to which users who stake PRVG will be earning a portion of deposit fees, transfer taxes of PRV2, etc.

This would enable us to allow users to use PRVG to stake to get our PrivacyCards, as well as other utilities in the future. It will be the PrivacySwap ecosystem utility token.

By splitting both farming and utility up, it gives users the ability to choose if they want to be a degen, or if they wish to be a part farm owner for the long term.

Andrew (BSC.News)

Oh I see very neat

And as someone who thought burns actually did a great deal of good, I'm glad to see a more honest take on that


5. What is the great migration?


PRV Admin

Yes. Burns are good, but burns are more... psychological than anything. The lifespan of most farms and projects don't get to the end of the token's emissions. Let alone be able to appreciate true scarcity.

The Great Migration is the event which users who hold PRV, are able to start swapping over to PRV2 + PRVG. This is the start of our move away from PRV, into a totally new environment which is PRV2 and PRVG. The only way to revisit tokenomics and make the necessary changes to really grow!

Andrew (BSC.News)

Ah I see, thanks for that clarification!


6. What kind of unique features does your platform offer?


PRV Admin

Hmm. I will say that PRV2 will encompass

- High APR farming for the degens in all of us.

- PRVG staking to really be a part owner and earn a portion of deposit fees, transfer taxes and other income we may have in periodic BUSD distributions.

- PrivacyCards. Feel free to imagine how awesome this can be (some are metal!)

- A kickass team and community.

- We are getting audited by Paladin prior to launch. 

Andrew (BSC.News)

Very glad you brought up the PrivacyCards because that is my next question that I am personally really interested in


7. Can you tell us about the PrivacySwap Debit Card and the various tiers?


PRV Admin

Oh yeah of course. Gladly! 

Our PrivacyCards are still in beta testing phase. There are already some lucky community members who have won a chance to be a early tester. Essentially, what the cards allow you to do is to actually allow you to interact with your card via MetaMask directly. This is a painpoint we know many face. In case some of you missed it, you may read more here! https://www.bsc.news/post/privacyswap-pushes-new-tokens-launch-privacycard-release

But to be more specific, there are...  4 different iterations - one plastic version, and three metal versions of differing colours, representing their tiers. Each one of them allows you to use some of your favourite crypto to load the cards!

Special pools will be set up for users to stake PRVG to gain access to the cards.

The cards have very good limits on them, so feel free to use them anywhere you go and/or anything you do. Shopping, dining, everything.

Trust me. You won't believe how awesome the metal ones look and feel in your hands. I enjoy them!

Andrew (BSC.News)

Just as a side question but

Would you need to hold BUSD or any kind of stable coin in order to pay for things?

Or is there some sort of liquidity system in place where I can swap for example BNB to fiat on the spot?

PRV Admin

The card doesn't spend from your holdings in a pool. You essentially load your crypto into the card as USD, and spend. Once our site is up, you will be able to easily use the site to load your cards. And in future, we will also be furthering that by developing an app for even easier access.

So yes. More similar to this.

Andrew (BSC.News)

Ah I see, understood

PRV Admin

Yeah. It just gets more and more seamless. :)

Andrew (BSC.News)

Yes, that is totally understandable

The other way of swapping to fiat then conducting the transaction would require far greater infrastructure in DeFi itself


8. Since our last AMA, there was a large drop in token price to almost $2, what motivated you guys to keep building through this?


PRV Admin

Yes. That is correct. For now we work with what we have, and are pretty much working to become a market leader in this space.

Ah this is a question I enjoy talking about.

I think price drops are very, very, very common occurrences in farm settings. Of course, we'd much prefer our price to be high - who wouldn't? We want our users to prosper too. We also want to make sure that we are sustainable. I have to say, despite a drop to $2, we are not at ~$8. We have gone through A LOT. I have to credit our team's treasury, and team as a collective. When the going got tough, we literally decided to stop selling ANY of our dev rewards. We didn't want to add to that sell pressure because we understood that we'd be hurting ourselves. PrivacySwap was never meant to be a short term endeavor, and we made sure we gave it our all.

We kept building not only because it is out passion, but one of the main reasons is that we are always answerable to our community. At no point were we ever going to say "Hey, let's just stop.". We wouldn't do that and let our community down. We haven't released our HackerNet, we haven't released governance, we haven't even gone into our next step - building our DEX.

Determination and the absolution of not giving up. We need to keep going, so we did.

Andrew (BSC.News)

That's a great answer

And nowadays especially at the peak of a bull market, it's hard to find teams/projects that are willing to hold onto their team tokens to ensure the longevity of their project

Very nice

So last but not least


9. Any exciting news you would like to announce here today?


PRV Admin

Yeah of course!

Our Great Migration has been postponed by a week to start on 8 Nov 0000hrs GMT+8 instead of 1 Nov. This was after discussing with our Paladin auditors, so we can get EVERYTHING in order BEFORE launch. So people are still early!

Also, we will be introducing our NFT staking for increased APR concept for users to participate in!

AND! We are really happy for all the support and trust our community has put in us. I announce that we, the PrivacySwap team, would not be here without you. We hope to always do better than the previous day!

Andrew (BSC.News)

Awesome! Looking forward to it

Would you be able to provide us with links to your social media so that our community here could go and follow you guys?

PRV Admin

Telegram:

Web:

Twitter:

Reddit:

YouTube:

Medium:

Andrew (BSC.News)

Great, make sure to go and check out PrivacySwap everyone! They have a ton of new and exciting things coming to their future backed by a team that is looking to stay in the space for a long time. You don't want to miss out on this one!


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