do we have an explanation how PAX (fiat <-> crypto exchange) works?
Wait for PAX whitepaper. When? Don't ask me. Only James knows. He'll write it.
Yes we are working on it, jl777 has submitted some parts already, hard to say when it is ready completely ready though.
I heard jl777 is a genius C coder, I admire this guy because my C language was bad, I gave it up, and i don't code any more now. We can benefit a lot from jl's hard working.