Public PRIVAX
An unmodified Pons ERC-20. No transfer hooks, no blacklist, nothing a token scanner would flag.
Shielding
Shielding transfers PRIVAX into the Privax Math and credits shares. Shares are tracked per address in sharesOf; the Privax Math never needs to know which addresses are stealth.
Accounting
The Privax Math tracks totalBacking and totalShares. Every path that moves tokens updates both and emits VaultUpdated, so anyone can audit them.