Three years in creation, the Payy Visa card hides stablecointransactions using smart cryptographic evidence and a custom-built headbok, avoiding the situation where non-parenting authority can be viewed and traced on public blockchains.
Former Apple iOS engineer Sid Gandhi, co-founder of the team that built the Payy Card, believes it is irresponsible, unethical, even cross-border illegal-to take general data protection regulation (GDPR) into consideration-to offer users on-chain financial services where each transaction and balance is publicly visible.
“Either I’m crazy, or everyone else is crazy because you just can’t build a financial system without the core column with confidentiality,” Polybase Labs CEO Gandhi said in an interview.
“We spent two years building a layer of two payment networks from scratch. We did not use EVM [Ethereum Virtual Machine-compatible blockchain] Or something similar because they can’t be used for private payments, ”he added.
Just as people’s online activity is tracked and exploited, a “scary future” lies ahead where it is possible to start relating IP addresses to blockchain cartoons, which means on-chain activity can be matched to emails, Instagram or Facebook profiles, according to Gandhi.
Under the cap, Payy Zero-Knowledge uses Proofs (ZKPS) to allow a permit when tapping the card; A Payy Network Blockchain transaction then charges the amount from the user’s wallet to quickly settle with Visa.
The Payy team drew inspiration from privacy networks such as Zcash, Monero and Aztec, Gandhi said. However, unlike these previous privacy blockchains, Payy was focused from the beginning of performing private stablecoin transactions in a legislative compatible way, avoiding obstacles that would inhibit acceptance and user recording.
“All the other existing privacy technologies do not have this idea of observance baked in,” Gandhi said. “We’ve been thinking about observance and privacy for a very long time, and realized you have to continue to make the existing AML [anti-money laundering] And observations, even if you have a privacy network. “
In addition to solving for privacy, Gandhi claims that his map has the easiest onboarding and user experience of any wallet and crypto payment offering on the market.
“I have tried everything. Even my sophisticated non-crypto friends will never be able to use any of these solutions. I can say that with confidence. Our philosophy is that the product should be used by someone and everyone. Every one iteration of an on-chain bank in the last 10 years that we have seen cannot be used.” he said.
To date, Payy Builder Polybase Labs has collected money from Robot Ventures, DBA Crypto, 6. Man Ventures, Orange Dao, Protocol Labs and others.
“Payy finally built a real alternative to Consumer Bank,” Robot Ventures “Partner Robert Leshner said in a statement. “You can now save and use self -defense stablecoins privately without ever knowing that they are on a blockchain. And it just works.”
