Three years in preparation, the Visa Payy Cache Cache of Stablecoin transactions using intelligent cryptographic evidence and a large tailor -made book, avoiding the situation where non -guardian card expenditure can be sought and traced on public blockchains.
The former engineer of Apple iOS, Sid Gandhi, co -founder of the team that built the Payy card, thinks that it is irresponsible, contrary to ethics, even borderline – taking into account the general data protection regulations (RGPD) – to offer users financial services in the chain where each transaction and unique balance is publicly visible on the blockchain forever.
“Either I am crazy, or everyone is crazy, because you simply cannot build a financial system without the main pillar of confidentiality,” said Gandhi CEO of Polybase Labs in an interview.
“We spent two years building a network of layer payments from zero. We did not use EVM [Ethereum Virtual Machine-compatible blockchain] Or something like that, because they cannot be used for private payments, “he added.
In the same way that people’s online activity is followed and exploited, a “scary future” is ahead where it is possible to start connecting the IP addresses to blockchain wallets, which means that the activity on the channel can be associated with emails, Instagram or Facebook profiles, according to Gandhi.
Under the hood, Payy uses evidence of zero knowledge (ZKPS) to allow authorization when the card appears; A blockchain transaction from the Payy network then deletes the amount of the user’s portfolio to settle quickly with Visa.
The Payy team was inspired by confidentiality networks like Zcash, Monero and Aztec, said Gandhi. But unlike these previous confidentiality blockchains, Payy had been concentrated from the start making private stable transactions in a regulatory compliance, avoiding obstacles that hinder the acceptance and adoption of users.
“All other existing privacy technologies do not have this idea of compliance,” said Gandhi. “We have been thinking of compliance and privacy for a very long time, and we have realized that you must continue to make the existing LMA [anti-money laundering] And compliance operations, even if you have a confidentiality network. »»
In addition to resolving for privacy, Gandhi says that his card has the easiest integration and user experience of any portfolio and cryptographic payment on the market.
“I tried everything. Even my sophisticated non -crypto friends can never use one of these solutions. I can say that with confidence. Our philosophy is that the product should be usable by anyone and everyone. Each iteration of a chain bank for 10 years that we have seen is not usable.” He said.
To date, Payy Builder Polybase Labs has collected Robot Ventures, DBA Crypto, 6th Man Ventures, Orange Dao, Labs Protocol and others.
“Payy finally built a real alternative to the consumer bank,” said Robot Ventures partner Robert Leshner, in a press release. “You can now save and spend self-delicious stabbed in private without ever knowing that they are on a blockchain. And it works.”
