A former Apple engineer has launched a new privacy-focused cryptocurrency Visa card named Payy. Developed by Polybase Labs, the card aims to allow users to spend stablecoins without revealing transaction details on public blockchains, utilizing zero-knowledge proofs and a proprietary distributed ledger.
A New Era Of Private Crypto Transactions
Sid Gandhi, co-founder of Polybase Labs and ex-Apple engineer, expressed strong opinions on the current state of decentralized finance, deeming it unethical and irresponsible due to the public nature of transactions and balances. "Either I'm crazy, or everyone else is, because you can't build a financial system without the fundamental pillar of privacy," Gandhi stated in an interview.
The Payy card is the result of three years of development, during which the team built a Layer 2 payment network from scratch. They deliberately avoided EVM-compatible solutions, considering them unsuitable for private payments. The system uses ZK-proofs to authorize transactions, which then deduct funds from the user's wallet for settlement with Visa.
Key Takeaways:
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Utilizes zero-knowledge proofs for transaction privacy.
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Features a proprietary Layer 2 payment network.
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Aims for user-friendly onboarding and interface.
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Inspired by privacy networks like Zcash and Monero.
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Designed with regulatory compliance (AML) in mind from the outset.
Privacy Meets Compliance
Gandhi highlighted that while inspired by privacy networks like Zcash, Monero, and Aztec, Payy was built with regulatory compliance, including Anti-Money Laundering (AML) requirements, integrated from the start. He believes that other privacy technologies lack this crucial aspect of regulatory adherence.
User Experience Focus
Beyond privacy, Gandhi emphasized the card's ease of use, claiming it offers the simplest registration process and most intuitive user interface on the market. "I've tried everything. Even my advanced friends who are not in crypto will never be able to use any of the existing solutions. Our philosophy is that the product must be usable by everyone and anyone," he said.
Funding and Vision
Polybase Labs has secured funding from notable investors including Robot Ventures, DBA Crypto, 6th Man Ventures, Orange DAO, and Protocol Labs. Robert Leshner, a partner at Robot Ventures, praised Payy as a "true alternative to consumer banking," enabling private, self-custodial stablecoin spending without users necessarily being aware of the blockchain's involvement.
Sources
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Экс-инженер Apple создал карту Payy Visa для конфиденциальных криптоплатежей, ForkLog.
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Бывший инженер Apple представляет криптовалютную карту Visa с упором на конфиденциальность, CoinDesk.
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