Payments are a strong use case for privacy coins: Interview with Payy CEO, Sid Gandhi

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As an experienced analyst, I am intrigued by the growing interest in Zero-Knowledge (ZK) technology within the cryptocurrency industry. The potential of ZK tech to revolutionize privacy and security in digital transactions is undeniable, but the complexities involved can make it a challenging field to navigate.

As a researcher studying the cryptocurrency market, I’ve noticed that recent developments have brought digital currencies into the limelight more than ever before. Bitcoin hitting new record highs and Hong Kong approving ETFs are just some of the significant events unfolding in this space. Amidst these exciting market dynamics, Zero-Knowledge (ZK) technology has become a topic of great interest. However, I understand that the concept can be challenging to grasp for those new to the field.

In this interview, Sid Gandhi, the CEO and co-founder of Payy, discusses how his technology company is constructing a global payments network and digital wallet using Zero-Knowledge (ZK) technology. He emphasizes the significance of privacy-centric applications as a key factor in attracting more users.

CryptoDaily: Tackling ZK is no easy feat, especially with only a few projects tackling it. What prompted the creation of Payy Network? Can you briefly share about what you’re building at Payy? 

Sid Gandhi introduces Payy, an intuitive and non-custodial Zero-Knowledge (ZK) wallet that outshines Venmo in accessibility. Powered by ZK rollup technology, Payy prioritizes privacy while ensuring swift, affordable, and confidential global transactions. Our primary goal is to simplify financial exchanges on a global scale.

In the market, we identified a need for a fully functional ZK network prioritizing privacy. Leveraging knowledge gained from our earlier product, Polybase DB, we shaped the underlying technology of Payy Network. Now, we are thrilled to be the sole representative of a modern privacy chain in mainnet.

CryptoDaily: With everything being tracked onchain, what role does Payy play as a privacy-preserving protocol? And how might its impact ripple across the broader Web3 industry?

Sid Gandhi: Our company is leading the way in ensuring privacy during stablecoin transactions, one of the first businesses to do so within the sector. Although privacy tokens have historically been suitable for payments, their unpredictable nature creates difficulties. Monero and Zcash are excellent options but lack price stability, which is crucial for consistent transactions. People shouldn’t be required to make investment decisions each time they make a purchase.

Payy strives to tackle this challenge by offering a reliable value proposition, maintaining uniformity in transactions without requiring frequent investment choices. Consequently, we are convinced that Payy’s influence on the entire Web3 infrastructure will be substantial.

CryptoDaily: What sets Payy apart from other privacy chains like Aztec?

As a researcher studying the privacy chain landscape, I can share that our team, Sid Gandhi and colleagues, takes pride in two distinct advantages over other players in the field. Initially, we’ve chosen to specialize in app-specific solutions. In contrast to competitors who are building general-purpose blockchains, we are dedicated to creating a blockchain tailor-made for payments transactions. This focus enables us to excel in one area before broadening our scope. Secondly, we have achieved operational status on mainnet already.

CryptoDaily: What are the compliance challenges that Payy Network is facing as a privacy chain? 

Sid Gandhi: Our platform produces ZK compliance proofs as evidence that funds in our network come from valid sources and are untainted by sanctioned accounts or criminal elements. Unlike several other initiatives that have faced hurdles in ensuring privacy while achieving this, we have effectively navigated and surmounted these difficulties.

CryptoDaily: What are the upcoming developments in the roadmap for Payy Network? What will be the key drivers for the retail adoption of Payy?

As a researcher involved in the project, I’m excited to announce that we’re soon launching our app on the App Store! Currently, you can try it out on TestFlight and Google Play Store. Our network is already live on mainnet, enabling seamless onboarding and offboarding of real USDC for your use.

I’m thrilled about our unique points system as a crypto investor. By inviting friends to join the app through payments, I earn 1000 points per referral. Additionally, I can accumulate points by keeping a balance in my wallet, which I can redeem daily. Exciting partnerships with promising projects are on the horizon, so keep an eye out for those announcements!

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2024-05-01 22:53