Former Apple engineer Sid Gandhi has introduced the Payy Visa card, designed to conceal cryptocurrency transactions through zero-knowledge technology.
Innovative Payy Card
The Payy card utilizes zero-knowledge proofs and a specialized blockchain network to hide stablecoin transactions from public view. Sid Gandhi, co-founder of Polybase Labs, spent three years developing this product, which he claims addresses a fundamental flaw in existing blockchain financial services.
Privacy Issues in Financial Services
Gandhi believes that current blockchain financial services violate privacy principles and potentially contravene GDPR by making all transactions publicly visible. He remarked, "Either I'm crazy or everyone else is crazy, because you just can't build a financial system without confidentiality."
Technical Details and Regulatory Approach
The Payy system operates through zero-knowledge proofs that authorize transactions when the card is used. The technology draws inspiration from established privacy networks like Zcash and Monero but focuses on maintaining regulatory compliance, which sets it apart from other privacy technologies.
The Payy card aims to provide users with privacy in cryptocurrency transactions while ensuring adherence to financial regulations.
