The cryptocurrency industry has been making headlines lately for several reasons. From Bitcoin hitting record highs to ETF approval in Hong Kong, we appear to be experiencing a surge in digital currencies like never before. Amid these market dynamics, zero-knowledge (ZK) technologies are gathering a wave of interest, even though the concept may seem complex to understand.
In this interview, technology leader and entrepreneur Sid Gandhi, CEO and Co-Founder of Payy, shares how Payy is building a ZK-based global payments network and wallet and highlights the importance of privacy-centric applications that can increase user adoption.
CryptoDaily: Dealing with ZK is not an easy task. Especially since there are only a few projects addressing this. What led you to create Payy Network? Can you briefly share what you are building at Payy?
Sid Gandhi: Payy is a user-friendly, non-custodial ZK wallet designed to be more accessible than Venmo by leveraging ZK rollup technology for enhanced privacy. Our mission is to facilitate fast, affordable, and completely private global transactions.
We saw a gap in the market for functional ZK networks built for privacy. Building on insights from our predecessor, Polybase DB, we refined Payy Network’s technology to enable privacy on public chains. Today, we are proud to be the only modern privacy chain on the mainnet.
CryptoDaily: With everything being tracked on-chain, what role does Payy play as a privacy protocol? And what impact could it have on the wider Web3 industry?
Sid Gandhi: We are pioneering privacy in stablecoin payments, one of the first initiatives in the industry. Privacy tokens have traditionally been ideal for payments, but their inherent volatility poses challenges. Monero and Zcash are fantastic tools, but they lack stability in value. But payments require consistency, and people shouldn’t have to make investment decisions every time they make a purchase.
Payy aims to solve this problem by providing a stable value proposition and ensuring consistency of payments without requiring ongoing investment decisions. Therefore, we believe Payy will have a major impact on the entire Web3 ecosystem.
CryptoDaily: What sets Payy apart from other privacy chains like Aztec?
Sid Gandhi: We have two key differentiators. First, we are app-specific. While other privacy chains were developing general-purpose blockchains, we decided to focus on building a blockchain dedicated to payments. Our strategy prioritizes excellence in one area before expanding into another. Second, we are already running the mainnet.
CryptoDaily: What compliance issues is Payy Network facing as a privacy chain?
Sid Gandhi: By generating evidence of ZK compliance, we were able to demonstrate that funds within our network originate from legitimate sources, are not associated with sanctioned addresses or illegal actors, and protect user privacy. Unlike many other projects that have faced obstacles in this area, we have skillfully adapted and overcome these difficulties.
CryptoDaily: What are the future developments in the Payy Network roadmap? What are the key drivers for the adoption of Payy in retail?
Sid Gandhi: Stay tuned for the App Store launch! Our app is currently available for download from the TestFlight and Google Play stores, giving you the opportunity to explore its features for yourself. The network is live on the mainnet, so you can turn real USDC on and off.
We are particularly passionate about the points system. Users can earn points by recommending the app to others through payments (earn 1000 points per referral) and by holding a balance in their wallet that can be claimed every 24 hours. We’re in talks to collaborate on some exciting projects, so stay tuned for those announcements!
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
Investment Disclaimer