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

The cryptocurrency industry has been making headlines lately for a variety of reasons. From Bitcoin recording all-time highs to Hong Kong's approval of ETFs, it appears that we are experiencing the surge in digital currencies like never before. Amidst these market dynamics, Zero-Knowledge (ZK) technology is garnering waves of interest, although the concept seems complex to grasp.

In this interview, Payy CEO & Co-founder Sid Gandhi - a technology leader and entrepreneur shares how Payy is building a ZK-based global payments network and wallet, highlighting the importance of privacy focused applications with the potential to drive increased user adoption. 

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: Payy is a user-friendly non-custodial ZK wallet designed to be more accessible than Venmo, leveraging ZK rollup technology for enhanced privacy. Our mission is to facilitate fast, cheap, and fully private global transactions.

We witnessed a gap in the market for a functional ZK network built for privacy. We drew upon insights from our previous product, Polybase DB, to shape the technology behind Payy Network, enabling privacy on public chains. Today, we proudly stand as the only 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: We are pioneering privacy in stablecoin payments, one of the first initiatives within the industry. While privacy tokens have traditionally been ideal for payments, their inherent volatility poses a challenge. Monero and Zcash are fantastic tools but lack stability in value. However, payments need consistency and people shouldn’t be making an investment decision every time they make a purchase.  

Payy aims to address this issue by providing a stable value proposition, ensuring consistency in payments without the need for constant investment decisions. Therefore, we believe that Payy will have a huge impact on the Web3 ecosystem as a whole.

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

Sid Gandhi: We have two major differentiation factors. Firstly, we are app specific. While other privacy chains are developing general-purpose blockchains, we have opted to focus on building a blockchain exclusively for payments. Our strategy prioritises excelling in one area before expanding into others. Secondly, we are already operational on mainnet.

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

Sid Gandhi: We’ve been able to generate ZK compliance proofs, demonstrating that funds within our network originate from legitimate sources and are free from involvement with sanctioned addresses or illicit actors, all while preserving user privacy. Unlike many other projects that have encountered obstacles in this area, we have adeptly adapted to and overcome this challenge.

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

Sid Gandhi: Keep an eye out for our App Store launch! Our app is currently available for download on TestFlight and the Google Play Store, giving you the opportunity to explore its features firsthand. The network is live on mainnet, allowing you to on and off ramp real USDC. 

We are particularly enthusiastic about our points system. Users can earn points by referring others to the app through payments (earning 1000 points per referral) and by holding a balance in their wallet, which they can claim every 24 hours. We’re in talks to partner with a few exciting projects, so stay tuned for those announcements as well!

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.