Payy is a specialized layer-1 blockchain focused on privacy, designed to be an on-chain banking infrastructure for stablecoins. The project allows users and businesses to conduct financial transactions at high speed and low cost while ensuring absolute data security thanks to advanced Cryptology technology. Let's explore this project further in the article below.
What is Payy? Learn about this secure on-chain banking platform with stablecoins.
What is Payy?
Payy is a blockchain network built with the goal of transforming how people interact with cryptocurrencies in their daily lives. Instead of just speculative transactions, Payy focuses on the on-chain banking sector, where stablecoins are used as the primary means of payment.
What is Payy?
What sets Payy apart from popular blockchains like Ethereum or Solana is that it integrates privacy as a default state of the network. On public networks, anyone can track the balance and transaction history of a wallet address. Payy addresses this by hiding sensitive information while still ensuring the authenticity of transactions within the network. This makes Payy more suitable for the practical needs of businesses and individuals requiring financial discretion.
Key features of Payy
Privacy is our top priority.
Payy is specifically designed to protect privacy from the very beginning. This isn't simply a feature added to an existing blockchain; instead, Payy takes a holistic and thoughtful approach to privacy to ensure practical usability for users.
Optimized for Stablecoins
Stablecoins require specific features to facilitate payments. Payy optimizes the user experience for stablecoins and payment transaction flows, removing barriers and promoting widespread adoption from both individual consumers and businesses.
Compatible with EVM
The network supports all Ethereum Virtual Machine opcodes. This allows application developers, wallets, and ramps (tools for converting between fiat and cryptocurrency) to leverage the existing infrastructure to build on Payy. Importantly, security layers are integrated transparently without altering the fundamental structure of the EVM protocol.
Superior processing performance
Payy offers near-instantaneous transaction validation speeds with transaction completion times of approximately 300 ms. The network's processing capacity starts at 10,000 TPS and can scale up to 100,000 TPS.
Cost optimization
Payy aims to offer free transactions for common ERC-20 Token transfers. At the same time, the Medium cost for other complex transactions is only around $0.01, significantly lower than the Medium fees on the Ethereum network.
Key products and features of the project
Payy's ecosystem is comprised of key components to ensure a seamless and secure user experience:
Payy Network
This is a layer-1 infrastructure optimized for stablecoin transactions. The network not only ensures fast transaction confirmation speeds but also integrates security protocols at the protocol level. Payy Network Vai as a "ledger" storing transaction proof without revealing user identities or specific amounts.
PUSD
PUSD is the stablecoin of the Payy network, backed by popular stablecoins such as USDC and USDT through an asset locking mechanism on the native blockchain and Mint in Payy's Shielded Pool.
When using PUSD, all information regarding balances and transfer history is encrypted, allowing users to transact without revealing their personal financial situation. Users can easily convert back from PUSD to other publicly traded stablecoins at any time through the project's gateway.
Payy Wallet
Payy Wallet is a Non-Custodial wallet application designed with a simple interface, targeting the general user. Users can transfer money to each other without worrying about their financial information being tracked by third parties, and it also supports convenient conversion between fiat and stablecoins via PUSD.
Payy Card
Payy Card is a payment card that allows users to spend their PUSD balance or other stablecoins at Visa-accepting merchants without having to manually withdraw the money to a traditional bank account.
Payy Card Vai as a buffer, allowing users to enjoy the convenience of a payment card while maintaining privacy regarding the source of their assets on the blockchain, thanks to Payy's Shielded Pool architecture.
Development team
Sid Gandhi - CEO of Polybase and Payy
Payy is developed by Polybase, a technology company that develops accessible and secure blockchain infrastructure to promote global fairness. Polybase is operated by:
- Sid Gandhi - CEO
- Calum Moore - CTO
Investors
Polybase investors
Polybase, Payy's parent company, has raised $2 million from investment funds such as Protocol Labs, Orange DAO, Alumni Ventures, NGC Ventures, CMT Digital, etc.
Summary
Above is all the information about the Payy project. Coin68 hopes that readers will grasp the basic information to better understand the project and how it works. We wish you more useful knowledge!
Note: The information in this article is for informational purposes only and is a compilation of publicly available information about the project; it is not investment advice. Coin68 is not responsible for any financial decisions you make.
