Learn about Gnosis's new product Gnosis Pay in one article

Author: Luyao Source: Twitter, @levi0214

Gnosis released an interesting new product at EthCC called Gnosis Pay. It is a Visa card that is also a hardware wallet. The following is a summary of the main content about Gnosis Pay:

In the speech, Gnosis reviewed the contract wallet Safe released on EthCC 5 years ago. Now, Safe has created more than 3 million accounts with total assets exceeding $58 billion.

Gnosis Pay aims to bridge the gap between cryptocurrencies and traditional economic systems. Similar to Skype's role in telecommunications, Skype software converts expensive long-distance calls into cheap local calls, which are transmitted over the network. Similarly, Gnosis Pay hopes to act as Skype, connecting cryptocurrencies and the traditional economy.

The first example of Gnosis Pay is an on-chain direct transfer to a bank account.

The second example is that every Gnosis Pay account has an International Bank Account Number (IBAN), that is, the Safe account is the bank account number. The transfer initiated through the bank App will receive an incoming transaction from the 0x00 address in the Safe wallet on the chain.

Gnosis Pay's architecture is mainly built on its own Layer 2 (L2), using Polygon's zkEVM technology. The banking system, Visa, MasterCard, Alipay, etc. all directly interact with the L2, and the Safe contract wallet runs on the L2.

The architecture is characterized by on-chain security, off-chain convenience, and smooth connection. Some details include:

• KYC is required;
• All merchants that support Visa/MasterCard can use it;
• The confirmation time on the chain is less than 1 second;
• The handling fee for each transaction is less than USD 0.1;
• Assets can be easily bridged from other mainstream chains.

Live demonstrations demonstrate the powerful capabilities of the product. The speaker interacts with the audience, asks the audience to provide the bank card number, and then transfers the money to the audience through the card machine. The transaction is confirmed quickly, and then the block explorer shows the transaction that has just been completed.

Additional details include:

• The price of the card is 30 euros;
• The card can be bound with Apple Pay, Google Pay, etc., and paired with any software wallet (such as Metamask);
• It can also be used in 2B business and can be used to issue community cards;
• Cooperate with many partners,
• It is even possible to borrow and borrow in Maker.

Gnosis Pay initially supports Europe, and will support the United States, Canada, Singapore, Hong Kong and other places in the future.

These are the main information about Gnosis Pay.