Jackramp - Decentralized Offramp
decentralized offramp with zkVM and zkTLS
Created on 27th October 2024
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Jackramp - Decentralized Offramp
decentralized offramp with zkVM and zkTLS
The problem Jackramp - Decentralized Offramp solves
The Problem It Solves
JackRamp addresses two major challenges in the current financial and blockchain landscape:
1. Decentralizing the Off-Ramp Process:
Traditional off-ramp solutions are centralized, meaning users rely on intermediaries to convert crypto to fiat, which introduces risks around trust, fees, and control. JackRamp offers a decentralized off-ramp solution, allowing users to convert jackUSD to fiat without depending on centralized entities. This provides a safer, trustless, and more transparent process for users.
2. Making Web2 and Web3 Seamlessly Integrated:
A significant challenge in today's finance is the separation between traditional (Web2) financial systems and blockchain-based (Web3) ecosystems. JackRamp integrates these systems by using zkVM technology to securely and privately verify real-world bank transactions on-chain. This integration allows users to move between their fiat bank accounts and decentralized finance applications smoothly, making Web3 more accessible while preserving user privacy.
Challenges we ran into
Challenges We Ran Into
1. Verification Time: The verification time isn’t fast enough to provide an ideal user experience for merchants.
2. Learning Curve of zkVM: zkVM is a new technology, and understanding its complexities posed a significant learning challenge for our team.
3. Lack of Access to Bank APIs: At the moment, we don’t have access to the bank's API, so we need to use a mock-up. To gain access, we need to be a registered company, which we currently are not.
These hurdles drove us to refine our approach, seeking ways to improve verification speed and deepen our knowledge of zkVM for smoother integration.
Technologies used