ZKP2PPhonePe
So its a p2p crypto-fiat platform in decentralised and additional revenue system ZKP2PPhonePe: Secure, Trustless Crypto-Fiat Transactions with Zero-Knowledge Proofs. Experience seamless peer-to-peer
Created on 8th December 2024
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ZKP2PPhonePe
So its a p2p crypto-fiat platform in decentralised and additional revenue system ZKP2PPhonePe: Secure, Trustless Crypto-Fiat Transactions with Zero-Knowledge Proofs. Experience seamless peer-to-peer
The problem ZKP2PPhonePe solves
The Problem ZKP2PPhonePe Solves
The ZKP2PPhonePe platform addresses several critical issues in the cryptocurrency trading landscape, particularly focusing on security, trust, and efficiency in peer-to-peer (P2P) transactions. Here are the key problems it aims to solve:
- Trust in Centralized Platforms
Recent hacks, such as the $200 million breach of WazirX, highlight the vulnerabilities of centralized exchanges that require users to trust a third party with their assets. ZKP2PPhonePe eliminates the need for such trust by utilizing a decentralized framework where transactions occur directly between buyers and sellers without an intermediary holding funds. - Escrow System Limitations
Traditional P2P platforms often rely on escrow systems to facilitate transactions, which can introduce delays and complications. ZKP2PPhonePe innovatively removes the escrow requirement by implementing a system where sellers must deposit double the amount of Ethereum (ETH) they wish to convert to fiat. This ensures that sellers have a vested interest in completing the transaction correctly. - Unique Transaction Verification
The platform employs zero-knowledge proofs (ZKPs) to verify transactions without revealing sensitive information. When a buyer pays the seller via PhonePe, they generate a unique transaction ID that both parties can use to confirm payment. This method enhances privacy and security, ensuring that only the involved parties have access to transaction details. - Risk Mitigation for Sellers
Sellers are incentivized to verify transactions promptly; failing to submit their transaction ID results in losing their deposited funds. This mechanism not only encourages accountability but also protects buyers from potential fraud, as sellers must act swiftly to claim their funds. - Direct Fiat-Crypto Conversion
ZKP2PPhonePe facilitates direct conversion between fiat and crypto without the need for complex intermediary steps typical of other platforms. Buyers can pay in rupees th
Challenges I ran into
Intially zkemail were unable to parse the transactionid in the emailbody of phonpe template emails.
Using Regex and other tools it solved, find unique selectors to identify tnx_id
Additional Features
Intially built using gmail-api-key(gmail api access) then using messageId to read a specific email that specifying payment transaction.We entirely changed deployed entirely new contract, and using buildguidl, entire zkemail feature
Tracks Applied (3)
ZK Email
privacy + scaling explorations
Best Scaffold-ETH2 entry
BuidlGuidl.eth 🏰 🔥
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Technologies used
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