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Welcome to ZKP2P - an initiative aiming to bridge the gap between traditional finance (web2) and decentralized finance (web3) in a privacy-preserving and trustless manner.
As crypto evolves (DeFi, NFTs, social, on-chain gaming), the necessity for seamless and trustless interoperability between fiat and cryptoassets becomes much more important. Existing solutions for onramping are not sufficient to address this need:
❌ Not globally inclusive (Coinbase is not available everywhere)
❌ High fees for direct onramps (charge up to 5%)
❌ Complex KYC processes
❌ Need multiple transactions / slow
❌ Not composable with smart contracts (e.g. can't use USD to buy a Friendtech key directly)
ZKP2P is the first trustless peer-to-peer (P2P) fiat to crypto onramp and offramp powered by ZK. Initially, we are integrated permissionlessly with Venmo, a popular payment platform in the US to onramp USD to USDC. This can be extended to any payment platform in any country and any cryptoasset.
The underlying technology leverages Zero-Knowledge Proofs (ZK proofs) to ensure the privacy and trustlessness of transactions without a centralized intermediary or custodian. ZKP2P uses ZK proofs to verify DKIM signatures in payment confirmation emails . This technology allows for permissionless integration with any web2 payment network while preserving the privacy of transaction details.
- Trustless: By leveraging Zero-Knowledge Proofs, ZKP2P eliminates the need for intermediaries, thereby promoting trustless transactions between users.
- Private: The privacy of users is paramount. ZKP2P ensures that while the authenticity of transactions is verifiable, sensitive information remains concealed.
- Interoperable: The protocol is designed to be interoperable with popular web2 payment rails, thus bridging the traditional and decentralized financial systems.
- Lower Fees: By eliminating intermediaries and leveraging ZK proofs of payment, ZKP2P aims to significantly reduce the fees associated with fiat-to-crypto conversions.
- Fast: ZKP2P enables rapid transactions without the need for Know Your Customer (KYC) procedures, maintaining user anonymity and speeding up the onboarding process.
We see ZKP2P evolving into a global and trustless payment network deployed on-chain where new payment use cases can be permissionlessly built on and become composable with DeFi, NFTs, games and other systems. If ZK is the glue that enables seamless bridging of off-chain data on-chain, ZKP2P is the glue that enables seamless bridging of fiat to cryptoassets.