Gnosis LianGuaiy Connecting Cryptocurrency and Traditional Economy with Visa Card and Hardware Wallet

Author: Luyao Source: Twitter, @levi0214

Gnosis released an interesting new product called Gnosis LianGuaiy at EthCC. It is a Visa card and also a hardware wallet. Here is a summary of the main content about Gnosis LianGuaiy:

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

The goal of Gnosis LianGuaiy is to bridge the gap between cryptocurrency and traditional economic systems. Similar to Skype’s role in the telecommunications industry, Skype software converts expensive long-distance calls into cheap local calls and transmits them over the internet. Similarly, Gnosis LianGuaiy aims to play the role of Skype, connecting cryptocurrency and traditional economy.

The first example of Gnosis LianGuaiy is direct transfer to a bank account on the chain.

The second example is that each Gnosis LianGuaiy account has an International Bank Account Number (IBAN), and the Safe account is the bank account. Transfers initiated through the bank app will receive an incoming transaction from the 0x00 address in the Safe wallet on the chain.

The architecture of Gnosis LianGuaiy is mainly built on its own Layer 2 (L2) and uses Polygon’s zkEVM technology. The banking system, Visa, MasterCard, Alipay, and others interact directly with this L2, and the Safe contract wallet runs on this L2.

The characteristics of this architecture are on-chain security, off-chain convenience, and smooth connection. Some details include:

  • KYC is required;

  • All merchants supporting Visa/MasterCard can use it;

  • On-chain confirmation time is less than 1 second;

  • The transaction fee for each transaction is less than $0.1;

  • It is easy to bridge assets from other mainstream chains.

The live demonstration showcased the powerful features of the product. The speaker interacted with the audience, requesting the audience to provide their bank card number, and then transferred money to the audience through a card reader. The transaction was quickly confirmed, and then the just-completed transaction was displayed through a block explorer.

Other details include:

  • The card is priced at 30 euros;

  • The card can be linked with Apple LianGuaiy, Google LianGuaiy, etc., and paired with any software wallet (such as Metamask);

  • It can also be used for 2B business and issuing community cards;

  • It collaborates with many partners,

  • And can even borrow from Maker.

Gnosis LianGuaiy initially supports regions in Europe and will expand to support the United States, Canada, Singapore, Hong Kong, and other areas in the future.

These are the main information about Gnosis LianGuaiy.

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