Vexl: The Next Generation Bitcoin P2P Trading App

Credit : bitcoinmagazine.com

Firm identify: Vexl

Founders: Lea Petrášová, Marek Palatinus and Pavol Rusnak

Date of multinational: June 2022

Location of the top workplace: Prague, Czech Republic

Quantity of Bitcoin in Treasury: Many of the treasury consists of bitcoin

Variety of workers: 5 full-time workers and 5 part-time workers/volunteers

Web site: https://vexl.it/

Public or personal? Non-public

Lea Petrášová is a cypherpunk by way of and thru with greater than 10 years of expertise on the earth of software program growth.

This made her an ideal candidate to assist create Vexlan open-source app that permits customers to conduct personal peer-to-peer bitcoin transactions with relative ease.

With Vexl, Petrášová and the crew of Satoshi Labs (recognized for creating Trezor {hardware} wallets) created what Petrášová calls a “social community” that connects patrons and sellers of bitcoin by way of the contacts of their telephones and the contacts of their contacts. Moreover, communications between customers are personal and Vexl doesn’t cost for the service it offers.

Petrášová and the crew at Vexl are on a mission to allow individuals to make use of Bitcoin because it was meant: with out KYC, privately and with out third-party intermediaries concerned within the course of.

We spoke with Petrášová for extra particulars about Vexl’s mission.

Frank Corva: Please inform us about Vexl’s mission.

Lea Petrašová: We consider that with out the liberty to transact, now we have no different rights. Bitcoin provides us the final word ticket to a monetary system that’s not inherently exploitative and oppressive.

Nonetheless, to serve this function, it can’t be tied to an individual’s id. We provide our customers the power to purchase or promote bitcoin peer-to-peer with out KYC, in a method that’s not solely personal, but additionally accessible, simple to make use of and safe.

Corva: What did you do earlier than Vexl?

Petrašová: I used to be a challenge supervisor for a small enterprise capital fund that additionally operated as a software program home. In 2018, I launched a spin-off centered solely on web3 growth, particularly in DeFi. Though the initiatives have been academically attention-grabbing, after promoting the corporate I spotted that I needed to dedicate my time and power solely to Bitcoin.

Corva: How did the concept for Vexl come about and the way did you get entangled?

Petrašová: This concept was really brewing Slush‘s (co-founder of SatoshiLabs, Trezor, Vexl) thoughts for a number of years. As one of many business’s OGs, he anticipated the rules lengthy earlier than they got here into impact.

When he came upon I had not too long ago accomplished my earlier job, he reached out and pitched what would turn into Vexl, basically providing me the chance to tackle govt administration of the challenge. I did not hesitate for a second.

Corva: Vexl appears to embrace a lot of the bitcoin ethos. It is an app that permits peer-to-peer buying and selling, it does not require a lot KYC and it is open-source. Why was it vital to you to design it this fashion?

Petrašová: We’re not simply Bitcoiners; we’re additionally cypherpunks and activists.

Once we got here up with Vexl, we have been fixing our personal downside: easy methods to purchase or promote Bitcoin with out KYC, extreme charges, or vital safety and security dangers.

We could not design a product that we would not need to use ourselves. There was by no means any dialogue concerning the nature of the software program; we knew from day one which it needed to be open supply, KYC-free and peer-to-peer.

Nonetheless, we spent a variety of time exploring and balancing the ‘trilemma’ of usability, safety and privateness.

Corva: What was it like working with Pavol Rusnák, a legend within the bitcoin/crypto pockets area?

Petrašová: Humiliating. He is the form of thinker you possibly can ask any query and he’ll reply with an authentic reply. The vary of his information and pursuits may be very spectacular. But he approaches individuals and initiatives with kindness, respect and, most significantly, a fantastic humorousness. He’s really inspiring.

Corva: You do not plan to monetize Vexl. Why?

Petrašová: We strongly consider within the significance of our mission and attempt to make it as accessible as attainable.

Corva: How can Vexl survive should you do not monetize it?

Petrašová: We’re straight depending on donations and subsidies. I’ve deep gratitude and large respect for everybody who helped us make Vexl a hit. But when we have been to fail for no matter purpose, due to open supply, I need to consider that another person would choose up the place we left off and transfer issues ahead.

Corva: Vexl is actually a messaging app, one thing that connects patrons and sellers to transact amongst themselves, similar to LocalBitcoins did. Why did you make one thing like this now?

Petrašová: As a result of we clearly noticed the necessity. Give it some thought: Bitcoin is at the moment the sixth largest financial asset and goals to turn into a worldwide, common retailer of worth.

Governments can create registries of bitcoin holders by way of varied third events and monetary establishments. These people can then be censored, prosecuted, taxed and have their property monitored, compromised and even banned.

Understanding the identities of Bitcoin customers weakens Bitcoin’s means to operate as a retailer of worth impartial of state energy. That was the primary a part of our motivation.

The second a part of our motivation was way more sensible: each time I gave somebody an orange capsule and did not need to ship them to an alternate, I had no good various. My choices have been to promote my very own bitcoin to them or spend a very long time looking for another person who might.

Do not get me improper, I am a giant fan of platforms like LocalBitcoins. However as somebody who has by no means bought bitcoin with KYC or registered on an alternate, I do know firsthand the restrictions that include these kind of choices.

Corva: How is Vexl totally different from different P2P apps corresponding to Hodl Hodl, Bisq and Peach Bitcoin?

Petrašová: In the beginning, we’re a nonprofit, so we function in a really totally different area. I don’t view different options as competing, however somewhat as complementary.

The actual innovation that Vexl introduces is our distinctive fame mannequin. On our market you possibly can solely view anonymized provides out of your contacts and their contacts. Till each events resolve to disclose their identities, you will not know who the opposite is, however you possibly can at all times see what number of mutual contacts you share and who these persons are, and ask for a reference if mandatory.

This lets you higher assess the counterparty’s particular person danger, which is sort of unimaginable when connecting two strangers from reverse sides of the world. To not point out that utilizing a fiat switch for settlement may be downright harmful.

If you happen to actually give it some thought, we have managed to convey actual fame to an app. And this social side – human interactions and experiences – can’t be changed by any expertise. That is why on Vexl there are not any deposits, no charges, and no have to have already got bitcoin to take part.

Lastly, I’m extraordinarily happy with our person expertise. Whereas creating Vexl, I stored asking myself, “Can my aunt use this with none issues?” That mentality has formed our person interface, and I consider it’s way more user-friendly than anything on the market.

Corva: Why is not Vexl pushing to decentralize its backend?

Petrašová: We’re a non-profit group with very streamlined operations. In a crew as small as ours, now we have to suppose twice when selecting our precedence.

Whereas decentralizing the backend is one thing we’ll give attention to sooner or later, proper now our backlog is filled with extra urgent app enhancements.

The nice factor is that Vexl is already politically decentralized. Anybody who does not need to depend on my choices can merely take the code and alter it as they see match.

Corva: Why does Vexl ask for telephone numbers?

Petrašová: If you happen to zoom out, you will see that Vexl is finally a social community. Anybody who has ever tried to construct one from scratch will agree that it’s an extremely troublesome job. That is why we selected a special route: why not construct on high of an current community? However then got here a good larger query: which one?

We additionally needed one thing that will not disappear anytime quickly and is extensively adopted world wide.

The reply was clear to us: using phone numbers and speak to lists. From there we simply needed to discover a method to make use of them whereas nonetheless conserving them personal and safe.

Corva: Do you ever see mass adoption of Vexl or do you suppose the typical individual will discover it extra handy to go to a regulated alternate like Kraken?

Petrašová: Generally I am requested what my largest concern is as a CEO of a Bitcoin firm, and my reply is at all times “ignorance.” Folks typically do not care about monetary freedom till it is too late.

That stated, nothing is best advertising and marketing for us than the present monetary system changing into increasingly more unbearably unusable and buying and selling changing into extra permissible. From this angle, it might be a beautiful world if instruments like Vexl grew to become out of date.

However Vexl has been invented, and it can not stay uninvented. Maybe it is going to be used for peer-to-peer bitcoin transactions. Or it might be used within the gig financial system or to pay for items in bitcoin.

Since our introduction categories on the marketnow we have seen round economies flourish. I construct Vexl for anybody who has the braveness to assert their monetary sovereignty, even when it solely serves a small neighborhood of customers.

Corva: The place do you see probably the most adoption of the app thus far? Why do you suppose individuals in these areas are adopting this?

Petrašová: Most of our customers come from the Czech Republic and Slovakia. I believe the success has loads to do with the historical past of those nations and their financial isolation throughout the communist period. There’s a lengthy custom by which individuals hedge towards oppression with stronger currencies and take part within the grey financial system. Moreover, the help from SatoshiLabs actually helped us loads throughout the launch, particularly in Slovakia and the Czech Republic, the place SatoshiLabs is well-known and revered.

We’re additionally seeing vital development in Germany, Austria, Italy, Switzerland and the UK, particularly by way of meetups. In current months I’ve been very comfortable to see that native Vexl initiatives are additionally flourishing in African nations.

Corva: What’s subsequent for Vexl?

Petrašová: Over the summer season we managed to efficiently rewrite our backend, which had been a significant hurdle for future growth. This opened up the chance for us to make a variety of enhancements to the social community that we had lengthy had on our roadmap.

One other vital level of consideration is offering details about the significance of non-KYC Bitcoin. It’s disturbingly widespread for customers to not notice the true value they’re paying for consolation or comfort after they present their private info to monetary establishments.