Firm Title: Vexl
Founders: Lea Petrášová, Marek Palatinus and Pavol Rusnak
Date Based: June 2022
Location of Headquarters: Prague, Czech Republic
Quantity of Bitcoin Held in Treasury: Nearly all of the treasury is bitcoin
Variety of Staff: 5 full-time staff and 5 part-time staff/volunteers
Web site: https://vexl.it/
Public or Personal? Personal
Lea Petrášová is a cypherpunk at coronary heart with over 10 years of expertise on this planet of software program growth.
This made her an ideal candidate to assist create Vexl, an open-source app that permits customers to conduct non-public peer-to-peer bitcoin transactions in a comparatively straightforward method.
With Vexl, Petrášová and the staff from SatoshiLabs (well-known for creating Trezor {hardware} wallets) created what Petrášová phrases a “social community” that connects patrons and sellers of bitcoin by way of the contacts of their cellphone in addition to the contacts of their contacts. What’s extra, the communication between customers is non-public, and Vexl doesn’t cost for the service it supplies.
Petrášová and the staff at Vexl are on a mission to allow individuals to make use of Bitcoin the way in which it was meant for use — with out KYC, privately and with out third-party intermediaries concerned within the course of.
We spoke with Petrášová to get extra particulars on Vexl’s mission.
Frank Corva: Please inform us about Vexl’s mission.
Lea Petrášová: We consider that with out the liberty to transact, we’ve got no different rights. Bitcoin offers us the last word entry ticket to a monetary system that isn’t inherently exploitative and oppressive.
Nonetheless, for it to serve this function, it can’t be tied to 1’s identification. We offer our customers with an possibility to purchase or promote bitcoin peer-to-peer with out KYC, in a method that isn’t solely non-public, but in addition accessible, user-friendly, and safe.
Corva: What have been you doing earlier than Vexl?
Petrášová: I was a undertaking supervisor for a small enterprise fund that additionally operated as a software program home. In 2018, I launched a spin-off targeted completely on web3 growth, notably in DeFi. Whereas the tasks have been academically attention-grabbing, after promoting the corporate, I spotted I needed to dedicate my time and power solely to Bitcoin.
Corva: How did the thought for Vexl come about and the way did you get entangled?
Petrášová: This concept had really been brewing in Slush’s (co-founder of SatoshiLabs, Trezor, Vexl) thoughts for a couple of years. As one of many trade’s OGs, he anticipated the laws lengthy earlier than they got here into impact.
When he discovered I had just lately wrapped up my earlier job, he reached out and pitched what would later develop into Vexl, primarily providing me the chance to tackle the chief administration of the undertaking. I didn’t hesitate for a second.
Corva: Vexl appears to embrace a lot of the bitcoin ethos. It’s an app that enables for peer-to-peer buying and selling, it doesn’t require a lot KYC and it’s open-source. Why was it vital so that you can design it this fashion?
Petrášová: 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: methods to purchase or promote Bitcoin with out KYC, outrageous charges, or vital safety and security dangers.
We could not design a product we would not be prepared to make use of ourselves. There was by no means any debate in regards to the nature of the software program—we knew from day one it needed to be open supply, KYC-free, and peer-to-peer.
Nonetheless, we spent loads of time researching and balancing the “trilemma” of usability, safety, and privateness.
Corva: What has it been prefer to work with Pavol Rusnák, a legend within the bitcoin/crypto pockets house?
Petrášová: Humbling. He’s the form of thinker you possibly can ask any query, and he’ll reply with an authentic reply. The vary of his data and pursuits is deeply spectacular. But, he approaches individuals and tasks with kindness, respect, and most significantly, an ideal humorousness. He’s actually inspiring.
Corva: You don’t plan to monetize Vexl. Why?
Petrášová: We strongly consider within the significance of our mission and are dedicated to creating it as accessible as doable.
Corva: How will Vexl live on in case you don’t monetize it?
Petrášová: We rely straight on donations and grants. I’ve deep gratitude and mad respect for everybody who has helped us make Vexl successful. However because of open supply, if, for any cause, we have been to fail, I wish to consider that another person would decide up the place we left off and hold issues shifting ahead.
Corva: Vexl is basically a messaging app, one thing that connects patrons and sellers to transact between themselves very like LocalBitcoins did. Why did you create one thing like this proper now?
Petrášová: As a result of we clearly noticed the necessity. Give it some thought — Bitcoin is at the moment the sixth largest financial asset, aspiring to develop into a world, common retailer of worth.
Governments, by means of numerous third events and monetary establishments, can create registries of bitcoin holders. These people might then be censored, prosecuted, taxed, and have their possession managed, compromised, and even outlawed.
Understanding the identities of Bitcoin customers weakens Bitcoin’s potential to perform as a retailer of worth unbiased 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 orange-pilled somebody and didn’t wish to ship them to an trade, I didn’t have an excellent various. My choices have been both promoting them my very own bitcoin or going by means of a prolonged search to seek out another person who might.
Don’t get me mistaken, I’m an enormous fan of platforms like LocalBitcoins. However as somebody who has by no means purchased bitcoin with KYC or registered on an trade, I do know firsthand the restrictions that include choices like this.
Corva: How does Vexl differ from different P2P apps like Hodl Hodl, Bisq and Peach Bitcoin?
Petrášová: Properly, initially, we’re a non-profit, so we function in a totally completely different house. I don’t see different options on the market as competing, reasonably view them as complementary.
The true 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 don’t know who the opposite individual is, however you possibly can all the time see what number of mutual contacts you share and who these individuals are, and finally ask them for a reference.
This lets you higher assess the person danger of the counterparty, which is almost not possible while you’re connecting two strangers from reverse sides of the world — to not point out, it may be downright harmful in case you’re utilizing a fiat wire switch for settlement.
For those who actually give it some thought, we managed to convey a real-world fame into an app. And this social side — human interactions and expertise — can’t get replaced by any know-how. That’s why on Vexl there isn’t any escrow, no charges, and no must have already got bitcoin in an effort to be part of.
Lastly, I’m notably happy with our consumer expertise. Whereas creating Vexl, I saved asking myself, “May my aunt use this with out a hitch?” That mindset formed our UI, and I consider it’s way more user-friendly than anything on the market.
Corva: Why does Vexl not push to decentralize its backend?
Petrášová: We’re a non-profit with very lean operations. In a staff as small as ours, we’ve got to suppose twice when selecting what to prioritize.
Whereas decentralizing the backend is one thing we’ll deal with sooner or later, proper now our backlog is stuffed with extra urgent app enhancements.
What’s nice is that Vexl is already politically decentralized. Anybody who doesn’t wish to depend on my selections can merely take the code and alter it nonetheless they see match.
Corva: Why does Vexl ask for cellphone numbers?
Petrášová: For those who zoom out, you’ll 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 tough job. So, we selected a distinct route: Why not construct on prime of an current community? However then got here a fair greater query: Which one?
We additionally needed one thing that’s not going away anytime quickly and that’s extensively adopted internationally.
The reply was clear to us: utilizing cellphone numbers and phone lists. From there we simply needed to discover a method to make use of them whereas nonetheless preserving them non-public and safe.
Corva: Do you ever see mass adoption of Vexl or do you suppose the common individual will discover going to a regulated trade like Kraken extra handy?
Petrášová: Generally I get requested what my greatest apprehension is because the CEO of a Bitcoin firm, and my reply is all the time “ignorance.” Individuals usually don’t care about monetary freedom till it’s too late.
That being stated, nothing is healthier advertising for us than the present monetary system changing into increasingly unbearably unusable and commerce changing into more and more permissioned. From this attitude, it could be a phenomenal world if instruments like Vexl grew to become out of date.
However Vexl has been invented, and it can’t be uninvented. Possibly it will likely be used for peer-to-peer bitcoin transactions. Or it is likely to be used within the gig financial system or to pay for items in bitcoin.
Ever since we launched classes within the market, we’ve seen round economies booming. I’m constructing Vexl for everybody who has the braveness to assert their monetary sovereignty — even when it solely serves a small group of customers.
Corva: The place are you seeing probably the most adoption for the app so far? Why do you suppose individuals in these areas are adopting it?
Petrášová: Most of our customers are 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 communist occasions. There’s a lengthy custom of individuals hedging towards oppression with stronger currencies and collaborating within the grey financial system. Moreover, the help of SatoshiLabs undoubtedly helped us loads through the launch, particularly in Slovakia and the Czech Republic, the place SatoshiLabs is well-known and revered.
We additionally see vital development in Germany, Austria, Italy, Switzerland and the UK, principally scaling by means of meetups. In latest months, I’m actually thrilled to see native Vexl initiatives thrive in African nations, as nicely.
Corva: What’s subsequent for Vexl?
Petrášová: Over the course of 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 introduce all kinds of enhancements to the social community that we had on our roadmap for a very long time.
One other main focus is offering schooling in regards to the significance of non-KYC Bitcoin. It’s disturbingly frequent that customers don’t understand the true value they pay for consolation or comfort when giving up their private knowledge on monetary establishments.
