Firm Identify: 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 Workers: 5 full-time staff and 5 part-time staff/volunteers
Web site: https://vexl.it/
Public or Non-public? Non-public
Lea Petrášová is a cypherpunk at coronary heart with over 10 years of expertise on this planet of software program improvement.
This made her an ideal candidate to assist create Vexl, an open-source app that allows customers to conduct non-public peer-to-peer bitcoin transactions in a comparatively simple 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 consumers and sellers of bitcoin by way of the contacts of their telephone 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 supposed 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 now have no different rights. Bitcoin provides us the last word entry ticket to a monetary system that isn’t inherently exploitative and oppressive.
Nevertheless, for it to serve this function, it can’t be tied to 1’s id. We offer our customers with an choice to purchase or promote bitcoin peer-to-peer with out KYC, in a manner that isn’t solely non-public, but in addition accessible, user-friendly, and safe.
Corva: What had 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 centered solely on web3 improvement, significantly in DeFi. Whereas the initiatives had been academically attention-grabbing, after promoting the corporate, I noticed I wished 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?
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 rules lengthy earlier than they got here into impact.
When he came upon I had not too long ago wrapped up my earlier job, he reached out and pitched what would later grow to be Vexl, primarily providing me the chance to tackle the manager 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 permits 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.
After we got here up with Vexl, we had been fixing our personal downside: purchase or promote Bitcoin with out KYC, outrageous charges, or important 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.
Nevertheless, we spent a whole lot 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 area?
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 initiatives with kindness, respect, and most significantly, an ideal humorousness. He’s really 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 should you don’t monetize it?
Petrášová: We rely immediately on donations and grants. I’ve deep gratitude and mad respect for everybody who has helped us make Vexl a hit. However because of open supply, if, for any purpose, we had been to fail, I wish to consider that another person would decide up the place we left off and preserve issues transferring ahead.
Corva: Vexl is basically a messaging app, one thing that connects consumers and sellers to transact between themselves very similar to 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 present the sixth largest financial asset, aspiring to grow to be a worldwide, common retailer of worth.
Governments, by numerous third events and monetary establishments, can create registries of bitcoin holders. These people may then be censored, prosecuted, taxed, and have their possession managed, compromised, and even outlawed.
Realizing the identities of Bitcoin customers weakens Bitcoin’s skill 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 orange-pilled somebody and didn’t wish to ship them to an change, I didn’t have a very good different. My choices had been both promoting them my very own bitcoin or going by a prolonged search to search out another person who may.
Don’t get me flawed, 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 change, I do know firsthand the constraints 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 area. I don’t see different options on the market as competing, quite view them as complementary.
The true innovation that Vexl introduces is our distinctive repute mannequin. On our market, you possibly can solely view anonymized presents out of your contacts and their contacts. Till each events determine to disclose their identities, you don’t know who the opposite particular person 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 sort of not possible while you’re connecting two strangers from reverse sides of the world — to not point out, it may be downright harmful should you’re utilizing a fiat wire switch for settlement.
For those who actually give it some thought, we managed to deliver a real-world repute into an app. And this social facet — human interactions and expertise — can’t get replaced by any expertise. That’s why on Vexl there isn’t any escrow, no charges, and no have to have already got bitcoin with a purpose to be a part of.
Lastly, I’m significantly pleased with our consumer expertise. Whereas creating Vexl, I stored asking myself, “Might my aunt use this with no hitch?” That mindset formed our UI, and I consider it’s much more user-friendly than the rest 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 now have to suppose twice when selecting what to prioritize.
Whereas decentralizing the backend is one thing we’ll concentrate on sooner or later, proper now our backlog is filled 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 telephone 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 troublesome process. So, we selected a special route: Why not construct on prime of an current community? However then got here a good greater query: Which one?
We additionally wished one thing that’s not going away anytime quickly and that’s extensively adopted internationally.
The reply was clear to us: utilizing telephone numbers and phone lists. From there we simply needed to discover a manner to make use of them whereas nonetheless conserving them non-public and safe.
Corva: Do you ever see mass adoption of Vexl or do you suppose the common particular person will discover going to a regulated change like Kraken extra handy?
Petrášová: Generally I get requested what my largest apprehension is because the CEO of a Bitcoin firm, and my reply is all the time “ignorance.” Individuals typically don’t care about monetary freedom till it’s too late.
That being mentioned, nothing is best advertising and marketing for us than the present monetary system turning into increasingly unbearably unusable and commerce turning into more and more permissioned. From this attitude, it could be a good looking world if instruments like Vexl turned out of date.
However Vexl has been invented, and it can’t be uninvented. Possibly will probably be used for peer-to-peer bitcoin transactions. Or it could be used within the gig financial system or to pay for items in bitcoin.
Ever since we launched categories in the marketplace, 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 neighborhood of customers.
Corva: The place are you seeing essentially the most adoption for the app to this point? Why do you suppose individuals in these areas are adopting it?
Petrášová: Most of our customers are from the Czech Republic and Slovakia. I feel the success has so much to do with the historical past of those nations and their financial isolation throughout communist instances. There’s a lengthy custom of individuals hedging in opposition to oppression with stronger currencies and taking part within the grey financial system. Moreover, the assist of SatoshiLabs positively helped us so much throughout the launch, particularly in Slovakia and the Czech Republic, the place SatoshiLabs is well-known and revered.
We additionally see important progress in Germany, Austria, Italy, Switzerland and the UK, largely scaling by meetups. In latest months, I’m actually thrilled to see native Vexl initiatives thrive in African nations, as properly.
Corva: What’s subsequent for Vexl?
Petrášová: Over the course of the summer time, we managed to efficiently rewrite our backend, which had been a significant hurdle for future improvement. 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 widespread that customers don’t understand the true value they pay for consolation or comfort when giving up their private information on monetary establishments.