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: The vast majority 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 allows customers to conduct non-public peer-to-peer bitcoin transactions in a comparatively simple method.
With Vexl, Petrášová and the group from SatoshiLabs (well-known for creating Trezor {hardware} wallets) created what Petrášová phrases a “social community” that connects patrons and sellers of bitcoin through 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 offers.
Petrášová and the group 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 final word entry ticket to a monetary system that’s not inherently exploitative and oppressive.
Nevertheless, for it to serve this objective, it can’t be tied to 1’s id. We offer our customers with an possibility to purchase or promote bitcoin peer-to-peer with out KYC, in a means that’s not solely non-public, but in addition accessible, user-friendly, and safe.
Corva: What had been you doing earlier than Vexl?
Petrášová: I was a mission 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 growth, notably in DeFi. Whereas the tasks had been academically attention-grabbing, after promoting the corporate, I spotted I needed to dedicate my time and vitality solely to Bitcoin.
Corva: How did the thought for Vexl come about and the way did you become involved?
Petrášová: This concept had really been brewing in 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 lately wrapped up my earlier job, he reached out and pitched what would later turn out to be Vexl, primarily providing me the chance to tackle the chief administration of the mission. 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 necessary so that you can design it this manner?
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 drawback: the right way to 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 keen 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 loads of time researching and balancing the “trilemma” of usability, safety, and privateness.
Corva: What has it been wish to work with Pavol Rusnák, a legend within the bitcoin/crypto pockets area?
Petrášová: Humbling. He’s the form of thinker you may ask any query, and he’ll reply with an unique reply. The vary of his data and pursuits is deeply spectacular. But, he approaches individuals and tasks with kindness, respect, and most significantly, a terrific 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 potential.
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 a hit. However due to open supply, if, for any purpose, we had been to fail, I need to consider that another person would choose up the place we left off and hold issues transferring ahead.
Corva: Vexl is actually a messaging app, one thing that connects patrons 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 the moment the sixth largest financial asset, aspiring to turn out to be a world, common retailer of worth.
Governments, by 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.
Figuring out the identities of Bitcoin customers weakens Bitcoin’s capacity 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 rather more sensible: Each time I orange-pilled somebody and didn’t need 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 might.
Don’t get me incorrect, 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 restrictions that include choices like this.
Corva: How does Vexl differ from different P2P apps like Hodl Hodl, Bisq and Peach Bitcoin?
Petrášová: Properly, to start with, we’re a non-profit, so we function in a totally totally different area. I don’t see different options on the market as competing, fairly view them as complementary.
The actual innovation that Vexl introduces is our distinctive popularity mannequin. On our market, you may solely view anonymized gives 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 may at all times see what number of mutual contacts you share and who these persons are, and ultimately ask them for a reference.
This lets you higher assess the person threat 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 in case you’re utilizing a fiat wire switch for settlement.
In the event you actually give it some thought, we managed to deliver a real-world popularity 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 a part of.
Lastly, I’m notably happy with our person expertise. Whereas creating Vexl, I saved 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 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 group as small as ours, we’ve got to assume 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 need to depend on my choices can merely take the code and alter it nonetheless they see match.
Corva: Why does Vexl ask for telephone numbers?
Petrášová: In the event you zoom out, you’ll see that Vexl is, in the end, 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 unique route: Why not construct on prime of an present community? However then got here an excellent larger query: Which one?
We additionally needed one thing that’s not going away anytime quickly and that’s broadly adopted the world over.
The reply was clear to us: utilizing telephone numbers and call lists. From there we simply needed to discover a means to make use of them whereas nonetheless protecting them non-public and safe.
Corva: Do you ever see mass adoption of Vexl or do you assume the common individual will discover going to a regulated change like Kraken extra handy?
Petrášová: Typically I get requested what my greatest apprehension is because the CEO of a Bitcoin firm, and my reply is at all times “ignorance.” Individuals usually 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 an increasing number of unbearably unusable and commerce turning into more and more permissioned. From this attitude, it could be a gorgeous world if instruments like Vexl turned out of date.
However Vexl has been invented, and it can’t be uninvented. Perhaps it will likely be used for peer-to-peer bitcoin transactions. Or it could be used within the gig economic 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 neighborhood of customers.
Corva: The place are you seeing essentially the most adoption for the app to date? Why do you assume 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 instances. There’s a lengthy custom of individuals hedging towards oppression with stronger currencies and collaborating within the grey economic system. Moreover, the help of SatoshiLabs positively helped us loads through the launch, particularly in Slovakia and the Czech Republic, the place SatoshiLabs is well-known and revered.
We additionally see important development in Germany, Austria, Italy, Switzerland and the UK, principally scaling by meetups. In current 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 time, we managed to efficiently rewrite our backend, which had been a serious 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 widespread that customers don’t notice the true value they pay for consolation or comfort when giving up their private knowledge on monetary establishments.
