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 workers and 5 part-time workers/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 the earth of software program growth.
This made her an ideal candidate to assist create Vexl, an open-source app that permits customers to conduct personal 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 through the contacts of their cellphone in addition to the contacts of their contacts. What’s extra, the communication between customers is personal, and Vexl doesn’t cost for the service it offers.
Petrášová and the staff at Vexl are on a mission to allow folks 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 imagine that with out the liberty to transact, we’ve got no different rights. Bitcoin provides us the last word entry ticket to a monetary system that’s not inherently exploitative and oppressive.
Nevertheless, for it to serve this function, it can’t be tied to at least one’s identification. We offer our customers with an possibility to purchase or promote bitcoin peer-to-peer with out KYC, in a approach that’s not solely personal, but additionally accessible, user-friendly, and safe.
Corva: What had been you doing earlier than Vexl?
Petrášová: I was a venture supervisor for a small enterprise fund that additionally operated as a software program home. In 2018, I launched a spin-off centered completely on web3 growth, significantly in DeFi. Whereas the initiatives had been academically fascinating, after promoting the corporate, I noticed I wished to dedicate my time and power solely to Bitcoin.
Corva: How did the thought for Vexl come about and the way did you become involved?
Petrášová: This concept had truly been brewing in Slush’s (co-founder of SatoshiLabs, Trezor, Vexl) thoughts for a number 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 develop into Vexl, primarily providing me the chance to tackle the manager administration of the venture. 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 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 downside: the way 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.
Nevertheless, we spent lots 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 sort of thinker you may ask any query, and he’ll reply with an unique reply. The vary of his information and pursuits is deeply spectacular. But, he approaches folks and initiatives with kindness, respect, and most significantly, a fantastic humorousness. He’s really inspiring.
Corva: You don’t plan to monetize Vexl. Why?
Petrášová: We strongly imagine within the significance of our mission and are dedicated to creating it as accessible as potential.
Corva: How will Vexl live on for those who 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 imagine that another person would choose up the place we left off and maintain issues transferring ahead.
Corva: Vexl is basically 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 presently the sixth largest financial asset, aspiring to develop into a world, 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.
Understanding the identities of Bitcoin customers weakens Bitcoin’s capacity to operate 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 far more sensible: Each time I orange-pilled somebody and didn’t need to ship them to an trade, 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 seek out another person who may.
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 constraints that include choices like this.
Corva: How does Vexl differ from different P2P apps like Hodl Hodl, Bisq and Peach Bitcoin?
Petrášová: Effectively, to begin with, we’re a non-profit, so we function in a very completely different area. I don’t see different options on the market as competing, fairly view them as complementary.
The true innovation that Vexl introduces is our distinctive fame mannequin. On our market, you may 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 may at all times see what number of mutual contacts you share and who these persons are, and finally ask them for a reference.
This lets you higher assess the person threat of the counterparty, which is sort of unattainable while you’re connecting two strangers from reverse sides of the world — to not point out, it may be downright harmful for those who’re utilizing a fiat wire switch for settlement.
When you actually give it some thought, we managed to deliver 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 is no such thing as a escrow, no charges, and no have to have already got bitcoin to be able to be part of.
Lastly, I’m significantly pleased with our consumer expertise. Whereas creating Vexl, I saved asking myself, “May my aunt use this with no hitch?” That mindset formed our UI, and I imagine 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 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 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 cellphone numbers?
Petrášová: When you 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 unique 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 cellphone numbers and call lists. From there we simply needed to discover a approach to make use of them whereas nonetheless preserving them personal 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 trade 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 typically don’t care about monetary freedom till it’s too late.
That being mentioned, nothing is healthier advertising 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 angle, it might be a good looking world if instruments like Vexl turned out of date.
However Vexl has been invented, and it can’t be uninvented. Perhaps it is going to be used for peer-to-peer bitcoin transactions. Or it may 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 so far? Why do you suppose folks in these areas are adopting it?
Petrášová: Most of our customers are from the Czech Republic and Slovakia. I feel 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 in opposition to oppression with stronger currencies and taking part 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 vital development in Germany, Austria, Italy, Switzerland and the UK, principally scaling by 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 notice the true price they pay for consolation or comfort when giving up their private information on monetary establishments.
