Ray Youssef, co-founder and CEO of P2P platform Paxful, which shut down in April, said he wants to launch a “censorship-resistant and globally available” clone called Civ Kit. Writes about it The Block.
The entrepreneur presented a plan to create a marketplace for developers and businesses.
According to Youssef’s plan, using the Lightning Network and Nostr (a protocol for running decentralized networks), Civ Kit “cannot be suspended” – anyone anywhere in the world can make cryptotransactions.
Nostr provides end-to-end private messaging without the use of servers through relays.
“We want everyone to trade with everyone. For example, someone in Venezuela with someone in Russia. […] Paxful was able to serve billions of people around the world. My goal — restore it” Youssef said.
Instead of KYC the project is supposed to use oracles Know-Your-Peer (KYP).
“KYC is terrible. People want to know who they are trading with, especially on big deals. And this is where we replace KYC with KYP […] We will link reputation to accounts based on the nature of the trading activity.”Youssef explained.
According to the top manager, the need to comply with the requirements in order to return the frozen funds to Paxful users led to “spending all the money.”
In an interview, Youssef confirmed Cointelegraph’s speculation of a legal dispute as the reason for the sudden shutdown of the P2P platform on April 4th.
As a reminder, on April 16, the co-founder of Paxful announced that 88% of user accounts have been unfrozen.
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Ray Youssef, co-founder and CEO of P2P platform Paxful, which shut down in April, said he wants to launch a “censorship-resistant and globally available” clone called Civ Kit. Writes about it The Block.
The entrepreneur presented a plan to create a marketplace for developers and businesses.
According to Youssef’s plan, using the Lightning Network and Nostr (a protocol for running decentralized networks), Civ Kit “cannot be suspended” – anyone anywhere in the world can make cryptotransactions.
Nostr provides end-to-end private messaging without the use of servers through relays.
“We want everyone to trade with everyone. For example, someone in Venezuela with someone in Russia. […] Paxful was able to serve billions of people around the world. My goal — restore it” Youssef said.
Instead of KYC the project is supposed to use oracles Know-Your-Peer (KYP).
“KYC is terrible. People want to know who they are trading with, especially on big deals. And this is where we replace KYC with KYP […] We will link reputation to accounts based on the nature of the trading activity.”Youssef explained.
According to the top manager, the need to comply with the requirements in order to return the frozen funds to Paxful users led to “spending all the money.”
In an interview, Youssef confirmed Cointelegraph’s speculation of a legal dispute as the reason for the sudden shutdown of the P2P platform on April 4th.
As a reminder, on April 16, the co-founder of Paxful announced that 88% of user accounts have been unfrozen.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
