Co-founder and CEO of Paxful’s P2P platform, which was shut down in April, Ray Youssef said he intends to launch a clone named Civ Kit that is “censorship-resistant and globally accessible.” The Block.
The entrepreneur outlined plans to create a marketplace for developers and businesses.
According to Youssef’s plan, Civ Kit, which uses Lightning Network and Nostr (the protocol for running decentralized networks), would be “unable to be halted”—anyone could conduct crypto transfers anywhere on the planet.
Nostr enables end-to-end messaging without servers via relays.
“We want everyone to trade with everyone. For example, someone in Venezuela with someone in Russia. […] Paxful could serve billions of people around the world. My goal is to restore it,” Youssef said.
Instead of KYC, the project will use oracles Know-Your-Peer (KYP).
“KYC is terrible. People want to know who they are trading with, especially for large trades. And this is where we replace KYC with KYP. […] We will attach reputation to accounts based on the nature of trading activity.”, Youssef explained.
According to the executive, the need to comply with requirements to return frozen funds to Paxful users led to “spending all the money.”
In an interview, Youssef confirmed Cointelegraph’s report that a lawsuit was the reason for the P2P platform’s sudden shutdown on April 4.
Earlier, on April 16, Paxful co-founder announced that 88% of user accounts had been unfrozen.