2024-01-27 –, Machankura Stage
Ray Youssef is the co-founder and CEO of Paxful, one of the world’s largest peer-to-peer platforms for buying and selling Bitcoin. All his business ventures were founded on P2P, starting with the first successful startup in P2P ringtones.
Youssef is on a mission to liberate the global south from poverty “breaking the financial apartheid” which is why he is sharing CivKit with the world.
The very first version of Bitcoin Core had functions for an orderbook and escrow. Those when combined with a wallet give us the three essential ingredients for a decentralized p2p electronic marketplace. An unstoppable, permissionless free market is the one thing humanity needs most and the final vision of Satoshi Nakamoto, are embodied In CivKit.
CivKit is a decentralised open source protocol of Civilization 2.0 The kernel of governance in code built around Bitcoin
What if we built a decentralized tool kit to create an Unstoppable, permissionless p2p marketplace so anyone could trade anything with anyone. This is what Satoshi would have wanted and what he did not have time to do.
First, they weren't going after the biggest problem. No one needs to sell slippers or pez dispensers on a decentralized marketplace using bitcoin. That's a lot of work to do something most people can do elsewhere. The real killer app is OTC. A p2p marketplace for all forms of money, any currency, any payment method anywhere.
Second, making a marketplace scale takes a lot more than just a bulletin board and a payment with condition. For it to reach the world and serve honest business people there are three ancillary services that are needed. Each of them is even harder than the marketplace itself.
- P2P dispute resolution. A decentralized court system is no easy task and is possibly harder than Bitcoin itself, but people need recourse in case of disputes.
- Decentralized Identity. KYC is ugly, broken and centralized but KYP, know your peer is an absolute necessity to make reputation work and keep a marketplace clear of bad actors. Getting this to work demands an oracle marketplace and a gradient of community review, an immense challenge but needed. Purely optional and all at the discretion of peers.
- A stable form of value during trades. The volatility of bitcoin makes trade preferable with something stable. A stable form of private credits is needed to facilitate trades.
Imagine we lifted all barriers. This is why we Called it Civ Kit, a decentralized open source protocol of Civilization 2.0 The kernel of governance in code built around Bitcoin.
Ray Youssef is the newly appointed CEO of NoOnes, a financial communication super app connecting the Global South to the world’s financial systems. Youssef is renown for building of one of the world's largest peer-to-peer platforms for buying and selling Bitcoin. He co-authored of the CivKit white paper, a decentralized open source protocol of Civilization 2.0. A passionate advocate for financial inclusion, Youssef believes that Bitcoin can play a major role in liberating the global south from poverty. He is also a vocal critic of centralized financial systems and has called for the creation of a "decentralized world order." Youssef is a serial entrepreneur and has founded several successful startups, including Paxful, which grew to over 7 million users in over 190 countries. He is also a member of the Built With Bitcoin Foundation, which is working to build schools, solar power systems and other infrastructure in Africa using Bitcoin. Youssef is a visionary leader in the cryptocurrency space and is working to build a more equitable and inclusive financial system for all. Here is a quote from Youssef that sums up his mission: "I believe that Bitcoin is the most powerful tool for financial inclusion and liberation that the world has ever seen. I am on a mission to make the poor rich and to liberate the global south from poverty. This is why I am sharing CivKit with the world."