Your number is verified that your human and that it belongs to you using twilio. This is the industry standard. This is what signal uses.
But we are fully open source you can go and read and understand that everything happens client-side the numbers are hashed. You don’t have to trust us you could actually verify this.
But let’s unravel this even further I understand the concern for phone numbers and I understand that it’s a trade-off for some, but what actually does it mean?
Well, first of all, no trading actually happened on the app. Everything is settled between you and the counterparty with zero third-party input. We have no idea or no way of knowing if you traded with anyone.
So Vexl doesn’t touch Bitcoin it doesn’t fiat there is no wallet. There are no on our off-ramps.
The phone numbers are hashed so if you and I both have a mutual friend, the Hash of the number will appear the same.
This is where the magic happens because if you and I know 10 of the same people and we have their phone numbers well those number numbers are Hashed the same for us it allows us to compare them, but we know nothing other than the hashes and that’s how things are connected.
There are a records of trades. There are no rating systems that can be gamed or bought. There are no star systems that you have to trust strangers with your network is yours. We can’t see it no one but you can.
If you have a better solution I’m all ears. But currently there is nothing that can leverage your personal social graph to allow you to trade Bitcoin anonymously, privately, and with a little to no risk at all.
I’m not asking you to trust me in fact, I don’t want you to. I love skeptics. I am a skeptic. I encourage you to look deeper if you see a problem tell me let’s try to solve it.
Vexl is not about trying to make money or build a company to sell you something. Vexl’s about trying to solve a problem and that is currently we do not have a good way to buy Bitcoin securely and privately peer to peer with no KYC.
We are building Vexl because it’s what we want. I want a way that I can buy bitcoin without KYC peer to peer the way it was intended. What do you want?
