TBD, the crypto firm of Jack Dorsey, has collaborated with Ray Youssef, co-founder of Paxful, to launch a new decentralized peer-to-peer (P2P) crypto trading platform called Civilization Kit (Civ Kit). The platform aims to provide thousands of plug-and-play P2P marketplaces worldwide.
Details of Civ Kit
Civ Kit will be developed on Nostr, a decentralized network protocol for distributed and free social networking systems. It intends to create a network of decentralized, non-custodial bitcoin marketplaces, which could reach thousands, Youssef said during a recent episode of The Scoop, a weekly interview podcast by crypto media The Block.
Moreover, the decentralized identity tech developed by TBD will play an essential part in the Civ Kit process. Previously, Youssef had called Civ Kit “the next evolution of Bitcoin”.
Paxful’s issues and future plans
Paxful, Youssef’s P2P bitcoin marketplace, had to shut down amidst regulatory pressure and internal conflicts. Paxful was founded in 2015 and facilitated P2P crypto trading, meaning users exchanged Bitcoin for cash, gift cards, mobile money, and other forms of currency through the platform.
Paxful has encouraged users to move their funds to non-custodial wallets or other platforms, such as the newly-created Noones P2P bitcoin marketplace. Noones offers similar functionality to Paxful, including wallet, listing service, marketplace, and escrow, with Lightning Network functionality set to become available in a few weeks.
However, Civ Kit intends to go further than Noones and Paxful by enabling anyone to build a decentralized Bitcoin-based marketplace on top of its ecosystem. It is possibly the most exciting thing since Bitcoin. This will allow anyone – community or nation state – to build their decentralized marketplace. My dream is that there are 1,000 options running all over the world,” Youssef said.