Reimagining Bitcoin’s Original Promise: A P2P Solution
Bitcoin was initially envisioned as “peer-to-peer electronic cash,” yet its evolution has diverged significantly from Satoshi Nakamoto’s original intent. Today, a growing number of individuals are eager to transact using cryptocurrencies, while an overwhelming majority of vendors continue to prefer traditional fiat currencies. This disconnect presents unique challenges in regions where alternative digital payment methods, such as QR codes, dominate, as noted by the pseudonymous crypto developer, Sheldon Cooper.
Cooper has introduced an innovative solution through his platform, P2P.me, which enables users to engage in transactions without relying on conventional on-and-off ramps. Instead, this blockchain-based service operates on a network of intermediaries willing to accept USDC from users, such as Alice, and subsequently transfer the equivalent amount in fiat currency to the recipient, Bob. Remarkably, this entire process can be completed in approximately 90 seconds.
One of the standout features of P2P.me is its approach to user verification. The platform does not engage in traditional identity checks. Instead, it employs zero-knowledge proofs to assess users, verifying their authenticity through a credible social media presence and, in some cases, validating against government-issued identification. Crucially, P2P.me does not retain this personal information, setting it apart from many financial institutions, from banks to centralized exchanges like Binance.
As Cooper explains, “Our focus has been on how to decentralize this process. The primary concern for us is privacy and self-custody. Centralized exchanges often share user data with government entities.” This unique blend of permissionless markets and privacy-centric technology has already facilitated $1.6 million in transactions among approximately 1,100 users, primarily in regions such as Indonesia, Nigeria, and Vietnam. This growing volume has caught the attention of venture capitalists, leading to a $2 million investment in P2P.me’s seed round from notable firms like Multicoin Capital and Coinbase Ventures.
The recent funding has allowed P2P.me to expand its team to 20 members, with plans to extend its reach into Latin America. Cooper envisions local communities that face challenges navigating traditional financial systems as key adopters of this technology, alongside crypto-savvy travelers who find themselves in locations where their credit cards are not accepted, yet their mobile devices remain functional.
Built on the Base protocol, P2P.me is planning to launch its own token within the next year, aiming to transfer governance to its user community. As Cooper outlines, “The strategic vision for the token is to enable global scalability and to disrupt the network effects typically associated with centralized exchanges through our P2P framework.”
