TL;DR:
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Mostro is a decentralized P2P Bitcoin exchange solution built on Nostr, offering privacy and resistance to censorship.
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It evolved from the Telegram-based LNp2pBot, which facilitated Bitcoin and fiat exchanges using the Lightning Network.
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Nostr is an open-source, P2P information exchange mechanism that aligns with Mostro's values of decentralization and privacy.
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Mostro aims to empower users in restrictive financial environments.
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The technical foundation is complete, but front-end development for Mostro-web and Mostro-App is ongoing, encouraging community involvement.
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The project seeks contributors to help with documentation, client development, and more, with incentives for running nodes and relays.
Introduction
During a recent live-streamed event at "Espacio Bitcoin" in Argentina, host Manu Ferrari from the Money on Chain protocol, running on Rootstock, brought together guest speakers Diego Zalidivar, co-founder of Rootstock and IOV Labs, and Francisco Calderon, creator of the LNp2pBot and Mostro. The discussion centered around the growing need for decentralized, privacy-enhancing solutions for peer-to-peer (P2P) bitcoin exchanges, with a focus on the development and future of Mostro.
The Importance of P2P
P2P models allow for the direct exchange of value without the need for third parties, leading to increased decentralization and enhanced user privacy. These systems do not require personal data or Know Your Customer (KYC) procedures, offering greater privacy to users. Francisco Calderon's journey began with working on P2P projects using the Lightning Network at HodlHodl.com before joining the Satoshi Group in Venezuela, where he first experimented with hold invoices.
LNp2pBot: The First Step
Calderon created the LNp2pBot in April 2021, which launched in August of the same year. The bot allows users to exchange bitcoin for fiat currencies using the Lightning Network, acting as an escrow service without intermediaries. It's open-source, requires no KYC, and prevents developers from accessing users' funds. Users can also create communities and conduct local transactions with their specific currencies. Since its inception, over 50 BTC have been exchanged using the bot through the Lightning Network.
Introducing Mostro
Recognizing the centralization risks inherent in running the bot on Telegram, Calderon began developing Mostro, a more decentralized and censorship-resistant platform. Built on the open-source, P2P information exchange mechanism Nostr, Mostro offers the same features as the Telegram bot but with greater resilience. Nostr enables anonymous use, aligning with the privacy values of the bot and allowing Mostro to better fulfill its ideal vision.
Target Audience and Use Cases
Over half of the world's population faces issues like authoritarianism, capital controls, or other barriers to free trade. Mostro aims to serve users primarily in the developing world seeking refuge from inflation or needing to send remittances. With an average transaction size of $60 USD or 222k Satoshis, the bot is designed for everyday use by ordinary people in unfavorable financial systems rather than for large transactions.
Current Progress and Future Developments
Although Mostro is functional, it currently lacks a user-friendly frontend. Development efforts are underway for Mostro-web (50% complete) and Mostro-App (10% complete). The project's success depends on community involvement, with Calderon inviting others to help document, create clients, and more.
Conclusion
Mostro has the potential to revolutionize P2P bitcoin exchanges, offering a decentralized, privacy-enhancing solution. With ongoing development and increased community engagement, it can become an indispensable tool for users seeking financial freedom in restrictive environments.
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