Bitcoin: Twitter Founder Jack Dorsey Reveals Intent To Create Internet Native Crypto Currency Via TBD

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Twitter CEO Jack Dorsey has revealed what he plans to do with his mysterious bitcoin startup TBD.

The company, which is a unit of Mr Dorseys Square’s payment company, will develop a decentralized exchange that will democratize access to cryptocurrency.

We’ve figured out the direction to be determined: Help us create an open platform to create a decentralized exchange for bitcoin, Mr Dorsey tweeted.

Mike Brock, managing director of TBD at Square, provided more details on TBD’s mission in a series of tweets on Friday.

There has been a lot of speculation about what TBD is and is not, he wrote.

We believe that bitcoin will be the native currency of the Internet. While there are many plans to help make the internet more decentralized, our goal is only to have a healthy global monetary system for everyone.

Mr Brock then went on to explain what he saw as the biggest problems with existing crypto exchanges and custodial services like Coinbase and Cash App.

Such platforms are centralized and are subject to restrictions and regulations for users in different countries of the world.

This is the problem we were going to solve: to facilitate the financing of a non-custodial wallet anywhere in the world via a platform to create ramps in and out in bitcoin, he continued.

You can think of this as a decentralized exchange for fiat.

For bitcoin to reach its potential as a universal peer-to-peer electronic payment system, as first noted in Satoshi Nakamoto’s white paper, the scaling issues must be addressed.

Slow and expensive transactions have been solved with Layer 2 protocols built on top of the underlying blockchain bitcoins, but it needs to be deployed at scale for cryptocurrency to be mass adopted as a form of payment. .

There is not yet a popular decentralized bitcoin exchange that solves the other issues associated with acquiring and trading bitcoin.

This platform will be fully developed in public, open-source, open-protocol, and any wallet will be able to use it, Brock concluded.

No foundation or governance model that TBD controls. Without permission or bust. We love that this is native to bitcoin, top to bottom.

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