Jack Dorsey’s decentralized Bitcoin exchange tbDEX announced

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U.S. payments giant Square today released the white paper for its proposed decentralized Bitcoin exchange, tbDEX. The project was first announced by Square and Twitter CEO Jack Dorsey in August.

The project aims to make Bitcoin the native currency of the Internet. “To achieve this, the nature of financial institutions must change. We can either embrace this change – by investing in that future as a public good by rethinking our business models and ways to create value – or we can let that future happen to us, ”the company wrote in a post. blog.

Explaining the project, the company notes that “people receive salaries and pay for goods and services in fiat currency. They have to pay taxes in fiat currency. So how do you unlock the potential of bitcoin and decentralized financial infrastructure, when most of us still live in a fiat world? To do this, we need to build bridges between the fiat and cryptocurrency worlds. “

The project highlights how the upcoming tbDEX would merge the existing gap between fiat currency and Bitcoin. tbDEX is offered to provide a straightforward way for people to convert their fiat to Bitcoin without having to go through multiple platforms. “We offer a solution that does not rely on a federation to control permissions or network access; nor does it dictate the level of trust required between counterparties, ”the statement said. “There is no governance token. Instead, the tbDEX protocol allows participants to negotiate trust directly with each other – or to mutually and voluntarily rely on trusted third parties to vouch for the counterparty.

The summary available on the tbDEX website stresses the need for such a platform and adds “that the economy must be inclusive. We need to build ramps into this future where everyone can access and participate in the economy. “

Clarifying the transaction fees on tbDex, the summary explained that they would be determined by the open market, based on how much information each participant is willing to disclose. This means that full anonymity would cost more than full disclosure of personal information. “The tbDEX protocol also facilitates the secure exchange of the minimum necessary identity information acceptable to counterparties to meet requirements, whether legal, regulatory or related to any other risk consideration.”

Meanwhile, Mike Brock, Head of Strategic Development at Square, previously tweeted that “This is the problem we’re going to solve: making it easier to fund a non-custodial portfolio anywhere in the world through one platform (tbDEX) to build the bitcoin access and exit ramps. You can think of this as decentralization[d] exchange for fiat.

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