Jack Dorsey’s Square publishes white paper for its Bitcoin DEX

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Square, the San Francisco-based digital payments and financial services company, recently released a white paper for its proposed decentralized bitcoin exchange.

Square publishes white paper for its DEX

According to an official statement released by one of the developers of the project, the Decentralized Exchange (DEX) project, dubbed tbDEX, is expected to bridge the gap between fiat and bitcoin.

Despite the widespread growth of the cryptocurrency and digital asset industry, a high percentage of people still receive their paychecks, pay for goods and services, pay taxes and much more with FIAT currencies. .

tbDEX aims to provide users with a direct way to easily convert their rapidly depreciating FIAT currencies to bitcoin in an open market, without going through multiple platforms.

“The tbDEX protocol aims to create ubiquitous and accessible entry and exit ramps that allow the average individual to benefit from crypto innovation,” the paper reads.

While it is true that some decentralized platforms offer this direct switch from fiat to bitcoin, the complexities involved in the conversion often deter new entrants into the space, an issue Square’s tbDEX intends to address.

No governance token

The white paper also noted that tbDEX will not work like most decentralized exchanges available in the market today.

He pointed out that the platform will not have its native governance token and that it will be designed to enable trust between participants without depending on a central body to control access.

“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. There is no governance token. Instead, the tbDEX protocol allows participants to negotiate trust directly with each other – or to rely mutually and voluntarily on trusted third parties to vouch for the counterparty, ”he added.

Additionally, the platform transaction fees will be determined by the open market, based on how much information each network participant is willing to disclose.

To encourage contributions from the crypto community and welcome suggestions from interested developers, the tbDEX white paper has also been posted on Github.

Jack Dorsey, CEO of Twitter and Square One more step

Earlier in August, Square CEO Jack Dorsey, who also happens to be the owner of the popular microblogging platform Twitter, revealed that his digital payments company intends to create a bitcoin-centric DEX. through its new development division, TBD.

Fast forward three months, the tbDEX proposal is set to become a reality with the release of its white paper.

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