Square Plans To Build a Decentralized Bitcoin Exchange, Says Jack Dorsey

[pvc_stats postid="" increase="1" show_views_today="0"]
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Square Plans To Build a Decentralized Bitcoin Exchange, Says Jack Dorsey

By Bitcoin 2.0

TBD BTC DEX incoming! Jack Dorsey reveals plans to help onboard more users into Bitcoin via Square’s TBD initiative.

  • Square’s new TBD division is working on a Bitcoin-centric decentralized exchange.
  • The planned DEX will be open-source and permissionless, yet allow users to fund any wallet using fiat currency.

Square’s Cash App is a popular way for people to buy and sell Bitcoin, but CEO Jack Dorsey’s love for the leading cryptocurrency is immense—and the financial services firm plans to do a lot more in the space. Last month, Dorsey announced a new Bitcoin-centric division called TBD, and today he revealed what it’s going to be: a decentralized exchange, of sorts.

Decentralized exchanges (DEX, for short) based on other blockchains are well established, such as Ethereum’s Uniswap and SushiSwap and Binance Smart Chain’s PancakeSwap. TBD intends to make a fully permissionless and decentralized exchange built around Bitcoin, however, to provide users a wide array of on-ramps for exchanging fiat currency for BTC.

“We’ve determined [TBD’s] direction: help us build an open platform to create a decentralized exchange for Bitcoin,” Dorsey, also CEO of Twitter, tweeted today.

Unlike Coinbase and Binance, for example, a DEX has no centralized intermediary overseeing the token swaps: they happen directly between users. However, you cannot use fiat currency in a DEX, which lacks the needed on-ramps to traditional financial institutions and doesn’t have know-your-customer compliance procedures.

Square’s vision of a Bitcoin DEX will apparently forge a different path. Dorsey linked to an extensive thread from Square executive Mike Brock, TBD project head, who detailed the potential paths forward as they build the open-source DEX.

“We believe Bitcoin will be the native currency of the internet,” Brock wrote. “While there are many projects to help make the internet more decentralized, our focus is solely on a sound global monetary system for all. But including all requires a few pieces we think are missing.”

Brock points to both Cash App and Coinbase as centralized avenues for exchanging fiat currency for Bitcoin, but suggests that they “have a number of issues” and that global implementation varies. Ultimately, Square wants to create a service that enables users to fund any kind of Bitcoin wallet—even those not hosted by a centralized exchange or service—using fiat currency.

Dorsey himself is a Bitcoin maximalist, meaning he shuns all other cryptocurrencies as unimportant, so it’s no surprise that Square aims to develop this project using only Bitcoin infrastructure. Brock called out RSK, a smart contract platform secured by Bitcoin’s blockchain, as a potential option there. But he also admitted that some pieces of the puzzle may require the use of other blockchains. “The gaps needed to build this may be too large, which would also have us consider other chains as a bridge,” he wrote.

Brock noted that Bitcoin-based Lightning Network is “solving” issues of scalability when it comes to payments, but that similar infrastructure is required for exchanging assets like stablecoins, which are tokens designed to hold a steady price. He put out a call for current projects that could help solve any current gaps in infrastructure for building TBD, which he said would be fully open-source and with an open protocol. “No foundation or governance model that TBD controls. Permissionless or bust,” he added.

There’s no timeline for when Square aims to launch TBD, but at least now we have a sense of what the firm is building along with its previously announced hardware wallet.

*Note We Deliberately Miss Spell Some Words or Add Capital Letters To Get Around Big Tech Censoring.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Join www.truthbook.social our new social media platform backed by Independent Media. where you can speak the truth, and not be banned. Plus you'll receive $50 USD in www.truthcoin.social,the crypto currency backing the project, when you join, plus a lot more for sharing posts. www.truthbook.social

Truthbook.social offering hundreds of thousands in giveaways for those joining its new social media platform as many desert Facebook in droves because of censoring

Here is some of the current incentives being offered to new users

Subscribe for free to our ANR news emails and access 2 free ebooks plus Reports to share with family and friends about Covid fraud and the danger of the vaccines.

For ANR Smaller Donors please donate below to help fund our critical not for profit work. Together we can defeat mainstream media.

We are a not for profit Independent Media Company which survives off donations, even as little as $5 per month . Please donate now to help fund our work

Truthcoin Offer

$1000 USD turns into Now $7500 Truthcoin
$2,500 USD turns into Now $25,000 Truthcoin
$5000 USD turns into Now $65,000 Truthcoin
$10,000 USD turns into Now $150,000 Truthcoin
$15,000 USD turns into Now $250,000 Truthcoin
$50,000 USD turns into Now $1.15 Million Truthcoin
$100,000 USD turns into Now $2.5 Million Truthcoin

Leave a Reply

Your email address will not be published.

McIntyre Report
Political Talk Show

We are a not for profit Independent Media Company which survives off donations, even as little as $5 per month . Please donate now to help fund our work

Kylie Bartlett show

Craig Schulze Show

WHY WE NEED TO START SAYING NO TO GAIN OUR SELF RESPECT

Play Video

Raw Report

Ryan Jackson Saw show

Hero Nurse Exposes Government Policies Leading to Elder Abuse

ANR Conversations With Wayne Crouch and Lisa Johnston With Special Guest Simeon Boikov A.K.A the Aussie Cossack

Top 10 Crypto

in USD

in AUD

in GBP

in CAD

Jamie McIntyre

Truthbook.Social

Currency Exchange Rates in AUD

Live and updated every minute of the day

Current Price of Bitcoin 2.0
0.19 on Coinsbit

Nurses Speak Out

ANR Meme Report

with Nadine Roberts

Episode 002

21st Century Political System

Play Video

Editor's Pick

Enter email to receive ANR News articles, 2 free e-books, plus the Global Health Organisation Report

Download the Full PDF - THE COVID-19 FRAUD & WAR ON HUMANITY