Square Publishes White Paper Detailing Jack Dorsey’s Plans For Decentralized Bitcoin Exchange

Square Publishes White Paper Detailing Jack Dorsey’s Plans For Decentralized Bitcoin Exchange
фото показано с : zycrypto.com

2021-11-21 16:39

Square, a financial services company led by Twitter’s Jack Dorsey, published a guiding document on Friday outlining plans for a decentralized exchange dubbed tbDEX.

Jack Dorsey’s DEX Will Provide Users With Fiat Ramps

Square is famous for allowing users to buy, sell and spend bitcoin on its Cash App. Now, the firm is expanding its offering to let customers easily exchange bitcoin and fiat currency or goods.

TBD, Square’s new division focused on building decentralized financial services, released a whitepaper describing the tbDEX. According to the white paper, the tbDEX protocol “aims to create ubiquitous and accessible on-ramps and off-ramps that allow the average individual to benefit from crypto innovation.”

Although tbDEX is created around the idea of bitcoin, it is not built on top of the bitcoin blockchain. It’s just a decentralized network of exchange between assets that utilize decentralized identity (DID) and verifiable credentials (VCs) to establish trust relationships directly. This means that the exchange is not anonymous and users will be required to pass basic know-your-customer (KYC) requirements as there is no governance token.

Moreover, the white paper mentions the launch of blockchain analytic solutions that will either be built within the DEX or via a third party to track transactions on the exchange. While the developers are aware that this kind of model might appear as a means to undermine anonymity, they think that the approach will offer permissionless access, competitive liquidity, and resistance to censorship.

One key feature of the tbDEX that will likely appeal to crypto proponents is the chargebacks, which is absent on most DEXs. If executed, it will allow Square to reverse transactions on the decentralized exchange that may prevent losses suffered by investors in the event of rug pulls.

Dorsey initially announced plans for the bitcoin-focused decentralized exchange back in August. The new project will be led by Square’s head of strategic development, Mike Brock. Notably, TBD has published a white paper on GitHub to encourage the crypto community to make their contributions.

Square And Bitcoin

DeFi has emerged as one of the largest breakout use cases of cryptocurrencies, with a multi-billion-dollar industry now flourishing around it. Square’s plan to move to the DeFi space with bitcoin could prove to be yet another groundbreaking use case to come from the cryptoverse.

Apart from holding bitcoin in its corporate treasury, Square is also at the heart of bitcoin development. Square is also building a bitcoin hardware wallet as well as a BTC mining system in addition to the DEX.

The financial company’s decision to use bitcoin in the DEX project instead of the already established infrastructure on Ethereum is hardly surprising considering Dorsey is all-in on the pioneer cryptocurrency. He has oftentimes shown no interest in Ethereum and other cryptocurrencies but continuously showers bitcoin with praises.

In fact, Dorsey is so focused on bitcoin, so much so that he would readily leave Twitter and Square if the bellwether cryptocurrency needed more of his attention.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

BlackJack (JACK) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 JACK

dorsey jack square exchange users bitcoin decentralized

dorsey jack → Результатов: 126


Bitcoin Can ‘Definitely’ Become the World’s Main Currency; It’s Poetry: Jack Dorsey

“I believe that the Internet deserves and requires a native currency and that's why I'm such a huge believer in Bitcoin,” said the co-founder and CEO of Twitter Jack Dorsey. Dorsey appeared on the AI Podcast with Lex Fridman, a research scientist at MIT working on human-centered artificial intelligence where he talks about the biggest […]

2020-4-28 22:39


Фото:

How Twitter’s Jack Dorsey became Bitcoin’s unlikely champion

Blockchain has a new unexpected hero: Twitter’s Jack Dorsey. Although up until recently the cryptocurrency community would routinely grill Dorsey over Twitter’s notorious Bitcoin giveaway scam epidemic, the micro-blogging service’s chief has found a new fandom among staunch Bitcoin supporters; and it all began on the Joe Rogan’s podcast, The Joe Rogan Experience.

2019-2-12 20:08


Фото:

Square намерена интегрировать Lightning Network в приложение Cash

В платежное приложение Cash App от Square в ближайшее время может быть интегрировано решение второго уровня Lightning Network (LN) для масштабирования сети биткоина. Генеральный директор Square и Twitter Джек Дорси (Jack Dorsey) сообщил об этом в интервью Стефану Ливера (Stephan Livera).

2019-2-12 14:12


Casa CEO Says Square Cash App Adding Lightning Network Support Would be Huge

The Lightning Network (LN) seems to be having a good moment in social networks. The founder of Twitter Jack Dorsey has been giving several positive comments related to the LN and Bitcoin (BTC). During the last year, the development of this second layer scaling solution for Bitcoin has experienced impressive growth. Now there are more […]

2019-2-12 02:22


Фото:

Jack Dorsey: Lightning Coming To Square Cash App Is ‘When’, Not ‘If’

Twitter CEO Jack Dorsey has all but confirmed that Bitcoin’s Lightning Network will feature in the payment wallet and app built by his other company, Square. Focus On Speed And Efficiency Speaking on the Stephan Livera podcast February 11, Dorsey, joined Lightning Labs CEO Elizabeth Stark in discussing Lightning’s ideals and his personal belief in the protocol.

2019-2-11 19:00


Twitter CEO: It’s not an “If”, It’s a “When” – Square’s Cash App Integrating Lightning Network

The CEO of Twitter and Square, Jack Dorsey, has said that the company’s Cash App will integrate Bitcoin’s Lightning Network and that it’s only a matter of time for it to happen. “When” Not “If” Square’s mobile payment service – the Cash App, available for both Android and iOS, will eventually integrate Bitcoin’s scaling solution […] Twitter CEO: It’s not an “If”, It’s a “When” – Square’s Cash App Integrating Lightning Network originally published on My Bitcoin News by Gines Bravo.

2019-2-11 18:30


Twitter CEO Says Square’s Cash App Integrating Lightning Network is a Matter of Time

The CEO of Twitter and Square, Jack Dorsey, has said that the company’s Cash App will integrate Bitcoin’s Lightning Network and that it’s only a matter of time for it to happen. “When” Not “If” Square’s mobile payment service – the Cash App, available for both Android and iOS, will eventually integrate Bitcoin’s scaling solution […] Twitter CEO Says Square’s Cash App Integrating Lightning Network is a Matter of Time originally published on My Bitcoin News by Gines Bravo.

2019-2-11 18:30


Криптокошельки Samsung и Opera ускорят массовое внедрение биткоина

На прошлой неделе популярный интернет-браузер Opera интегрировал возможность покупки криптовалют в мобильном приложении на базе Android. Это произошло спустя меньше трех месяцев после того, как компания объявила о планах изучения технологии блокчейна.

2019-2-10 20:54


Фото:

Bitcoiners Call For Elon Musk to Accept the Lightning Network Torch

Participants in the ongoing Lightning Torch Bitcoin transaction relay have turned their attention to involving Tesla CEO Elon Musk after Twitter’s Jack Dorsey joined this week. First Dorsey, Now Musk? Lightning Torch, which involves users of Bitcoin’s Lightning Network implementation sending a transaction between themselves, increasing its value with each stop, has gained a loyal following since it launched January 19.

2019-2-7 19:00


Bitcoin Only: Square CEO Jack Dorsey Doesn’t Care for Other Cryptocurrencies on Popular ‘Cash’ App

Square and Twitter CEO Jack Dorsey has made it very clear that Square will only support Bitcoin (BTC) in the foreseeable future. On February 6, in response to some members of the cryptocurrency community inquiring about potential Square integrations, Dorsey said: Nah — jack (@jack) February 5, 2019 He also expressed his enthusiasm towards the Lightning Network, a second-layer scalability solution that enables instantaneous payments on Bitcoin.

2019-2-7 18:13


Генеральный директор Twitter поддержал инициативу Torch Lightning Network

Генеральный директор Twitter Джек Дорси (Jack Dorsey) неожиданно стал героем отраслевых СМИ после того, как присоединился к развитию Lightning Network и заявил, что никогда не будет владеть альткойнами.

2019-2-7 18:01


Twitter CEO Loves Lightning on Bitcoin: is it the Future of Fast, Instant Payments?

On Tuesday, Jack Dorsey, one of the most well-known characters in Silicon Valley, just exposed his four million followers to Bitcoin (BTC) in a surprising turn of events. To the surprise of many, Dorsey, the incumbent chief executive of both Twitter and crypto-friendly Square, two technology upstarts valued at $54 billion collectively, publicly accepted a.

2019-2-6 16:02