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Square unveils whitepaper on its decentralized Bitcoin exchange
Square has released a new whitepaper detailing its "decentralized exchange for Bitcoin," known as tbDEX (TBD).
The whitepaper goes into detail about the design of the protocol
The whitepaper states, "The tbDEX protocol facilitates decentralized networks of exchange between assets by providing a framework for establishing social trust, utilizing decentralized identity (DID) and verifiable credentials (VCs) to establish the provenance of identity in the real world." Later, it also details the design of the protocol and the goal of the project describing it as "a protocol for discovering liquidity and exchanging assets (such as bitcoin, fiat money, or real-world goods) when the existence of social trust is an intractable element of managing transaction risk."Furthermore, the protocol aims to create a variety of entry and exit points directly between the fiat and crypto financial systems without the need for centralized intermediaries and trust brokers. In particular, the paper suggests that stablecoins could serve as a replacement for fiat currencies. The team behind TBD hopes that the release of the whitepaper will lead to feedback from the wider community of those interested in the project.
Jack Dorsey announced his plans back in August
Square CEO Jack Dorsey, who is also the CEO of Twitter, announced the company's plan to create an open developer platform for a decentralized bitcoin exchange back in August. He announced that TBD, Square's new division focused on developing non-exchange and decentralized financial services, will build the exchange. Mike Brock is the head of strategic development at Square and is leading the new project. Brock had previously tweeted, "This is the problem we're are going to solve: make it easy to fund a non-custodial wallet anywhere in the world, through a platform to build on- and off-ramps into Bitcoin.The whitepaper authors clarify that this whitepaper is not the final design but merely a proposed design for public comment, "This initial draft of the whitepaper is meant to establish a conceptual understanding of the high-level design of the proposed proposed proposed tbDEX protocol. It should not be considered complete or final. "Future revisions of the whitepaper will address incomplete elements and currently unforeseen issues or challenges."
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