On Friday, Twitter and Square CEO Jack Dorsey spoke about the decentralized exchange that Square is building called “TBD” or “TBD BTC DEX”. Dorsey was first mentioned in July and tweeted that the company was “determined” [TBD’s] Direction and also shared a Twitter thread from Mike Brock, the TBD lead at Square.
Jack Dorsey and Mike Brock share the “direction” of TBD
Jack Dorsey has talked a great deal about the next steps Square has taken to develop a hardware wallet and a decentralized exchange (Dex) Bitcoin (BTC) platform called TBD. Dorsey tweeted about TBD on Friday and shared comments from Mike Brock, who led the project. “We set the direction of @ TDB54566975: Help us build an open platform to create a decentralized exchange for [bitcoin]”Dorsey tweeted. The tweet of the TBD lead that was shared called:
There has been a lot of speculation about what is and isn’t TBD. Over the past few weeks, our team has figured out what needs to be determined. We finally wanted to share our direction and have some questions. We believe Bitcoin will be the internet’s native currency. Although there are many projects that are helping to make the Internet more decentralized, our focus is solely on a solid global monetary system for all. But getting it all in takes a few parts that we believe are missing.
Solving current problems and removing barriers to entry
Brock went on to say that there are “centralized and custody services” like Square’s Cash App or Coinbase to get Bitcoin. He stated that these platforms can have problems and are not “evenly distributed around the world”.
Did I miss the meeting? https://t.co/Y4n7iZwbu8
– still open (@ TBD54566975) August 27, 2021
Brock insists that this is the problem TBD wants to solve, and the goal of the platform is to “make it easy to fund an unsteady wallet anywhere in the world through a platform for building entry and exit ramps in Bitcoin. You can do this as a [decentralized] Swap it for Fiat. “Brock added:
As mentioned earlier, this platform is fully public, open-source, open-protocol developed and can be used by any wallet. No foundation or governance model controlled by TBD. Without permission or bust.
Brock also mentioned using platforms like RSK to make this “top-down bitcoin native”. The Lightning Network was also mentioned in Brock’s Tweetstorm, saying it needed a “[solution] for the exchange infrastructure between digital assets such as stablecoins. ”Dorsey’s other development team at Bluesky is also in the process of creating a decentralized social media service that Twitter will one day take over.
What do you think of Square’s attempt to create a Bitcoin-native Dex application called TBD? Let us know what you think on this matter in the comments below.
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