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Jack Dorsey, one of Bitcoin’s biggest advocates, plans to create an open platform to create a decentralized Bitcoin exchange through his new company TBD, according to his tweet on Friday.
Decentralized exchanges are a type of cryptocurrency exchange that allows peer-to-peer transactions without the need for an intermediary.
The Twitter founder retweeted an original tweet from TBD project manager Mike Brock, who gave advice on where the unit is heading.
“There has been a lot of speculation about what TBD is and what it isn’t,” Brooke said in an eight-part “thread” on Twitter. “We finally wanted to share our direction, and we have a few questions.”
Brook added that his team believe Bitcoin will be the internet’s original currency. But the problem, he noted, is that bitcoin trading often involves the exchange of securities through a centralized and controlled exchange, pointing to CashApp, a mobile payment service developed by Square, and Coinbase, the largest cryptocurrency exchange in the United States.
“Although there are many projects to help decentralize the Internet, our goal is only a healthy global monetary system for all,” he said.
We would like this to be native to Bitcoin, top to bottom. And this leads us to consider things like @RSKsmart. However, the gaps needed to build this may be too large, which would also cause us to consider other chains as a bridge.
– Mike Brock (@brockm) August 27, 2021
The TBD team seeks to do without many well-known financial intermediaries in the stock exchanges, including brokers and securities depositories, as the project aims to create what are known as entry and exit ramps, which are transfers of cash and asset classes. to Bitcoin and vice versa.
“Think of it as a decentralized fiat exchange, with Bitcoin as the native currency,” he wrote.
Launched last July, Project TBD is a unit of Square, the payments company founded by Dorsey and is its CEO.
“As we said, this platform will be fully developed in public and open source protocols, and any wallet will be able to use it,” said Brook. “There is no basis or model of governance that the TBD controls. “
He alluded to cost and scalability because some of the shortcomings TBD is seeing right now, as well as the ability to create an exchange infrastructure that enables transactions between other digital assets.
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