On Friday, the CEO of Twitter and Square, Jack Dorsey talked about the decentralized exchange Square is constructing called “TBD” or the “TBD BTC DEX.” First mentioned in July, Dorsey tweeted that the company has “determined [TBD’s] direction and he also shared a Twitter thread written by Mike Brock, the TBD lead at Square.
Jack Dorsey and Mike Brock Share TBD’s ‘Direction’
Jack Dorsey has been talking an awful lot about the next steps Square has been taking in order to craft a hardware wallet and decentralized exchange (dex) bitcoin (BTC) platform called TBD. Dorsey tweeted about TBD on Friday and shared commentary from the project’s lead Mike Brock. “We’ve determined @TDB54566975’s direction: help us build an open platform to create a decentralized exchange for [bitcoin],” Dorsey tweeted. The TBD lead’s tweet that was shared said:
There’s been a lot of speculation about what TBD is and isn’t. Over the last few weeks our team has been determining what needs to be determined. We wanted to finally share our direction, and we have some questions. We believe bitcoin will be the native currency of the internet. 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.
Solving Current Issues and Removing Barriers to Entry
Brock further said that in order to get bitcoin there are “centralized and custodial services” like Square’s Cash App or Coinbase. He detailed that these platforms can have issues and are not “distributed evenly around the world.”
Did I miss the meeting? https://t.co/Y4n7iZwbu8
— TBD (@TBD54566975) August 27, 2021
Brock insists this is the problem TBD aims to solve and the platform’s goal is to “make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into bitcoin. You can think about this as a [decentralized] exchange for fiat.” Brock added:
As we said, this platform will be entirely developed in public, open-source, open-protocol, and any wallet will be able to use. No foundation or governance model that TBD controls. Permissionless or bust.
Brock also mentioned leveraging platforms like RSK in order “for this to be Bitcoin-native, top to bottom.” The Lightning Network was also mentioned in Brock’s tweetstorm alongside saying there needs to be a “[solution] for exchange infrastructure between digital assets, like stablecoins.” Dorsey’s other team of developers at Bluesky are also in the midst of creating a decentralized social media service that someday Twitter will adopt.
What do you think about Square’s attempt to build a Bitcoin-native dex application called TBD? Let us know what you think about this subject in the comments section below.
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On Friday, the CEO of Twitter and Sq., Jack Dorsey talked in regards to the decentralized change Sq. is setting up referred to as “TBD” or the “TBD BTC DEX.” First talked about in July, Dorsey tweeted that the corporate has “decided [TBD’s] route and he additionally shared a Twitter thread written by Mike Brock, the TBD lead at Sq..
Jack Dorsey and Mike Brock Share TBD’s ‘Path’
Jack Dorsey has been speaking an terrible lot in regards to the subsequent steps Sq. has been taking with a view to craft a {hardware} pockets and decentralized change (dex) bitcoin (BTC) platform referred to as TBD. Dorsey tweeted about TBD on Friday and shared commentary from the venture’s lead Mike Brock. “We’ve decided @TDB54566975’s route: assist us construct an open platform to create a decentralized change for [bitcoin],” Dorsey tweeted. The TBD lead’s tweet that was shared said:
There’s been a variety of hypothesis about what TBD is and isn’t. Over the previous few weeks our crew has been figuring out what must be decided. We needed to lastly share our route, and we now have some questions. We consider bitcoin would be the native foreign money of the web. Whereas there are a lot of initiatives to assist make the web extra decentralized, our focus is solely on a sound world financial system for all. However together with all requires just a few items we expect are lacking.
Fixing Present Points and Eradicating Boundaries to Entry
Brock additional mentioned that with a view to get bitcoin there are “centralized and custodial providers” like Sq.’s Money App or Coinbase. He detailed that these platforms can have points and are usually not “distributed evenly around the globe.”
Did I miss the assembly? https://t.co/Y4n7iZwbu8
— TBD (@TBD54566975) August 27, 2021
Brock insists that is the issue TBD goals to resolve and the platform’s purpose is to “make it simple to fund a non-custodial pockets anyplace on the planet via a platform to construct on- and off-ramps into bitcoin. You possibly can take into consideration this as a [decentralized] change for fiat.” Brock added:
As we mentioned, this platform shall be fully developed in public, open-source, open-protocol, and any pockets will have the ability to use. No basis or governance mannequin that TBD controls. Permissionless or bust.
Brock additionally talked about leveraging platforms like RSK so as “for this to be Bitcoin-native, high to backside.” The Lightning Community was additionally talked about in Brock’s tweetstorm alongside saying there must be a “[solution] for change infrastructure between digital belongings, like stablecoins.” Dorsey’s different crew of builders at Bluesky are additionally within the midst of making a decentralized social media service that sometime Twitter will undertake.
What do you concentrate on Sq.’s try to construct a Bitcoin-native dex software referred to as TBD? Tell us what you concentrate on this topic within the feedback part beneath.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This text is for informational functions solely. It isn’t a direct provide or solicitation of a proposal to purchase or promote, or a suggestion or endorsement of any merchandise, providers, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, immediately or not directly, for any harm or loss induced or alleged to be brought on by or in reference to the usage of or reliance on any content material, items or providers talked about on this article.
