Jack Dorsey, one of the biggest Bitcoin advocates, is planning to build an open platform to create a decentralized Bitcoin exchange through his newly founded company, TBD, according to his tweet Friday.
According to Arab Net, 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 by TBD Project Manager Mike Brock, who provided some guidance on where the unit was headed.
There has been a lot of speculation about what TBD is and what's not,' Brooke said in eight parts on Twitter. We finally wanted to share our direction, and we have some questions.
Brooke added that his team believes that Bitcoin will be the original currency of the Internet. But the problem, he pointed out, is how often bitcoin trading involves exchanging securities through a centralized and controlled exchange, pointing to CashApp, a mobile payment service developed by Square, and Coinbase, the largest cryptocurrency exchange. Encrypted in the United States.
While there are many projects to help decentralize the Internet, our focus is solely on a sound global monetary system for all, he said.
The TBD team seeks to dispense with many well-known financial intermediaries in stock exchanges, including brokers and custodians of securities, as the project aims to create what is known as on- and off- ramps, which are the operations of converting cash and asset classes into bitcoins and vice versa.
He wrote: Think of it as a decentralized fiat exchange, with Bitcoin as the native currency.
Launched last July, Project TBD is a unit of Square, the payments company Dorsey founded and serves as 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 governance model for TBD to control.
He hinted at cost and scalability because some of the gaps TBD sees now, as well as the ability to create an exchange infrastructure that allows transactions between other digital assets.
