Square and Twitter CEO Jack Dorsey is a well know bitcoin enthusiast. He is doing everything he can to realize his dream of making BTC the global currency of the internet. Earlier, Dorsey had announced the launch of TBD, a new business aimed at facilitating the creation of decentralized financial services. Today, he finally revealed that the division would develop a decentralized exchange (DEX).
Jack Dorsey did not disclose further information about the platform.
Jack Dorsey did not disclose further information about the platform. So it is likely still in the theoretical stage, however considering the robustness of CashApp, it is possible that some of the development will not be as complicated as if a startup was trying to create a product from scratch. DEXs, or decentralized exchanges, are platforms that allow their users to exchange cryptocurrencies and tokens without the need for an intermediary. Thanks to the code baked in a smart contract, everything is done in a decentralized and automatic way.
Jack Dorsey wants a Bitcoin-Centric DEX.
Decentralized exchanges are anonymous, can be integrated with any token compatible with the protocol with no verification process, do not require KYC, and allow parallel business development by designing new interactions with the smart contract. In addition, decentralized exchanges are more prone to hacks and exploits due to the public nature of their code. In the event of a failure, the victims (traders) have no one to hold accountable because there is no central entity responsible for the service. Jack Dorsey is looking for his DEX to be fundamentally geared toward the leading cryptocurrency. There’s not much information on how he plans to achieve his goal. Still, as Mike Brock, General Manager of TBD at Square, revealed, much of the code will likely be developed on RSK.