The CEO of Square and Twitter had first announced plans to create an “open development platform”
back in July. He says it again on the social network.
Square and Twitter CEO Jack Dorsey tweeted on Friday that TBD, the new division of payments giant Square focused on creating an open development platform, plans to build a decentralized bitcoin exchange, called TBD
would launch the new business to facilitate the offering of decentralized, non-custodial financial services.
But now he tweets it more forcefully, also referring to who was called to lead the project. Here’s his new tweet
“We’ve determined the @TDB54566975 address. Help us build an open platform to create a decentralized exchange for #Bitcoin.”
– jack️ (@jack) August 27, 2021
Explaining the TBD
Mike Brock, who was appointed to lead the initiative, made a Twitter thread yesterday to explain the project. It goes like this
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.
– Mike Brock (@brockm) August 27, 2021
“There’s been a lot of speculation about what is and isn’t TBD. Over the past few weeks, our team has been determining what should 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 robust global monetary system for everyone. But including them all requires some pieces that we think are missing.”
“Getting bitcoin today generally involves exchanging fiat money at a centralized, custodial service like @CashApp
or @Coinbase. These on- and off-ramps to bitcoin have a number of problems and are not evenly distributed around the world.
“This is the problem we’re going to solve: making it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps to Bitcoin. You can think of this as a decentralized exchange for fiat money. “As we said, this platform will be developed entirely in public, open source, open protocol, and any wallet will be able to use it. No foundation or governance model controlling TBD. No permission or bankrupt.”
“We would love for this to be Bitcoin native, top to bottom. And that leads us to consider things like @RSKsmart . However, the gaps needed to build this may be too large, which would also make us consider other chains as a bridge.”
“Some of the gaps we currently see are related to cost and scalability. Lightning is solving this with payments. We need a solution for exchange infrastructure between digital assets, such as stable currencies.”
“And here’s the question and the challenge: what projects exist today to help us solve these problems in a Bitcoin-native way? Now that we’ve determined our direction, you’ll be hearing a lot more from us as we move forward. But for now, thank you Bitcoin people!”.
Sources: Twitter and Coindesk
Version by DiarioBitcoin
Illustration by Nicole Leon/ DiarioBitcoin. All rights reserved.