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Square Releases Proposal of Upcoming Decentralised Bitcoin Exchange

Jack Dorsey’s payments firm Square has recently released the whitepaper of its decentralised crypto exchange proposal — tbDEX.

The statement on its website stated that they believe that the economy should be inclusive. In order to realise that, they “need to build on-ramps to this future where everyone can access and participate in the economy.”

The protocol of tbDEX serves to connect both the fiat and crypto worlds. The majority are still receiving pay checks in fiat currency and pay their taxes in fiat currency. Thus, the project aims to facilitate the process for those looking to convert their fiat for bitcoin in the pure free-market.

They proposed to develop a solution that is not dependent on a federation’s control of permission or network access, as well as removing the need to control the level of trust between counterparties. In lieu of governance token, the tbDEX protocol will be enabling participants to negotiate trust with one another directly, or mutually depend on trusted third-parties to answer for the counterparty.

The transaction fees will be determined by the free market in accordance to the amount of information each participant want to divulge. The protocol is said to not collect or record any personally identifiable information.

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