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Square Releases White Paper Detailing Protocol for a Decentralized Bitcoin Exchange

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Payments big Square released a white paper on Friday detailing a new decentralized protocol for exchanging digital and different property often known as tbDEX.

  • “The tbDEX protocol facilitates decentralized networks of exchange between assets by providing a framework for establishing social trust, utilizing decentralized identity (DID) and verifiable credentials (VCs) to establish the provenance of identity in the real world,” the corporate wrote within the paper’s summary.
  • In a post introducing the protocol, a TBD developer wrote that “the tbDEX protocol aims to create ubiquitous and accessible on-ramps and off-ramps that allow the average individual to benefit from crypto innovation.”
  • TBD has published the white paper in Github in order that the group can contribute.
  • Square CEO Jack Dorsey, who’s additionally the CEO of Twitter, introduced the corporate’s plan to create an open developer platform for a decentralized bitcoin change again in August. He famous that TBD, Square’s new division centered on creating non-custodial and decentralized monetary companies, could be constructing the change.
  • Mike Brock, who heads strategic growth at Square, is main the brand new challenge. Brock has beforehand tweeted that “this is the problem we’re going to solve: 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 decentralize[d] exchange for fiat.”

UPDATE (Nov. 19, 21:56 UTC): Added information on Github in third bullet level.

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