Square Releases White Paper Detailing Protocol for a Decentralized Bitcoin Exchange

Square Releases White Paper Detailing Protocol for a Decentralized Bitcoin Exchange

Payments large 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 change between property by offering a framework for establishing social belief, using decentralized id (DID) and verifiable credentials (VCs) to ascertain the provenance of id in the actual world,” the corporate wrote within the paper’s summary.
  • In a post introducing the protocol, a TBD developer wrote that “the tbDEX protocol goals to create ubiquitous and accessible on-ramps and off-ramps that enable the typical particular person to learn 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 growing non-custodial and decentralized monetary companies, can be constructing the change.
  • Mike Brock, who heads strategic improvement at Square, is main the brand new mission. Brock has beforehand tweeted that “that is the issue we’re going to unravel: make it straightforward to fund a non-custodial pockets wherever on this planet by a platform to construct on- and off-ramps into bitcoin. You can take into consideration this as a decentralize[d] change for fiat.”

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

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