Jack Dorsey, the CEO of Twitter and Square, has previously announced a new company focused on supporting the construction of decentralized financial services.
Jack Dorsey, the CEO of Square and Twitter, is a well-known bitcoin supporter. He is doing all he can to make BTC the global money of the internet, which is his ambition. Dorsey has previously announced the establishment of TBD, a new company that makes it easier to create decentralized financial services. He finally admitted today that the division would create a decentralized exchange (DEX).
Jack Dorsey did not provide any further details on the platform.
Jack Dorsey did not provide any further details on the platform. So it’s probably still theoretical, but given CashApp’s resilience, it’s plausible that part of the development won’t be as difficult as it would be if a startup were attempting to build a product from the ground up. DEXs, or decentralized exchanges, enable users to trade cryptocurrencies and tokens without the involvement of a middleman. Everything is decentralized and automated thanks to the programming embedded in a smart contract.
Jack Dorsey envisions a Bitcoin-Centric decentralized exchange.
Decentralized exchanges are anonymous, may be connected with any token compatible with the protocol without requiring verification, do not require KYC, and allow parallel company development by developing new interactions with the smart contract. Furthermore, due to their code’s public nature, decentralized exchanges are more vulnerable to hackers and vulnerabilities. Because there is no central organization responsible for the service, the victims (traders) have no one to hold accountable in the case of a failure. Jack Dorsey wants his DEX to be primarily focused on the most popular coin. There isn’t a lot of information on how he intends to accomplish his aim. Nonetheless, as Square’s General Manager of TBD, Mike Brock, stated, much of the code would certainly be written on RSK.