The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
Bitcoin

Jack Dorsey Plans to Build A Decentralized Exchange For Bitcoin

by Miki 08/28/2021
by Miki 08/28/2021 0 comment

It is no secret that Twitter and Square CEO, Jack Dorsey, has been a crypto enthusiast for quite some time. The people who follow him on Twitter are no strangers to this, so it really is no surprise to hear another Dorsey-Bitcoin news.

In July, Jack Dorsey announced the emergence of a Bitcoin-Focused Business Division at Square (TBD) that was “focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services.”

Developing An Open-Platform Bitcoin-Focused DEX 

Now Jack Dorsey and Square have taken it a step further. Square’s new TBD division is developing a Bitcoin-centric Decentralized Exchange (DEX). The platform will be accessible and open-source, yet users will be able to fund their wallets with fiat currency.

Related Reading | Why Square Will Create New Bitcoin-Focused Company, According To CEO Jack Dorsey

“We’ve determined @TDB54566975’s direction: help us build an open platform to create a decentralized exchange for #Bitcoin” Dorsey tweeted.

DEXs don’t have a centralized intermediary that oversees the token swaps. A decentralized exchange does not maintain an order book like a centralized exchange, which typically facilitates trades between users by posting individual buy and sell orders. Users exchange tokens directly with each other, unlike other exchanges. Additionally, fiat currency cannot be used in a DEX, which lacks access to traditional financial institutions and has no know-your-customer compliance procedures.

BTCUSD Chart from TradingView.com

BTC price falls below $49K | Source: BTCUSD on TradingView.com

Jack Dorsey’s tweet quoted an extensive thread by Square executive Mike Brock, TBD project head, who outlined the potential development paths for the open-source DEX.

“We believe Bitcoin will be the native currency of the internet. While there are many projects that will help make the internet more decentralized, our focus is solely on a sound global monetary system for all. But including all requires a few pieces we think we are missing.” Brock said in one of his tweets.

The Future Of Square’s TBD

Mike Brock revealed that TBD is planning to make it easier for people all around the world to fund a bitcoin wallet that is not custodial via a platform that enables them to create on-and-off ramps into bitcoin. He said to think about it as a “decentralize exchange for fiat”.

As he acknowledged, there are many gaps to be filled, and the TBD team may not be able to resolve all of the problems alone without using the help of other blockchains. “The gaps needed to build this may be too large, which would also have us consider other chains as a bridge,” he wrote.

Related Reading | This is why all companies should buy Bitcoin, says Square’s CFO

“Some of the gaps we currently see around cost and scalability. Lightning is solved with payments. We need a solution for exchange infrastructure between digital assets, like stablecoins” He added.

While there are no specific dates in his communication, Brock has promised to provide frequent updates as this project progresses.

Featured image from Kelscrypto, Chart from TradingView.com

 



Source link

Views: 0
BitcoinBuildDecentralizedDorseyExchangeJackPlans
Share
0
FacebookTwitterPinterestEmail
previous post
Coinbase Poaches Facebook’s Former Head of Product to be New CMO
next post
Ethereum Classic: An extended rally depends on these conditions

Related Posts

Elon Musk thinks this individual could be the...

12/29/2021

Bitcoin price trades under $48k as $6 billion...

12/29/2021

Indian security regulator warns mutual funds against investing...

12/29/2021

Bitcoin Will Remain ‘Digital Gold’, But Not A...

12/29/2021

Key Factors that Propelled Ether’s 4X Growth over...

12/28/2021

Gold Proponent Peter Schiff Claims Bitcoin is Losing...

12/28/2021

Trend Is Again Shifting From Outflows To Inflows

12/28/2021

Why Bitcoin Will Never Surpass The Market Cap...

12/28/2021

Crypto hacks led to $9.8 billion in losses...

12/28/2021

Is Bitcoin (BTV) Going To Hit $100k? Ambitious...

12/28/2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

    12/29/2021
  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

    12/29/2021
  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

    12/29/2021
  • Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

    12/29/2021
  • Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

    12/29/2021

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)

About Us

About Us

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, blockchain, Market, and more.

Featured Posts

  • eGame Forms Alliance with Jasmy

  • Bitcoin (BTC) Price Could See a Bullish Reversal if RSI Can Breakout of This Trendline

  • Shiba Inu Hits New Milestone of 1 Million SHIB Users, Price Recovers

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Mining (0)
  • Ripple (149)
  • Uncategorized (0)
  • Facebook
  • Instagram
  • Linkedin
  • Contact
  • Privacy Policy
  • Terms & Conditions

@2021 -thecryptonewsweb.com - All Right Reserved.

The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
  • RelevantRelevant(REL)$0.825.35%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127234.37%
  • WTF TokenWTF Token(WTF)$0.0113500.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.005460-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%
  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • PolkaBridgePolkaBridge(PBR)$0.439876-7.02%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
  • DYORDYOR(DYOR)$0.00002020.53%
  • TICOEX TokenTICOEX Token(TICO)$0.0013640.52%
  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$28,491.00-3.70%
  • ethereumEthereum(ETH)$1,730.42-7.11%
  • tetherTether(USDT)$1.000.13%
  • usd-coinUSD Coin(USDC)$1.000.05%
  • binancecoinBNB(BNB)$298.19-4.63%
  • rippleXRP(XRP)$0.380333-3.76%
  • Binance USDBinance USD(BUSD)$1.000.01%
  • cardanoCardano(ADA)$0.451390-7.38%
  • SolanaSolana(SOL)$41.11-7.79%
  • dogecoinDogecoin(DOGE)$0.0797740.67%
  • polkadotPolkadot(DOT)$9.17-0.85%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$28,455.00-3.54%
  • tronTRON(TRX)$0.079292-6.03%
  • Lido Staked EtherLido Staked Ether(STETH)$1,688.28-7.51%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • daiDai(DAI)$1.000.30%
  • AvalancheAvalanche(AVAX)$21.75-11.18%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • Shiba InuShiba Inu(SHIB)$0.000010-4.14%
  • LADZLADZ(LADZ)$0.0686894.36%
  • leo-tokenLEO Token(LEO)$4.85-0.58%
  • litecoinLitecoin(LTC)$61.57-4.99%
  • CronosCronos(CRO)$0.166241-5.71%
  • HederaHedera(HBAR)$0.389473-3.44%
  • matic-networkPolygon(MATIC)$0.57-6.46%
  • RareRare(RARE)$0.0461220.00%
  • FTX TokenFTX Token(FTT)$26.35-5.94%
  • NEAR ProtocolNEAR Protocol(NEAR)$4.75-10.08%
  • bitcoin-cashBitcoin Cash(BCH)$173.63-6.50%
  • moneroMonero(XMR)$179.98-6.35%