Square Reveals White Paper of Bitcoin tbDEX
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Fintech giant Square released a whitepaper of its decentralized exchange for bitcoin (EXANTE: Bitcoin) called tbDEX. According to the description of the initiative, the tbDEX protocol aims to create "ubiquitous and accessible on-ramps and off-ramps." The protocol proposes a solution that does not rely on a centralized party to control permission or access to the network.

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"There is no governance token. Instead, the tbDEX protocol allows participants to negotiate trust directly with each other — or mutually and voluntarily rely on trusted third-parties to vouch for the counterparty," the description says.

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However, developers behind the project admit that the highest level of anonymity will inevitably trigger high transaction costs. At the same time, those who do not want to keep a low profile, will not have to pay higher fees. This approach to price discovery allows the marketplace "to find the right balance," tbDEX says.

Square first announced plans to build a bitcoin DEX in August this year. The project's leader Mike Brock believes that the current centralized solutions like Coinbase and Cash App have a "number of issues." The Square's new department is focused on creating an easy way to fund a non-custodial wallet through a platform to build on- and off-ramps into bitcoin, Brock added.

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