Jack Dorsey to Build Decentralized Bitcoin Exchange
The CEO of Twitter and founder of Square Bitcoin exchange is now moving into a decentralized finance platform. His plans include building a decentralized bitcoin exchange. It would be an open developer platform. Jack Dorsey announced on Friday that payment company Square’s division would be an open developer platform for the users. It would be the decentralized framework for bitcoin traders.
On Twitter, Dorsey asked for the community’s support by saying “Join hands with us to build the decentralized platform for the bitcoin lover.” Jack Dorsey appointed Mike Brock as the lead individual to monitor this new initiative. Mike in his statement said that the vision behind this new initiative is to solve the problems related to the bitcoin trade.
The goal here is to come up with a non-supervisory wallet acceptable across the world through a platform to build routes into the bitcoin world. The model is like the decentralized exchange for fiat. Brock further said that this will be the bitcoin-oriented model from A to Z. The framework would be developed for the public; it will be open-source and open-protocol. Moreover, any wallet would be able to use this network.
Jack Dorsey in a formal discussion said that the goal behind the formation of this new network is to cover gaps between cost and scalability. It is a step forward in the direction to solve the complexities that exist in digital assets infrastructure. Dorsey back in the month of June hinted that Square’s new business idea will further revolutionize the decentralized finance framework to make it easy to offer non-custodial decentralized fiancé services.
Mike Brock in a tweet revealed that the company would soon share its direction and also answer the questions being asked by the community. The popularity of decentralized finance has forced Jack Dorsey to build a decentralized finance platform for the world’s most valuable and prestigious cryptocurrency.
Square’s proposed DEX is totally different from the likes of Binance and Coinbase, DEX has no centralized monetary authority. Customers can directly transfer and purchase the currencies via the DEX platform. It would operate as a peer-to-peer transaction platform such as borrowing, lending, and trading digital tokens.
The proposed computer codes for DEX are “smart contracts.” These codes would run on the transparent and fully protected blockchain. That way the chances for online fraud and any hacking attacks have been eliminated. At the initial stage, the network only allows limited users to carry out trade via this platform. DEX is not designed to handle a high volume of trade. However, the primary purpose behind the formation of DEX is to provide bitcoin traders with a decentralized finance framework that is security-proof and saves traders from any middle monetary hurdles.