The interest that Bitcoin (BTC) arouses in the co-founder of Twitter, Jack Dorsey, grows without stopping. The developer recently announced a new project dubbed TBD that would serve as a decentralized services platform focused on the first cryptocurrency on the market. Now the executive would be approaching the exchange Bisq to press his experience in this field and trace part of his business model.
TBD was released last month as a DeFi or application for so-called decentralized finance, a fact reported by CriptoNoticias. However, its purpose was not entirely clear, an aspect that Dorsey himself defined this weekend.
“We have determined the direction of TBD: help us build an open platform to create a decentralized exchange for Bitcoin,” Dorsey posted on the popular social network. After spreading his message, Bisq replied by saying that he had five years developing his proposal for a decentralized exchange (DEX) and that it was open to discuss a new alternative.
In response, Dorsey sent an affirmative message and mentioned Mike Brock, TBD’s visible head, to start possible conversations. It was Brock himself who explained what the objective of the decentralized platform would be and its relationship with Bitcoin. The executive’s clarification came because there had been “a lot of speculation about what TBD is and what is not.”
Minimize bitcoin custody services
In order to counteract the centralization of custody services to obtain BTC, TBD’s mission would be to facilitate non-custodial wallet operations and directly redeem bitcoin. This alternative would be activated on a global scale, it would be open source, public and focused on the BTC network. However, the programmer clarified that they could use other platforms for its operation .
“We would love for this to be native to Bitcoin, top to bottom. And that leads us to consider things like RSK. However, the gaps needed to build this may be too large, which would also make us consider other chains as bridges, ”Brock clarified.
Initially, it was reported that Square, the American digital payments company founded by Dorsey in 2009, would be the one that would finance TBD. With the new announcement, this situation would continue, but now the new company would have a more relevant weighting since there are multiple projects that seek to collaborate with its technical development.
With the arrival of TBD, a trident of solutions for digital payments would be formed together with Seller and Cash App. Usually in decentralized exchanges, users gain in privacy since, in some cases, no prior registration is even required. Users exchange funds directly between their wallets without delegating them to trusted third parties.
In the case of Bisq, “Know your customer” (KYC) protocols are not required. User must download software to control their node and connect to network to operate.
