By Shelly Melancon (Switzerland)
Twitter And Square Inc CEO, Jack Dorsey has recently revealed that he has plans to build a decentralised exchange(DEX) based on the Bitcoin network. Jack has made no secret of his love of cryptocurrency in the past. He along with Tesla founder, Elon Musk and a few other high profile celebrities have been a large part of the introduction of many people to cryptocurrency over the past year. However, while Musk tweets mostly about Dogecoin and tries to give the Shiba Inu-inspired coin legitimacy, Jack is known to be an avid advocate of Bitcoin.
It is no surprise then that he has stated his intentions to create a Bitcoin-based DEX. A DEX is a type of crypto exchange where transactions occur directly between users on a ‘peer-to-peer’ basis rather than through the use of an intermediary.
New Division TBD To Spearhead DEX Development.
This newest foray into cryptocurrency will be led by the recently announced crypto team, TBD. TBD was announced by Jack in July as a subsidiary of his company, Square. Square which functions primarily as a financial services company already has subdivisions such as popular payment platform CashApp as well a recently announced partnership with music streaming platform Tidal. While the name “TBD” usually stands as an acronym for “to be decided” it is unknown whether the current name of the crypto division is in use as a placeholder until a proper name is given or if TBD will be its name.
What is known about the company however is that it is intended to be “open” according to Jack Dorsey. The CEO stated his intentions to keep developments by TBD completely open book for everyone observing. Although not much else is known about the business, it is expected that it will be in charge of creating the DEX.
Building an exchange like this on the Bitcoin Network will not be an easy task. Unlike other networks such as Binance and Ethereum which allow for exchanges to be built on them through the use of smart contracts, Bitcoin’s framework was developed as a first-generation exchange. This means that it primarily only supports sending and receiving of tokens on its network. This is a problem that seems to have already been anticipated by the team lead of TBD, Mike Brock. He acknowledged that attempting to build it entirely based on Bitcoin’s network would be a difficult task with many gaps but also said that the team was looking at solutions such as RSK. RSK is a layer-2 crypto solution built on top of the Bitcoin network which allows for the execution of smart contracts. Jack also responded positively to a tweet from Bitcoin-based platform Bisq offering its services for integration with the new project.
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