Square has released a whitepaper for its proposed bitcoin decentralized exchange and has invited the crypto community for their input.
The decentralized exchange, called tbDEX, would bridge the gap between bitcoin and fiat currency. Square has published the whitepaper on Github for developers to contribute their suggestions.
The whitepaper notes that tbDEX would not have a native governance token but would enable trust with no central authority. Square adds that the free market would determine the platform’s transaction fees based on the information the network participants want to disclose.
The proposed tbDEX protocol allows users to convert fiat money into bitcoin in a free market without using multiple platforms. Square says that there are complexities in direct fiat to bitcoin passage among decentralized exchanges.
The company’s CEO, Jack Dorsey, announced plans for the DEX in August through its TBD development division. The financial service company maintains that the public still uses Fiat currency despite the growth in the crypto industry.