TL; DR failed
- Square published a white paper outlining its company’s decentralized bitcoin exchange scheme, tbDEX.
- Strategic Development Leader Mike Brock is in charge of the blueprint and operations.
Square co-founder Jack Dorsey published a white paper outlining his tbDEX bitcoin decentralized trading plan. tbDEX does not intend to use a skeptical design. As a result, it will not have its own unique sign. Otherwise, it is a content protocol built to reduce trust and non-affiliation in a syndicate to provide passage.
The launch of the White Paper came months after Jack Dorsey announced plans to create an open platform for DEX. He noted that TBD, a choice in Square, will expand the market with a focus on improving DeFi services.
Mike Brock is in charge of White Paper
The director of the department, Mike Brock, is in charge of the outline of the white paper. Earlier, he tweeted that they were focusing on responding to it – simplifying their plans and considering it as a decentralized Fiat exchange platform.
In addition, the exchange intends to add additional features that make it more decentralized. In short, this platform wants to be more. Not just a decentralized exchange. For example, the platform expects all actors to go beyond their Customer Cognition (KYC). This feature helps customers comply with the rules affixed to their area. After this verification step, customers can attach their folders to tbDEX and exchange coins.
Also, the published White Paper proposes the elimination of China Blockchain analytics solutions. Analysis should be poured into DEX. On the other hand, use the third party to monitor their activities. However, this is a controversial issue.
tbDEX has excellent authentication steps that increase user security
This system allows authorities to verify payment IDs. In addition, it enables the verification of the wallet address with your customer information. This helps determine the personalities of the parties to the transaction. Nevertheless, customers feel this is a good move. They claim that such monitoring methods provide solutions to illegal practices.
However, tbDEX also has centralized features. And some obvious signs can support fans. One of the main elements that stands out in this document is the refund. There is no charge refund feature in many decentralized exchanges. Suppose the square executes the recharge charge. Can override actions on tbDEX. In some cases, customers suffer a lot of damage while pulling the DeFi rug.
Square is currently requesting feedback on its document via Twitter. And the online family is not disappointing either. A brigade@landabaso, I have to ask this: “Just read it. How can it work without proof? In other words, what are the dangers if I do not behave properly? “What prevents the creation of millions of DIDs and PFIs and the simulation of thousands of transactions between DIDs and PFIs that create a credible reputation for PFIs?”