Twitter CEO Jack Dorsey has defined the direction of the Bitcoin-powered decentralized finance space he announced plans for last month. Dorsey calls the project «TBD», which was originally intended to be an acronym for «TBD.»
“We have set the direction: help us create an open platform for creating a decentralized bitcoin exchange,” he wrote.
Dorsey’s Cash App manager and head of the latest initiative, Mike Brock, revealed further details of the plan:
“We believe that bitcoin will become the Internet’s own currency. While many projects are working to make the internet more decentralized, our focus is solely on a secure global monetary system for all. But including all requires a few elements that we believe are missing. Acquisition of bitcoin today is usually associated with the exchange of fiat in centralized and custodial services such as Cash App or Coinbase. These channels for buying / selling bitcoin have many problems and are unevenly distributed around the world. »
The new project, according to Brock, will simplify the process of replenishing a non-custodial bitcoin wallet from anywhere in the world.
“You can imagine this as a decentralized exchange for fiat. As we said before, the platform will be developed completely publicly, will be an open source protocol and will support any wallet. There will be no organization or governance model to oversee TBD. Unlimited access or nothing, ”he added.
At the same time, Brock noted that the specific principles of the TBD device have not yet been fully determined. As one of the possible options for implementing the idea, he pointed to the Bitcoin sidechain with support for Rootstock smart contracts.
“However, the gaps that need to be filled may be too large, which may cause us to consider other circuits as a bridge as well. Some of these gaps are related to cost and scalability. Lightning addresses this issue from a payments perspective. We need to solve the problem of infrastructure for the exchange of digital assets, such as stablecoins, ”he concluded.