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tbDEX: Square Releases White Paper Detailing Protocol for a Decentralized Bitcoin Exchange

Coindesk | Tanzeel Akhtar, Nelson Wang |  | Nov 20, 2021

Decentralized identity - tbDEX:  Square Releases White Paper Detailing Protocol for a Decentralized Bitcoin ExchangeThe white paper from Square’s new TBD division describes a protocol for exchanging digital and other assets in a way that’s more accessible to everyone.

Payments giant Square released a white paper on Friday detailing a new decentralized protocol for exchanging digital and other assets known as tbDEX.

  • “The tbDEX protocol facilitates decentralized networks of exchange between assets by providing a framework for establishing social trust, utilizing decentralized identity (DID) and verifiable credentials (VCs) to establish the provenance of identity in the real world,” the company wrote in the paper’s abstract.
  • In a post introducing the protocol, a TBD developer wrote that “the tbDEX protocol aims to create ubiquitous and accessible on-ramps and off-ramps that allow the average individual to benefit from crypto innovation.”

See: 

5 guiding principles for decentralized identities

Microsoft's decentralized identity head leaves to join Square

Square CEO Jack Dorsey, who’s also the CEO of Twitter, announced the company’s plan to create an open developer platform for a decentralized bitcoin exchange back in August. He noted that TBD, Square’s new division focused on developing non-custodial and decentralized financial services, would be building the exchange.

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