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Mobile payments platform Square released white paper on Friday presenting a new decentralized protocol for exchanging digital and other assets known as tbDEX.
The company published the paper in Github so that a wide group of developers in the community can contribute. The abstract read:
“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.”
In the post announcing the protocol, it was noted 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.”
Back in August, Square (and Twitter) CEO Jack Dorsey, had announced the company’s plans for a decentralized Bitcoin exchange. TBD, Square’s new division focused on developing non-custodial and decentralized financial services, would be responsible turning the plans of the exchange into reality. The program is headed by Mike Brock, Head of Strategic Development of Square. He previously tweeted about the decentralized project saying:
“This is the problem we’re going to solve: make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into bitcoin. You can think about this as a decentralize[d] exchange for fiat.”
Square is already working on a Bitcoin wallet and all-in on Bitcoin, with the top cryptocurrency the only thing that is of interest to the company.