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White paper introducing Jack Dorsey’s decentralized Bitcoin exchange published on Friday By Cointelegraph

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© Reuters

Jack Dorsey, co-founder, and CEO of each Sq. and Twitter (NYSE:), launched a white paper Friday detailing plans for Sq.’s decentralized (BTC) alternate tbDEX. In contrast to most decentralized exchanges, or DEXs, tbDEX won’t make the most of a trustless mannequin, and subsequently won’t characteristic its personal governance token. As a substitute, it’s a message protocol designed to facilitate belief relationships with out counting on a federation to manage entry.

The tbDEX additionally intends to incorporate many options that make it far much less decentralized than a DEX within the truest sense of the phrase. For starters, the protocol requires that each one contributors to move background know-your-customer, or KYC, checks to adjust to related laws relying on a consumer’s area. Customers can solely then join their wallets to the alternate and swap cash with each other,