The latest Jack Dorsey’s crypto exchange project, tbDEX, has released an official whitepaper. In it, Jack explains the details about his new decentralized exchange platform, tbDEX. The shared information defines the protocol on how the exchange will operate.
tbDEX to Allow Conversions Between Bitcoin and Fiat
The tbDEX exchange will allow users to transact between fiat and crypto in real-time. To achieve this, the team will work on establishing social trust in the crypto space.
The people behind the project define tbDEX as a protocol for discovering liquidity and exchanging assets. tbDE will provide the necessary infrastructure for creating the path that will allow for a direct crypto/fiat exchange without the need for centralized intermediaries and brokers.
tbDEX also has a specific way of managing fees on the exchange.
The disclosed amount of information will determine how high the transaction fees will go. This means that complete anonymity will cost more.
Still, tbDEX will facilitate a secure crypto exchange and will require the minimum necessary identity information to satisfy safety and legal requirements. However, the protocol itself doesn’t collect or record any personal information.
Dorsey is a strong crypto supporter, and he also announced the creation of a hardware wallet and service to help make Bitcoin more mainstream.