Square and Twitter are well-known and successful global companies in their specialties.

The man behind their founding is not satisfied with just loving Bitcoin and doing nothing.

Rather, he recently told that he is doing everything in his power to fulfill his dream of making Bitcoin the global currency of the Internet.

In mid-July, Dorsey announced the launch of TBD, a new project aimed at facilitating the creation of decentralized financial services.

a statement Dorsey announced yesterday that the department specialized in creating decentralized financial services will be responsible for developing a decentralized trading platform (DEX).

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Jack Dorsey has not disclosed more information about the platform.

So it’s probably still in the theoretical stage, but given the power of CashApp, it’s possible that some development isn’t as complicated as if a startup was trying to build a product from scratch.

What is a decentralized trading platform?

DEX, or Decentralized Exchange Platform, is a platform that allows its users to exchange cryptocurrencies and tokens without the need for an intermediary.

This is thanks to the code in a smart contract, which allows everything to be done in a decentralized and automatic way.

Overall, the advantages of a decentralized trading platform are that it offers anonymous trading, can be combined with any protocol-compliant digital token without verification, does not require KYC, and allows for parallel business development by designing new interactions with the smart contract.

As for the drawbacks, operations are slow and tend to be expensive because each transaction has to be mined in a block and smart contract interactions become more expensive as they become more complex.

Additionally, decentralized trading platforms are more vulnerable to hacks and exploits due to the public nature of their coding.

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If protection fails, the victims (traders) have no one to hold accountable because there is no central entity responsible for the service.

Examples of the most popular decentralized trading platforms are:

Uniswap, Sushiswap, PancakeSwap, Bancor, Balancer…

On the other hand, among the most popular central trading platforms are:

Coinbase, Binance, Kraken, Huobi, FTX…

How feasible and easy it is to build a decentralized trading platform based on Bitcoin:

Due to its complexity, the DEX tends to be built on second-generation blockchain networks.

Bitcoin is the first generation of the blockchain as it only allows sending and receiving cryptocurrencies.

Ethereum and Binance are considered to be the second generation of blockchain networks because they allow the creation of programs and smart contracts, that is, these networks support the programming of complex transactions.

It is known about “Jack” that he is a Bitcoin bias and does not look at alternative digital currencies, so he is looking for a decentralized trading platform DEX based on Bitcoin, and to be primarily oriented towards the number one cryptocurrency.

There is not much information about how he plans to achieve his goal.

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However, as revealed by Mike Brock, general manager of the TBD project, a lot of the code will likely be developed on RSK.

This second layer solution enables smart contracts to be implemented on the Bitcoin network.

The management of Bisq, a oriented decentralized platform also based on Bitcoin that has been around for several years, contacted Jack to offer some kind of integration.

The Twitter CEO liked the idea.

Perhaps there will be integration between them in the near future.

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