The founder of Twitter and Square released a whitepaper for the decentralized Bitcoin exchange tbDEX. Unlike other DEXs, tbDEX will not have its own governance token.
The new exchange will be much more centralized than regular DEXs.
For starters, the protocol will require all participants to undergo KYC verification. Only then will it be possible to connect the wallet and exchange coins.
In addition, the whitepaper mentions the integration of an analytical solution that will track transactions on the platform. In theory, such a system will allow exchange management, authorities and law enforcement agencies to track transfers.
However, centralization will give tbDEX some advantages. One of the most noticeable is that Square can do chargebacks, which is not available on other DEXs. This feature will make it possible to much better protect users from scammers and hackers.
We made a white paper. https://t.co/ffvYGjQQ7T
— TBD (@TBD54566975) November 19, 2021
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According to cointelegraph.com
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