The founder of Twitter and Square has released a whitepaper for the decentralized bitcoin exchange tbDEX. Unlike other DEXs, tbDEX there will be no control token of its own.
The new exchange will be much more centralized than regular DEXs.
For starters, the protocol will require all participants to pass a KYC verification. Only after that it will be possible to connect the wallet and exchange coins.
Also, the whitepaper mentionsintegration of an analytical solution that will track transactions on the platform. In theory, such a system would allow exchange management, authorities and law enforcement agencies to track transfers.
However, centralization will give tbDEX andsome advantages. One of the most tangible is that Square can do chargebacks, which is not available on other DEXs. Such a function 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 the materials cointelegraph.com