Square CEO Jack Dorsey spoke in mid-July about developing an “open platform for cryptocurrency financial services.” It turned out that we are talking about a decentralized exchange.
The new initiative is led by Mike Brock, head of strategic development for the Square Cash App. According to him, the project has a very transparent and clear roadmap. Moreover, how reported Dorsey, we are talking about a decentralized exchange specifically for bitcoin, which is quite an ambitious task, because the blockchain of the first cryptocurrency does not support smart contracts.
“To buy bitcoins today, you have to use centralized exchanges or centralized solutions like the Cash App. Such services have many problems, and not all residents of the world have access to them. And we must solve this problem. Make a simple non-custodial wallet available worldwide and a Bitcoin trading platform. You can call it a decentralized fiat exchange. The platform will be completely open source, open source and open protocol. Any wallet will be able to connect to it “, –
wrote Brock on Twitter.
According to him, the principles for designing the platform have not yet been fully defined. Perhaps the decentralized exchange will be developed on the basis of the Rootstock protocol – a sidechain of Bitcoin with support for smart contracts. But perhaps the developers will decide to use something else as well.
“We see problems with the cost and scalability of transactions. But these problems are solved by Lightnin Network. We also need to work out the infrastructure for the exchange, maybe launch special stablecoins, ”said the project manager.
In addition to the decentralized exchange, Square is working on a hardware wallet for storing bitcoins.
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