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Jack Dorsey has just announced that he wants to build a decentralized Bitcoin exchange.
Jack Dorsey Expressed: We’ve determined @TDB54566975’s direction: help us build an open platform to create a decentralized exchange for Bitcoin.
Mike Brock: There’s been a lot of speculation about what TBD is and isn’t. Over the last few weeks our team has been determining what needs to be determined. We wanted to finally share our direction, and we have some questions.
We believe Bitcoin will be the native currency of the internet. While there are many projects to help make the internet more decentralized, our focus is solely on a sound global monetary system for all. But including all requires a few pieces we think are missing.
Getting bitcoin today typically involves exchanging fiat at a centralized and custodial service like CashApp or Coinbase. These on- and off-ramps to Bitcoin have a number of issues, and aren’t distributed evenly around the world.
This is the problem we’re going to solve: make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into Bitcoin. You can think about this as a decentralize exchange for fiat.
As we said, this platform will be entirely developed in public, open-source, open-protocol, and any wallet will be able to use. No foundation or governance model that TBD controls. Permissionless or bust.
We’d love for this to be Bitcoin-native, top to bottom. And that’s leading us to consider things like RSKSmart. However, the gaps needed to build this may be too large, which would also have us consider other chains as a bridge.
Some of the gaps we currently see are around cost and scalability. Lightning is solving for this with payments. We need a solve for exchange infrastructure between digital assets, like stablecoins.
And here’s the question and challenge: what projects exist today to help us solve these problems in a Bitcoin native way? Now that we’ve determined our direction, you’ll hear a lot more from us as we progress. But for now, Thanks Bitcoin Denizens!
Community response: We don’t need another god damn exchange, build in Bitcoin tip jars for everybody on Twitter and let’s GO!
We need a real DEX powered by real devs with a front end that’s easy to use.
I agree that decentralized exchange for Bitcoin can be very helpful! USDC is coming to Stacks and native BTC swaps are live. So you can start with things like decentralized BTC/USDC swaps and build from there.
