In the list of hardcore fans of Bitcoin is Twitter co-founder and current CEO of Square company Jack Dorsey. A maximalist with unfailing motivation and ever-increasing ambitions to accelerate its adoption. This is currently giving rise to many announcements cascading to make its network a new DeFi version BTC. A will that tends to make Ethereum enthusiasts smile – or piss off – as they watch it with a wary eye reinventing the wheel. This does not prevent him from continuing his project with the announcement of the development of a decentralized platform applied to Bitcoin.
There is no doubt that Jack Dorsey can be put in the category of maximalist bitcoiners. Those flawless supporters of the BTC team who tend to swear by him only. And who therefore consider everything that is not useless, or simply to be classified in the category of shitcoins. A belief that relies on the effective strength of Bitcoin. Because the latter alone accounts for almost always half of the total value of the cryptocurrency market. And the starting point of this ecosystem in constant evolution since its establishment.
An observation that seems to lead Jack Dorsey to want to apply to his network solutions that already exist elsewhere. And of which the latest is to develop a challenge version Bitcoin. This in order to offer decentralized financial services applied to its network whose scalability is notoriously unengaging. A height if we consider that at the same time, the creator of Ethereum is taking a completely opposite path. This by claiming that too many challenges are hindering the development of this network that has been moving to its V2 for months. But this is after all just a shitcoin…
A DEX for the Bitcoin network
And as part of this euphoria, Jack Dorsey has just announced his desire to develop a decentralized platform applied to the Bitcoin network. This as part of his project TBD (To Be Determined) which seems to be its official code name. And whose implementation is presented as the culmination of a direction that obviously required some adjustments. This with the help of the project manager Mike Brock who exposed the details on Twitter last weekend. A kind of roadmap for what is obviously for the moment only an idea in search of developers. But also “projects that exist today to help us solve these problems”.
« We believe that Bitcoin will be the native currency of the Internet. While there are many projects to help make the Internet more decentralized, we focus solely on a healthy global monetary system for all. But including everything requires a few pieces that we think are missing. “- Mike Brock
And the purpose of this platform “native to Bitcoin from end to end” responds to a need for accessibility that seems to be at the center of this project. This on open source bases, open protocol and which access will be possible with any wallet. And all without any control on the part of the TBD structure. A DEX BTC version, quite simply !
Buy BTC with FIAT currencies
This decentralized platform is therefore intended to allow access to Bitcoin without having to go through services like Coinbase. The latter are ” not evenly distributed throughout the world “. This poses an accessibility problem. And the need to go through these custodial services, with the risks and restrictions that this may pose. A problem that the TBD project wants to address by offering simplified access to Bitcoin directly with FIAT currencies. And this regardless of the geographical area concerned.
« This is the problem we will solve : facilitating the financing of a non-custodial portfolio anywhere in the world. All via a platform to create access and exit ramps in Bitcoin. You can think of this as a decentralized exchange for fiat. “- Mike Brock
A will that will undoubtedly trigger the radars of the regulatory bodies of this world. But whose real problems currently boil down to “some of the shortcomings” of the Bitcoin network such as ” cost and scalability (scalability)« . Technical pitfalls to which the Lightning Network already brings a functional and very popular solution. But who “solves this problem” only in the context of payments. And Mike Brock says he ” needs a solution for the exchange infrastructure between digital assets, such as stablecoins.”
So it remains to be seen what form all this can take. And what utility will actually have this ecosystem DeFi still very theoretical applied to the Bitcoin network. Aware that decentralized platforms of this type already exist, such as the underlined Bitcoin analyst Jack. And that the DeFi is not in the smell of holiness on the side of regulators like the SEC at the moment. But anyway, any initiative that wants to encourage Bitcoin adoption in a decentralized way is worth encouraging…
