Jack Dorsey's new BTC exchange!

Jack Dorsey, who recently stepped down from the post of CEO of Twitter, is looking forward to bringing about his new venture in the cryptocurrency department. The digital payment business started by Jack Dorsey named Square is about to launch its cryptocurrency exchange by tbDEX. According to the sources, a white paper released recently on the company's official website says that it will decentralise the financial system, which will let people make transactions in cryptocurrencies at the global level with a higher degree of security. Also, the main focus of this new exchange will be on providing a cryptocurrency transaction at a lower cost compared to the traditional system. Along with being cheaper than the traditional system, the new one will facilitate higher inclusion than the earlier ones.

The primary purpose of creating decentralised crypto exchanges is to divide authority rather than keep it in the centre—monitoring trade at the decentralised level in the cryptocurrency trading exchanges. There is barely any intervention from third parties like the centralised cryptocurrency exchanges. Also, centralised exchange functions are just like a country's banking system, which is not feasible for the cryptocurrency space.

These DEX operating platforms like bitqs are completed through the smart contract. There is barely any central authority to keep track of the fund's entries through the system. According to this, it allows people to make trustless transactions. According to Jack Dorsey, the new tbDEX protocol will follow a completely decentralised system. However, according to some experts, it is expected to be trustless and decentralised.

About tbDEX and how it works!

The new project tbDEX by Jack Dorsey is going to facilitate both on-ramps as well as off-ramp transactions. If you are not clear about this concept, you must understand it first. First of all, on-ramp transactions are when people convert their Fiat currency into cryptocurrencies. You can take the example of cryptocurrency ATMs to understand the on-ramp transaction.

The second type of transaction you can make with this new project by Jack Dorsey is the off-tamp transaction. It is the complete opposite of the first one. In this type of transaction, you have to convert the cryptocurrencies into the traditional Fiat currency. It is how cryptocurrency investors can exit the crypto market as a whole. Purchasing goods and services with the help of cryptocurrencies is an example of this kind of cryptocurrency transaction that you can make using the tbDEX.

It is the base through which the whole cryptocurrency market works. These are the only two types of transactions made in the cryptocurrency market daily. By the first one, people can enter the cryptocurrency market, and with the help of the latter one, they can exit the digital coin market. However, by implementing some incredible features with the new tbDEX Platform, Jack Dorsey is looking forward to making the system even more straightforward. As it will attract cryptocurrency investors to simplicity and ease of use, they will look forward to using this new platform. Giving complete attention to the cryptocurrency space is one of the most prominent reasons Jack Dorsey left the CEO post of Twitter.

Trustless nature of tbDEX

We have mentioned above that intelligent contracts also ensure high trust in DEX performance transactions between two parties. It works on the blockchain and Ethereum systems because both parties have a trust factor. The intelligent contract works based on the expiry date and the reaching target prices. Also, intelligent contracts ensured security. An essential feature that makes intelligent contracts even safer is its mandatory criteria for the exchange to know their customers. The customer has to fill up the know your customer verification to make a transaction on the decentralised exchanges.

If we look at the cryptocurrency exchange launched by Jack Dorsey, the trust-building is kept entirely in the user's hands. The medium through which trust building is there is a messaging protocol. It also enables the platform to check the details about buyers and sellers of their cryptocurrency assets. It clearly shows no involvement of any wallet or exchange that will have custody of their digital assets. They will get the benefits of trust establishing algorithms which is not very common till now.