Another critcism from the skeptics is in the capability of Twitter to create a secure and safe decentralized platform for trading. What assurances can they give when Twitter had the backend of their website hacked by teenagers?
Similar to Defi hacks, I predict similar types of hacks on Jack Dorsey’s decentralized exchange no matter how much audits they do on the code. Nothing is safe in the cryptospace, I reckon. Everything is almost a new type of invention.
Topic: [2021-11-19] White paper introducing Jack Dorsey's decentralized Bitcoin exchang (Read 88 times)
November 21, 2021, 10:41:52 PM
November 21, 2021, 04:45:48 AM
Really looking forward to this one, the fact that it is endorsed by Jack himself carries a lot of weight for this new app. Helps to onboard retail clients
November 21, 2021, 02:24:17 AM
@bbc.reporter I absolutely agree with you. If the things written in the last paragraph are put into practice, it can be a solution to many issues. Let's follow the developments.
Furthermore, the white paper called for the deployment of blockchain analytic solutions, either built-in to the DEX or through a third party, to track transactions on the platform. Such a class of blockchain forensic solutions is potentially a controversial topic. Such a system would likely enable authorities to cross-reference payment IDs and public wallet addresses with KYC information to unveil personal identities behind transacting parties. However, supporters claim that such means of monitoring are necessary to prevent illicit activities.
Source and continuation of news: https://cointelegraph.com/news/white-paper-introducing-jack-dorsey-s-decentralized-bitcoin-exchange-published-on-friday
Furthermore, the white paper called for the deployment of blockchain analytic solutions, either built-in to the DEX or through a third party, to track transactions on the platform. Such a class of blockchain forensic solutions is potentially a controversial topic. Such a system would likely enable authorities to cross-reference payment IDs and public wallet addresses with KYC information to unveil personal identities behind transacting parties. However, supporters claim that such means of monitoring are necessary to prevent illicit activities.
Source and continuation of news: https://cointelegraph.com/news/white-paper-introducing-jack-dorsey-s-decentralized-bitcoin-exchange-published-on-friday
November 20, 2021, 08:00:57 AM
I'm not going to pretend that I've read the whole whitepaper, but I was surprised at seeing how they're identifying themselves as something other than a centralized platform [I'm not referring to the article since they've addressed them accurately] while giving fancy names to some of the things that it's present in centralized platforms!
- I'm curious to see how they'd be able to pull off the following part?One distinguishing aspect discussed in the white paper is that of chargebacks, which doesn't exist on most DEXs. If implemented, the ability for Square to reverse transactions on the tbDEX could potentially stop irreversible loss suffered by investors during decentralized finance rug pulls.Quote from: https://tbdex.io/whitepaper.pdfIn the context of the tbDEX protocol, chargebacks present an added challenge because the credit or debit card is used to purchase cryptocurrency that can then be deposited into a self-custody wallet, where assets cannot be recovered by PFIs. In this example, there’s asymmetry between a reversible payment instrument in the fiat world versus a non-reversible or recoverable transaction in the cryptocurrency world. Figuring out how to effectively manage fraud and chargeback risks is a significant area for further development that we will seek to address in future versions of the whitepaper.
November 19, 2021, 10:30:05 PM
@waybesuricata. I am shaking my head. The solution suggested in the last paragraph of your summary of that news is easily solved by making the exchange centralized and have the exchange follow the regulators’ rules from from all jurisdictions.
November 19, 2021, 05:47:48 PM
Jack Dorsey, co-founder, and CEO of both Square and Twitter, released a white paper Friday detailing plans for Square's decentralized Bitcoin (BTC) exchange tbDEX. Unlike most decentralized exchanges, or DEXs, tbDEX will not utilize a trustless model, and therefore will not feature its own governance token. Instead, it is a message protocol designed to facilitate trust relationships without relying on a federation to control access.
The tbDEX also intends to include many features that make it far less decentralized than a DEX in the truest sense of the word. For starters, the protocol requires that all participants to pass background know-your-customer, or KYC, checks to comply with relevant regulations depending on a user's region. Users can only then connect their wallets to the exchange and swap coins with one another.
Furthermore, the white paper called for the deployment of blockchain analytic solutions, either built-in to the DEX or through a third party, to track transactions on the platform. Such a class of blockchain forensic solutions is potentially a controversial topic. Such a system would likely enable authorities to cross-reference payment IDs and public wallet addresses with KYC information to unveil personal identities behind transacting parties. However, supporters claim that such means of monitoring are necessary to prevent illicit activities.
Source and continuation of news: https://cointelegraph.com/news/white-paper-introducing-jack-dorsey-s-decentralized-bitcoin-exchange-published-on-friday
The tbDEX also intends to include many features that make it far less decentralized than a DEX in the truest sense of the word. For starters, the protocol requires that all participants to pass background know-your-customer, or KYC, checks to comply with relevant regulations depending on a user's region. Users can only then connect their wallets to the exchange and swap coins with one another.
Furthermore, the white paper called for the deployment of blockchain analytic solutions, either built-in to the DEX or through a third party, to track transactions on the platform. Such a class of blockchain forensic solutions is potentially a controversial topic. Such a system would likely enable authorities to cross-reference payment IDs and public wallet addresses with KYC information to unveil personal identities behind transacting parties. However, supporters claim that such means of monitoring are necessary to prevent illicit activities.
Source and continuation of news: https://cointelegraph.com/news/white-paper-introducing-jack-dorsey-s-decentralized-bitcoin-exchange-published-on-friday
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