Jack Dorsey Is Building A Decentralized Fiat Onramp
The tbDEX from Jack Dorsey could bring decentralized fiat onramps to crypto for the first time ever.
Covered:
- Decentralized Fiat Onramps Are Coming
- Dorsey Doesn’t Hate Crypto
Do all Jacks live in a closet?@jack @jackmallers pic.twitter.com/t3aabq3IfT
— ?itcoin Gandalf The Orange ?? (@BTCGandalf) February 1, 2022
The Bitcoin juggernauts Michael Saylor and Jack Dorsey hopped on a zoom call for the Bitcoin for Corporations Keynote Conference. On the call, Dorsey and Saylor discussed a number of crucial developments for Bitcoin and crypto. In particular, the two focused on decentralized infrastructure for the space.
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Decentralized Fiat Onramps Are Coming
One of the key highlights was Dorsey’s confirmation that the decentralized Bitcoin exchange (tbDEX) is coming, and covered a few extra key details about the product:
@jack @jackmallers you might need to fix the centralized CHIVO machines in El Salvador first = such a disaster ???????????????
— ChuggingAlong (@FalkorLucky) February 1, 2022
Dorsey says that his team at Block is developing the first-ever decentralized onramp for fiat to plug directly into the Bitcoin network. Note that a DEX is not the same as what’s being described here; DEXes allow users to swap between tokens without an intermediary, however, in its current state, DeFi still requires centralized onramps for fiat (like Coinbase, FTX, Chivo ATMS, etc) in order to operate, as pointed out above. A decentralized onramp for fiat implies that users will now also be able to take fiat and plug directly into the DeFi ecosystem without the need for a centralized intermediary.
In my opinion, DeFi, as it stands, isn’t really decentralized at all due to this bottleneck in the system — it required centralization for users to participate. With the Bitcoin DEX, however, we could have the first fully decentralized onramp for fiat. This could be the real push needed to truly decentralize the world going forward.
Dorsey Doesn’t Hate Crypto
Now, Jack Dorsey has always been a big proponent of Bitcoin specifically. He hasn’t given much attention to the overall crypto space and even poked a few fun jokes at crypto maxis by making the Ethiopian flag the official logo used when entering “#ETH” on Twitter.
However, despite his negative perception —among those too married to their altcoin investments — Jack makes some intriguing statements on his support for crypto, NFTs, and explains why he likes to focus on Bitcoin.
He acknowledges big tech like Amazon, Apple, and Spotify, but stresses that his company, Block, is not focused on competing with the big players. He highlights Block’s child company TIDAL, a music streaming service designed to empower artists. He highlights TIDAL’s vision for creators and explains that NFTs are raising the right questions, however, the answer may not be realized just yet.
“What we do think there’s an open space around is artists’ tools…This is where the spirit of NFTs — there’s something — it’s the right question to ask, we currently have the wrong answers. The question around contribution to artists, that particular question, is interesting, and definitely the right one to ask — and one we’re [Block] asking a lot. But to do so on a much better foundation.
What’s exciting to me is, we talk so much around layer-1 Bitcoin, we’ve talked a little bit around layer-2 and Lightning, but, there are layers on top of that as well. This is a foundation that can be utilized for so much exchange of value. It doesn’t have to be purely limited to what we consider it to be today.”
Dorsey sees what’s happening in the crypto and Web3 space, but as pointed out by many, not just Dorsey, Web3’s current model is built on a centralized foundation that doesn’t exactly promote decentralization like he thinks it should.
1/ WARNING: DO NOT CANCEL YOUR OS LISTINGS AS STATED IN THE EMAIL THAT OPENSEA JUST SENT OUT????
Please FIRST transfer your NFT to a different address and cancel the listing/s on the original address BEFORE sending it back
OS just put everyone at even more risk than before??
— dingaling (@dingalingts) January 27, 2022
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Dorsey argues that a decentralized economy needs to be built on a decentralized foundation, and thus likes Bitcoin as the best option for that foundation due to its predictability and durability.
“It’s predictable. It’s deliberate, and it’s predictable. I mean, Bitcoin gets a lot of knocks, especially in the technology mainstream media, versus Ethereum in terms of speed of development. Ethereum moves very, very fast in comparison, but it’s a question of, you know, what is the ultimate outcome of those moves?
Bitcoin is very deliberate about what goes in and what stays out. And that does mean it’s slower, but those slower things tend to last, and they tend to be a whole more predictable in terms of the direction they’re going. They tend to be more secure, they tend to have far better uptime and usability than anything else. And that’s not to say that there aren’t a ton of great ideas in the sandbox everywhere, and all these other projects, they’re great sandboxes that will test ideas very, very quickly. But that deliberateness is what makes Bitcoin, to me, the potential for the internet’s native currency…it’s going to stick around, and it’s going to serve billions of people throughout decades going forward.”
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Text source: CryptosRus
