Twitter creator Jack Dorsey recently announced his intention to create a cryptocurrency exchange that will focus on working with the first cryptocurrency - Bitcoin. The exchange will of course be decentralized.
And the key essence of the idea is to create a global monetary system for all Twitter members. 🙄 One of Square's divisions called TBD (just some name) will develop a platform that will provide decentralized crypto services. The platform will not be centrally managed by Square.
It is planned to use an open source code and protocol, with the ability to use any crypto wallet. Logically, otherwise, goodbye to decentralization. 🖐
There are no plans to create a separate wallet, and the platform will act as a gateway for transactions.
The news is good, the more decentralization, the cooler. There are really a lot of cryptans on Twitter and this is one of the leading platforms for announcements and communication in the crypto world. Twitter with 353 million 💫 users in 2020 was second only to Telegram with its 400 million people in terms of the number of audience. It is clear that only a certain part of them are included in the blockchain cryptocurrency, but nevertheless, the ecosystem is very powerful.
But, doesn't this all remind of Durov's attempts to create the best world monetary system? Or the idea of old Zuckerberg with his Libra, which will not start in any way and will not become "a simple financial asset suitable for the adoption of cryptocurrencies." Presumably the SEC after Dorsey's statement has already ticked the notepad.
By the way, Buterin🥳 has already criticized Dorsey's decision to create a cryptocurrency exchange whose work will be built around Bitocoin alone .☝️🤷♂️ The criticism is quite logical, because Bitcoin🥸 does not have proper applications for development in the DeFi segment.
On the other hand, Twitter is a largely state-controlled private organization, like free Facebook, and the issue of decentralizing the management of the cryptocurrency platform sounds very ambiguous.
Mike Brock 🤑 TBD CEO has already stated that the new crypto exchange will strictly adhere to KYC and AML requirements. We had no doubts.
And in fact, the era of creating anonymous resources has already passed. 🤷♂️🙉🙈 Now, if you do not comply with all the "kicks" and "amla", then you can quickly get problems from government regulators. Especially in the case of Twitter, 🤗 it is more than real and unchanged. Otherwise, the SEC🤠 will immediately clarify that your tokens are absolutely and unambiguously securities and they cannot be issued without the approval of the Securities Commission.
What is important in this whole story? The fact that blockchain and cryptocurrency integration is becoming ubiquitous. And the idea that is unfolding before our eyes, from the "non-recognition" of Bitcoin as a financial instrument, to the creation of cryptocurrency platforms based on the largest social networks, is very exciting.
And even more exciting is being a part of this reality, not sitting on a fence denying an endlessly rapidly changing world.