Jack Dorsey’s Crypto Exchange Project

Science, Technology, and Innovation

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Twitter CEO Jack Dorsey’s online payments company Square has officially released a whitepaper detailing the working of its new decentralised exchange platform called “tbDEX.” As per the information shared, the protocol will allow people to transact between the worlds of cryptocurrencies and fiat currencies (national currencies like Rupees and Dollars) in real time, bridging the gap between physical and crypto finances. To enable this, the tbDEX team is focusing on establishing “social trust” regarding the crypto space, so that more people can join in and benefit from the independent finance system of cryptocurrencies.

In this particular case, tbDEX will allow the conversion of fiats into Bitcoin and vice versa. Trading at $63,350 (roughly Rs. 47 lakh) per token, Bitcoin is the oldest cryptocurrency, dating back to 2009.

“tbDEX is a protocol for discovering liquidity and exchanging assets (such as Bitcoin, fiat money, or real world goods) when the existence of social trust is an intractable element of managing transaction risk,” the whitepaper says. “It provides the infrastructure necessary to create a ubiquity of on-ramps and off-ramps directly between the fiat and crypto financial systems without the need for centralised intermediaries and trust brokers”.

The tbDEX protocol also has an interesting approach towards transaction fees.

The amount of information each party decides to disclose will reduce the transaction fees required to convert their fiat currencies into Bitcoin. Complete anonymity will hence, cost more fees on the tbDEX protocol.

“The tbDEX protocol also facilitates the secure exchange of the minimum necessary identity information acceptable to counterparties in order to satisfy requirements, be they legal, regulatory, or related to any other consideration of risk. The protocol itself neither collects nor records any personally identifiable information,” a blog post shared by the tbDEX team said.

While some Twitter users seemed excited about Dorsey’s decentralised exchange app, others feared that this would sneak in more elements of the “know-your-customer (KYC)” details into the crypto space.

The Twitter chief had begun addressing this project since the early months of 2021. The team behind this project is being led by Mike Brock, who keeps tweeting on ongoing developments.

Dorsey, who is a strong crypto supporter, had also announced the development of a hardware wallet and service to make Bitcoin possession more mainstream.

Along with foraying into the crypto space with totally new ventures, Dorsey is integrating elements of the crypto culture within Twitter itself as well.

The microblogging site is getting a new tab for people to showcase their collections of non-fungible tokens (NFTs).


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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This Torrent Website Lets Users Pirate an Entire Blockchain’s NFTs

This Torrent Website Lets Users Pirate an Entire Blockchain’s NFTs

With the NFT craze rising, more and more people are creating their own non-fungible tokens and investing in them. The idea behind NFTs is that someone can purchase a piece of digital art, which includes anything from a portrait to a comic character to the World Wide Web’s source code, using the same blockchain technology that powers the cryptocurrency world. This allows the artist to get paid for their work and the buyer can claim proof that they own the piece of art. There’s one problem though. The NFT is just an electronic file and there’s no stopping anyone from right-clicking and downloading a copy of it.

But right-clicking on every NFT file for download can be a tiring process. So an Australian artist, Geoffrey Huntley, has launched a website that allows users to torrent an entire blockchain’s worth of NFTs. It’s called, appropriately, the NFT Bay, which is an exact mirror image of The Pirate Bay. Many believe Huntley’s site could start an interesting debate on what it means to claim ownership over something on the Internet.

“People are dropping millions of instructions on how to download images,” says the description on the NFT Bay page. “That’s why you can right-click save-as because they are standard images. The image is not stored in the blockchain. The image is not stored in the blockchain contract. As web 2.0 web hosts are known to go offline, this handy torrent contains all of the NFTs so that future generations can study this generation’s tulip mania and collectively go ‘WTF? We destroyed our planet for this,” it adds.

The NFT Bay’s major section has a number of individual non-fungible tokens. It has around 18 TB of NFTs from a database on the Ethereum and Solana blockchains, that is, to put it mildly, a lot of images. All these images can be downloaded via the visitor’s torrent client of choice.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

 

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