Square CEO Jack Dorsey announced the launch of the square developer platform for all developers. They can now create decentralized, trustless financial projects around Bitcoin.
Dorsey stated that the project would remain open-source like his new hardware wallet. He stated that Square’s Mike Brock would be the team’s strategic development leader.
Mike Brock is Square’s Strategic Development leader for Square’s cash service payment app. He is currently leading and building this team. He also tweeted the idea. Brock announced the names and plans for the team to work on the platform. Brock stated that he’s “super excited to get back to the world open source” and also used the TBD acronym as the name. It is unclear if this will be the name or if “to determine” means something else.
Square creates a new company (joining The Seller, Cash App and Tidal) focused on building an open development platform whose sole purpose is to facilitate the creation of non-authorised, disquale and decentralized financial services. Our main goal is to #Bitcoin. Its name is TBD.
Dorsey explained that TBD will not be the same as Square Crypto which is an open-source project developer organization.
TBD will focus on creating a platform business and will open source our work along the way.
A number of comments were made in response to the tweet. Some believe Square’s attempt may just be an attempt to duplicate something that is already working.
Since it began offering bitcoin services, Square has been highly successful. Square’s bitcoin sales service was the biggest revenue generator for Cash App’s Cash App last year. Perhaps the move to DeFi is just an extension of this demand and success. Square is currently working on many other related services.
Square developer platform is bitcoin focused
However, the main focus on Bitcoin was an interesting aspect. Why? BTC does not currently have the ability to enter smart contracts. This makes DeFi difficult for it to compete with Ethereum.
The FT stated that Bitcoin’s network was slower than Ethereum’s and therefore less efficient in the past.
Taproot, the first major update it has received in many years, will be available to it in November. It will make it easier for smart contracts to be created on its network. Taproot is an easy Bitcoin fork. It promises faster, more secure and easier transactions.
This will give Bitcoin-based DeFi a boost, as Dorsey seems able to predict.
Square’s 2020 revenue was more than twice that of the previous year, mainly because of an increase in transactions on its peer to peer mobile payments platform Cash App.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.