After announcing the establishment of the Bitcoin wallet (BTC) last week, Twitter founder Jack Dorsey through his latest tweet revealed that he is developing a new business which focuses on Bitcoin-related projects.
Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is #Bitcoin. Its name is TBD.
- jack (@jack) July 15, 2021
The founder of the Square firm also explained that the project called ‘TBD’ is closely related to the establishment of an open developer platform to create decentralized financial services (DeFi) in Bitcoin.
The project will be led by Square’s head of strategic development, Mike Brock in collaboration with Seller, Cash App, and Tidal.
However, it is difficult for Bitcoin to compete with Ethereum from a DeFi aspect considering the first crypto network did not have smart contract support.
In fact, when compared to Ethereum, be aware the Bitcoin network is considered obsolete due to slow and inefficient transactions.
Through the Taproot soft fork, there is potential for this network to be even more attractive with the availability to develop smart contracts. This means, Dorsey will have to wait until Taproot is officially released later.
So far, Ethereum still dominates the DeFi sector with most Ethereum -based platforms dominating the total locked value (TVL) chart.
It is reported that the cumulative TVL volume for the entire DeFi protocol is recorded at around $ 82 billion, an increase of 273% over 2021.
