Jack Dorsey (co-founder) and CEO of Square and Twitter (NYSE :), was released White paper Friday detailing plans for Square’s decentralized (BTC) exchange tbDEX. Contrary to most Exchanges decentralizedThe trustless models, or DEXs of tbDEX, will not be used and tbDEX won’t have its own governance token. Instead it’s a message protocol to foster trust without having to rely on access to federations.

The tbDEX will also include features that are far more decentralized than traditional DEXs. To comply with applicable regulations based on the user’s location, background knowledge-your-customer (or KYC) checks must be passed by all participants. The exchange can then be connected to users’ wallets. You can swap your coins one with the other.