On Wednesday, November 30, Pavel Durov, founder and developer of Telegram, announced the development of a set of decentralized tools for the use of cryptocurrencies, including a wallet and a decentralized exchange.
Following the collapse and subsequent bankruptcy of the US exchange FTX, decentralized tools became more relevant and important within the ecosystem of crypto users and enthusiasts, as they are characterized by the absence of an entity or company that mediates between cryptocurrency owners and wallets or exchanges.
The blockchain industry was built on the promise of decentralization, but ended up being concentrated in the hands of a few who began to abuse their power.
— Pavel Durov (@durov) November 30, 2022
Telegram to offer cryptocurrency wallet and decentralized exchange
Durov hinted in his announcement published through his official Telegram channel that his motivation to support this initiative comes from situations such as the crisis caused by the collapse of the FTX exchange.
In that particular case, the level of centralization allowed many people to be severely affected financially and without being able to do anything about it.
After the FTX “crash” and under the premise of “giving power back to the people”, Telegram’s founder Telegram’s founder called for a “return to the roots” of blockchain-based projects, and thus avoid the centralization and abuse of power that has affected so many people in recent years.
“We developers should move the blockchain industry away from centralization through decentralized applications that are easy for everyone to use. Such projects are finally feasible today,” Durov stressed in the post on his official Telegram channel, where he did not specify the exact date for these releases.
“Telegram’s subsequent step is to build decentralized tools, along with custodianless wallets and decentralized exchanges so that everyone can save and alternate cryptocurrencies securely.”
“The answer is obvious: blockchain-based totally initiatives have to pass lower back to their roots: decentralization.”
The Russian entrepreneur also mentioned the success of Fragment, another of his TON blockchain-based projects for buying and selling Telegram usernames, about which he noted the reception by users, who have traded $50 million over the course of the platform’s first month.
Telegram and Web3
The Open Network (TON), formerly known as Telegram Open Network, is the first blokchain project powered by the developers of the famous messaging app.
The TON network was created with the purpose of facilitating fast transactions with low fees and supporting the development of native applications. As of today, the token of this network, the “Toncoin”, is traded on CoinMarketCap at a price of 1.78 USD.
In May 2020, and before the launch of Telegram Open Network, the Telegram developers group officially withdrew from the project because of legal battles with the SEC (U.S. Securities and Exchange Commission), due to little information about the private financing rounds held months earlier through Gram, the first native token of this blokchain project.
The development of TON was left in the hands of public licenses on which other projects continued to work and established what is now known as The Open Network.
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