(Kitco News) – Amid the continuing fallout as a result of collapse of the cryptocurrency trade FTX, Telegram founder Pavel Durov has introduced that the messaging platform intends to launch a collection of decentralized cryptocurrency merchandise, together with a decentralized crypto trade (DEX) and non-custodial pockets.
Durov made the announcement by way of his official Telegram Channel on Wednesday, saying “The blockchain trade was constructed on the promise of decentralization, however ended up being concentrated within the palms of some who started to abuse their energy.”
He immediately referenced FTX in his opening paragraph, highlighting the truth that “lots of people misplaced their cash when FTX, one of many largest exchanges, went bankrupt.”
Greater than something, the developments over the previous yr have demonstrated that the crypto ecosystem as a complete must return to its decentralized roots, in keeping with Durov.
“The answer is evident: blockchain-based tasks ought to return to their roots – decentralization. Cryptocurrency customers ought to change to trustless transactions and self-hosted wallets that do not depend on any single third social gathering,” he stated.
To create motion on this matter, Durov referred to as for builders to assist steer the blockchain trade away from centralization “by constructing quick and easy-to-use decentralized functions for the lots,” which he stated at the moment are possible.
The CEO pointed to the latest creation of Fragment – a totally decentralized public sale platform that operates on The Open Community (TON) – which “took solely 5 weeks and 5 individuals” to develop.
“Fragment has been a tremendous success, with 50 million USD value of usernames bought there in lower than a month,” Durov stated. “This week, Fragment will broaden past usernames.”
Constructing on this momentum, Telegram now plans to launch extra instruments that may assist promote the transfer towards decentralization within the crypto ecosystem.
“Telegram’s subsequent step is to construct a set of decentralized instruments, together with non-custodial wallets and decentralized exchanges for tens of millions of individuals to securely commerce and retailer cryptocurrencies. This fashion we are able to repair the wrongs attributable to the extreme centralization, which let down a whole lot of 1000’s of cryptocurrency customers,” he stated.
Now could be the time to maneuver past the inefficiencies of legacy platforms and centralization, Durov proclaimed, including that applied sciences like TON have the potential to “give the ability again to the individuals.”
This isn’t Telegram’s first foray into the world of crypto, because the platform launched The Open Community, and its native Toncoin (TON) token again in Might 2020. The venture bumped into a serious roadblock, nonetheless, because the U.S. Securities and Change Fee charged the platform for conducting an unregistered providing of digital tokens and ordered Telegram to return greater than $1.2 billion to buyers and to pay an $18.5 million civil penalty.
On the time of writing, Toncoin (TON) is buying and selling at a value of $1.83, up 6.11% on the day following the announcement from Durov.
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