The founding father of messaging app Telegram is asserting the event of a brand new decentralized alternate (DEX) platform and crypto pockets.
In a brand new post to his channel, Telegram founder and CEO Pavel Durov says that blockchain builders ought to return to the roots of crypto and deal with decentralization as centralized entities are likely to abuse their energy.
“The blockchain business was constructed on the promise of decentralization, however ended up being concentrated within the fingers of some who started to abuse their energy. Because of this, lots of people misplaced their cash when FTX, one of many largest exchanges, went bankrupt.
The answer is obvious: blockchain-based tasks ought to return to their roots – decentralization. Cryptocurrency customers ought to swap to trustless transactions and self-hosted wallets that don’t depend on any single third celebration.”
In accordance with Durov, Telegram will now replace Fragment, its standard decentralized public sale platform, to incorporate non-custodial crypto wallets and a decentralized alternate platform, a transfer he says may assist proper the wrongs attributable to extreme centralization.
“This week, Fragment will develop past usernames. 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 bunch of 1000’s of cryptocurrency customers.”
Earlier this month, FTX, a outstanding centralized alternate, went bankrupt after its CEO Sam Bankman-Fried allegedly mishandled billions of {dollars} price of buyer funds, most of which continues to be lacking.
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