Telegram founder wants to build new decentralized tools to combat power abuse


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Telegram is about to construct a set of decentralized instruments, together with noncustodial wallets and decentralized exchanges, in response to founder Pavel Durov through his Telegram channel on Nov. 30.

The initiative is a response to the current FTX collapse, mentioned Durov, because the business ended up being concentrated within the “arms of some to abuse their energy. Consequently, lots of people misplaced their cash when FTX, one of many largest exchanges, went bankrupt.”

This announcement comes weeks after the launch of Fragment, a decentralized public sale platform for distinctive usernames based mostly on The Open Community, or TON, a layer-1 blockchain. In response to Durov, Fragment has seen $50 million in usernames offered in lower than a month.

In addition to founding Telegram and Fragment, Durov was additionally behind the primary official model of the TON blockchain. He acknowledged concerning the decentralized new instruments being developed:

“The answer is evident: blockchain-based initiatives 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 celebration.”

Durov additionally made remarks concerning the inefficiencies of legacy platforms, particularly mentioning Ethereum, “which sadly stays outdated and costly even after its current tweaks.” He went on to say:

“The time when the inefficiencies of legacy platforms justified centralization ought to be lengthy gone. With applied sciences like TON reaching their potential, the blockchain business ought to be lastly in a position to ship on its core mission – giving the ability again to the individuals.”

Related: Telegram username auction marketplace ‘almost’ ready to launch

The newest software launched by Telegram’s workforce, Fragment, was inbuilt 5 weeks with 5 individuals engaged on the answer, in response to Durov. The thought was first floated in late August, with the workforce aiming to use “NFT-like smart contracts” to public sale extremely sought usernames. Fragment launched shortly after the TON Basis launched the TON DNS, permitting customers to assign human-readable names to crypto wallets, good contracts and web sites.