The business wants to develop a suite of decentralized tools, including wallets that don’t require a third party to hold them and decentralized exchanges, according to Telegram creator Pavel Durov, who announced this on his Telegram channel on November 30.
According to Durov, the strategy is intended to address the recent collapse of FTX, which caused a concentration of activity in a few locations. “Hands of a few to abuse their power. As a result, a lot of people lost their money when FTX, one of the largest exchanges, went bankrupt.”
The announcement follows the debut of Fragment, a layer-1 decentralized auction marketplace for unique usernames built on The Open Network, or TON. According to Durov, in less than a month, Fragment has sold usernames for $50 million.
Durov started Fragment and Telegram, but he did more than that. Additionally, he created the TON blockchain’s initial official version. Regarding the newly created decentralized tools, he stated the following:
“The solution is clear: blockchain-based projects should go back to their roots – decentralization. Cryptocurrency users should switch to trustless transactions and self-hosted wallets that don’t rely on any single third party.”
Durov also discussed the shortcomings of traditional platforms. “which unfortunately remains outdated and expensive even after its recent tweaks,” he said, referring specifically to that cryptocurrency. Continuing, he said:
“The time when the inefficiencies of legacy platforms justified centralization should be long gone. With technologies like TON reaching their potential, the blockchain industry should be finally able to deliver on its core mission – giving the power back to the people.”
Fragment, the most recent tool created by the Telegram team, was created in five weeks, according to Durov. At the end of August, the concept was first raised. To auction off usernames that people truly wanted, the team planned to employ “NFT-like smart contracts.” The TON DNS, which enables users to give crypto wallets, smart contracts, and websites names that others can understand, was provided by the TON Foundation shortly after Fragment was released.
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