On November 30, Pavel Durov, the founder of Telegram, announced plans to develop a set of decentralized tools on Telegram.
These tools will include non-custodial wallets and decentralized exchanges.
Pavel Durov tweeted:
“Telegram’s next step is to build a set of decentralized tools, including non-custodial wallets and decentralized exchanges for millions of people to securely trade and store cryptocurrencies. This way we can fix the wrongs caused by the current excessive centralization.”
Durov is well-known on Twitter for his ardent support for decentralization. According to Durov, the blockchain industry began with the promise of decentralization but veered off course, resulting in a concentration of power in the hands of a few entities.
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
The answer, in Durov’s opinion, is for blockchain initiatives to return to their decentralized roots. Durov urges users to move to self-hosted wallets and transactions that are not subject to regulatory oversight.
Durov added:
“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.”
Durov is steering Telegram in the direction of more extensive crypto buildouts. According to Durov, the company plans to create a decentralized exchange and non-custodial wallets with the potential to reach millions of users. Telegram already has a captive audience because many cryptocurrency traders use it as their preferred chat platform.
According to Durov, the team behind Telegram’s most recent product, Fragment, built it in five weeks with the help of five individuals. The team’s plan to employ “NFT-like smart contracts” to auction off highly sought-after usernames was first proposed in late August. Fragment runs on The Open Network (TON), and Durov promised more exciting developments in the near future.
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