The founding father of messaging app Telegram is saying the event of a brand new decentralized trade (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 trade was constructed on the promise of decentralization, however ended up being concentrated within the arms 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 evident: 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 social gathering.”
In keeping with Durov, Telegram will now replace Fragment, its in style decentralized public sale platform, to incorporate non-custodial crypto wallets and a decentralized trade platform, a transfer he says might assist proper the wrongs brought on by extreme centralization.
“This week, Fragment will broaden past usernames. Telegram’s subsequent step is to construct a set of decentralized instruments, together with non-custodial wallets and decentralized exchanges for thousands and thousands of individuals to securely commerce and retailer cryptocurrencies.
This manner we will repair the wrongs brought on by the extreme centralization, which let down lots of of hundreds of cryptocurrency customers.”
Earlier this month, FTX, a outstanding centralized trade, went bankrupt after its CEO Sam Bankman-Fried allegedly mishandled billions of {dollars} value of buyer funds, most of which remains to be lacking.
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