Cryptocurrencies need to be re-decentralized; according to Pavel Durov, the founder of Telegram, “too much” is “too much.” The concentration of cryptocurrencies, which may be created by an entity like FTX, appears to be particularly excessive. Especially considering the aftermath of the catastrophe it can produce. Therefore, he envisions a decentralized exchange, also known as a DEX, being established in Telegram.
Never again will Pavel Durov trade FTX, we hope.
In the cryptosphere, everyone’s thoughts are still stuck on the explosion that occurred on the platform FTX. The collapse of Sam Bankman-(SBF) Fried’s business empire has yielded several shocking revelations, each of which reveals an inconceivable new scandal.
Pavel Durov has just made a statement regarding the matter through his messaging network Telegram, and he has utilized this occasion to make an announcement. The 38-year-old starts by bringing up the importance of preserving the legacy of the decentralized cryptocurrencies that Satoshi Nakamoto and Bitcoin have contributed to (BTC).
“The blockchain industry was created on the promise of decentralisation; yet, it ended up getting concentrated in the hands of a few, who began to misuse their authority. When FTX (…) went bankrupt, a great number of people suffered financial losses.
The solution is quite clear: blockchain-based projects need to return to their fundamentals, which are decentralisation. Users of cryptocurrencies should choose transactions that do not involve a trusted intermediary (also known as trustless transactions) and self-hosted wallets so that they are not reliant on any third party (…).
Pavel Durov, Chairman of the Board and Founder of Telegram
A Decentralized exchange that uses Telegram as its sauce?
Then, when the opportunity arises, Pavel Durov advertises himself in addition to the people who developed it. He reflects on the fact that, along with only four other people, he established the decentralized auction platform known as “Fragment.” The latter, which was constructed on top of the TON blockchain, made it feasible to hold an auction for usernames (nicknames) on the Telegram network.
Therefore, the pioneer of private messaging announces the next arrival of decentralized crypto exchange platforms (DEX), but non-custodial wallets are also included in this announcement (i.e. self-hosted: where the user owns the private keys).
“The next stage for Telegram is to establish a collection of decentralized tools, including wallets non-custodial and decentralized exchanges, so that millions of people may trade and store cryptocurrency safely. This will make it possible for us to remedy the wrongs caused by over-centralization, which has let down tens of thousands of users of cryptocurrencies. (…)”
This was the announcement that Pavel Durov made on his Telegram channel.
Following the administrative and legal failures that were experienced by Telegram’s initial blockchain project, this one was revived from its ashes via the efforts of its community. Always referred to by its acronym you’re, even though this no longer refers to Telegram Open Network but rather The Open Network (TON token) (GRAM token). In any event, it would appear that Pavel Durov has assumed leadership of the charge to develop decentralized application software.
A Ledger wallet is the safest way to store your assets. Both the Nano S and the Nano X offer a secure and simple user experience. They are suitable for use with the overwhelming majority of cryptos and networks. They represent a necessary alternative to any exchanges that provide the service of holding your assets for you. Always keep in mind the phrase “Not your keys, not your coins” (commercial link)!