The founder of the Telegram messenger Pavel Durov announced that he decided to release a set of tools for creating a full range of decentralized applications, including cryptocurrency exchanges and wallets.
He justified his decision by the collapse of the FTX exchange and the need for cryptocurrency projects to return to their roots – to decentralization.
“The blockchain industry was created with the goal of decentralization, but in the end the power was concentrated in the hands of a few people who became these users. As a result, many lost money in the bankruptcy of one of the largest exchanges, FTX. Users should switch to using decentralized solutions and their own wallets, not relying on any third-party service,” writes the founder of Telegram.
Durov said that Telegram already has a decentralized Figment solution. This is an auction platform for selling usernames, the turnover of which exceeded $50 million in just a month. At the same time, thanks to the use of the TON platform, the creation of Figment by five people took only 5 weeks.
“The TON platform is fast and efficient enough to run popular applications (unlike Ethereum, which, unfortunately, is too old and expensive even after recent updates). The next step will be to create a set of decentralized tools, including non-custodial wallets and decentralized exchanges for millions of users. This is how we can correct excessive centralization,” said Pavel Durov.
It is not yet known exactly when the new tools will be released. Earlier, Bits.Media published a large-scale article about the impact of the FTX collapse on the cryptocurrency industry.
Source: Bits
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