Telegram is set to build a set of decentralized tools, including noncustodial wallets and decentralized exchanges, said founder Pavel Durov via his Telegram channel on Nov. 30.
The initiative is a response to the recent FTX collapse, said Durov, as the industry wound up concentrated in the “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 comes weeks after the launch of Fragment, a decentralized auction platform for unique usernames based on The Open Network, or TON, layer-1 blockchain. According to Durov, Fragment has seen $50 million in usernames sold in less than a month.
Besides founding Telegram and Fragment, Durov was also behind the first official version of the TON blockchain. Regarding the new decentralized tools being developed, he said:
“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also remarked on the inefficiencies of legacy platforms, specifically mentioning Ethereum, “which unfortunately remains outdated and expensive even after its recent…
