Telegram takes the opposite view of FTX’s fall and is organizing to offer its own services accordingly.
Telegram wants to refresh the crypto sector
Two years after being discreet in the crypto sector, the messaging platform Telegram is making a comeback. After the release of the Telegram Open Network (TON) ICO scandal, which resulted in major legal setbacks, the company appears to be looking to capitalize on the volatile situation in the industry and the changes brought about by the crisis.
According to CEO Pavel Durov, Telegram is currently working on opening its own crypto service. As a first step, the company wants to offer its users decentralized solutions, in response to the fall of FTX and the consequences of the centralization of assets that hamper companies and individuals. So, the messaging platform is said to be planning to open its own DEX as well as a system of self-hosted crypto wallets that would allow investors and holders of cryptocurrencies to have full control over their tokens.
The next step for Telegram is to build a suite of decentralized tools, including non-custodial wallets and decentralized exchanges for millions of people to securely trade and store cryptocurrencies. This allows us to right the wrongs caused by over-centralization, which has failed hundreds of thousands of cryptocurrency users. The days when the inefficiency of old platforms justified centralization should be long gone.
Excerpt from Pavel Durov’s post announcing the creation of crypto services
To carry out this project, the CEO of Telegram plans to use the TON blockchain that has been talked about so much by confirming that it would be fast and cheap, besides being already established. In addition, employees of the messaging platform were already working on the decentralized auction platform Fragment, which could go live within a few weeks. Pavel Durov is therefore counting on the expertise of the developers involved to integrate the TON blockchain into Telegram and link the various promised services to it, with a provision that seems to be planned for late 2022-early 2023.
Decentralization, the new nerve of war
Pavel Durov’s initiative is reminiscent of the industry once again facing changing priorities. While the purge and end of speculation were in order since the crypto winter, the fall of FTX came to turn everything upside down. As of now, decentralization, returning power to users and thus re-adopting the principles promulgated by Satoshi Nakamoto seem most important.
The debate is more relevant than ever with the centralization of Ethereum caused by The Merge and the fear of censorship, but also by the reliance of Vitalik Buterin’s project on Amazon. While many initiatives aim to address the problem, such as Flashbot’s use to deconstruct blocks, Cardano wants to set up an indicator that evaluates project decentralization. An element that could disrupt the order and flows of the crypto sector while favoring certain players, at a time when Uniswap seems to be gaining popularity.
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