World’s largest messaging app, Telegram, is working on a set of decentralized tools, including noncustodial wallets and decentralized exchanges. The news was first published by Pavel Durov, the founder, on his Telegram channel dated Nov. 30.
The recent FTX scandal, brought about many losses for the crypto industry. Following the same notion, many new things happened in the crypto industry. The Telegram notion is also one of them.
Durov which has formerly initiated the first official version of the TON blockchain beside from Telegram and Fragment has said in this case:
"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."
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Also noting Ethereum, "which sadly remains antiquated and costly even with its latest improvements," Durov commented on the inefficiencies of legacy platforms. He continued, saying:
"The time when the inefficiencies of legacy platforms justified centralization should be long gone. With technologies like TON reaching their potential, the blockchain industry should be finally able to deliver on its core mission – giving the power back to the people."
The team has been working on the solution for five weeks now, according to Durov.
The team proposed the idea for the first time in late August, with the goal of using "NFT-like smart contracts" to auction off highly desired usernames. Fragment was released soon after the TON Foundation unveiled the TON DNS, enabling users to provide human-readable names to websites, smart contracts, and cryptocurrency wallets.
New and additional tools are said to be launched by Telegram that can help promote the move toward decentralization in the crypto ecosystem.
“Telegram’s next step is to build a set of decentralized tools, including non-custodial wallets and decentralized exchanges for millions of people to securely trade and store cryptocurrencies. This way we can fix the wrongs caused by the excessive centralization, which let down hundreds of thousands of cryptocurrency users,” he said.