Shaking Up the Crypto World
Telegram is stepping into the decentralized arena, aiming to create a set of revolutionary tools, including noncustodial wallets and decentralized exchanges. Founder Pavel Durov recently took to his Telegram channel to announce these developments, stating that this initiative is largely a response to the infamous FTX collapse that shocked the crypto community.
What Went Wrong with FTX?
Durov didn’t mince words. He highlighted the concentration of power in the hands of a few that led to many losing their fortunes when FTX—once one of the largest exchanges—went down in flames. It’s like handing a kid a jar of cookies and expecting them not to eat them all; something was bound to go wrong!
The Rise of Fragment
Just weeks ago, Telegram launched its auction platform, Fragment, for unique usernames on The Open Network (TON) blockchain. It has exploded in popularity with a staggering $50 million in usernames sold in under a month. Talk about some hot commodities!
Aiming for True Decentralization
Durov believes the future lies in blockchain projects returning to their core values of decentralization. He argues that cryptocurrency users should embrace trustless transactions and self-hosted wallets, steering clear of any intermediaries that have been all too common in the industry.
Turning Away from Legacy Platforms
While discussing the inefficiencies of older platforms, Durov took a jab at Ethereum, describing it as “outdated and expensive.” Here’s a hint, Ethereum: if your platform feels like dial-up internet in a fiber-optic world, it might be time for an upgrade.
Empowering the People
Durov confidently proclaimed that the era when centralized solutions were justified due to the inefficiencies of legacy platforms is over. With advancements like TON, he believes the blockchain industry can finally achieve its goal of transferring power back to the people. That’s a quote fit for a revolutionary!
Quick Success with Fragment
As for the development of Fragment, Durov shared that a dedicated team of five managed to bring the project to life in just five weeks. The concept of utilizing “NFT-like smart contracts” for highly-sought usernames was brewing since August. The launch of the TON DNS, which allows for human-readable names linked to wallets and smart contracts, provided the perfect avenue for this ambitious project.
