Telegram founder wants to build new decentralized tools to combat power abuse

Telegram is acceptable to physique a acceptable of decentralized tools, including noncustodial wallets and decentralized exchanges, according to laminitis Pavel Durov via his Telegram transmission connected Nov. 30.

The inaugural is simply a effect to the caller FTX collapse, said Durov, arsenic the manufacture ended up being concentrated successful the "hands of a fewer to maltreatment their power. As a result, a batch of radical mislaid their wealth erstwhile FTX, 1 of the largest exchanges, went bankrupt."

This announcement comes weeks aft the motorboat of Fragment, a decentralized auction level for unsocial usernames based connected The Open Network, oregon TON, a layer-1 blockchain. According to Durov, Fragment has seen $50 cardinal successful usernames sold successful little than a month.

Besides founding Telegram and Fragment, Durov was besides down the archetypal authoritative mentation of the TON blockchain. He stated astir the decentralized caller tools being developed:

"The solution is clear: blockchain-based projects should spell backmost to their roots – decentralization. Cryptocurrency users should power to trustless transactions and self-hosted wallets that don't trust connected immoderate azygous 3rd party."

Durov besides made remarks astir the inefficiencies of bequest platforms, specifically mentioning Ethereum, "which unluckily remains outdated and costly adjacent aft its caller tweaks." He went connected to say:

"The clip erstwhile the inefficiencies of bequest platforms justified centralization should beryllium agelong gone. With technologies similar TON reaching their potential, the blockchain manufacture should beryllium yet capable to present connected its halfway ngo – giving the powerfulness backmost to the people."

Related: Telegram username auction marketplace 'almost' acceptable to launch

The astir caller instrumentality released by Telegram's team, Fragment, was built successful 5 weeks with 5 radical moving connected the solution, according to Durov. The thought was archetypal floated successful precocious August, with the team aiming to usage "NFT-like astute contracts" to auction highly sought usernames. Fragment launched soon aft the TON Foundation launched the TON DNS, allowing users to delegate human-readable names to crypto wallets, astute contracts and websites.