Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: amberrrr789 on December 01, 2022, 05:12:13 PM
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According to previously disclosed intentions by Telegram Messenger, the social network would introduce its own non-custodial network and decentralized exchange. This decision was made in response to FTX's recent demise. The group believes that now is the right time for them to seize the reins as interest in cryptocurrencies declines.
Pavel Durov, the 38-year-old founder of Telegram, highlighted that the blockchain was the first to offer the possibility of decentralization. Nevertheless, we observe some individuals in charge of them. And worse, they begin abusing their power. As a result, FTX steals money from many bankruptcy filers.
He stated:
“We, as developers, must guide the blockchain industry away from centralization by creating quick and simple decentralized apps for the public. Such undertakings are now finally viable.”
The simple solution is that blockchain-based projects must return to their origins. Cryptocurrency users should move to self-hosted wallets and untrusted third-party transactions. Therefore, Telegram will take matters into their own hands and offer an example.
According to Durov, it only took 5 weeks and 5 people to construct the entirely decentralized auction site Fragment. He claimed that Fragment's reliance on The Open Network (TON), a speedy and efficient blockchain, made it possible. Presently, Fragment is very popular. They are able to auction off usernames worth $50 million in less than a month. This week, they will go beyond usernames.
Then, Telegram will create a collection of decentralized tools. This will enable millions of users to safely trade and store cryptocurrency. Durov believes that by doing this, the issues brought on by overly-centralization can be resolved.
Final Reflections
Numerous platforms and companies in the bitcoin industry are still feeling the effects of FTX's bankruptcy. However, the era of cryptocurrency is still young. In fact, it might signal a new beginning. Failure just serves as a lesson that will be recalled in the future and serve as a reminder for a very long time.
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Nowdays each and every bussiness is trying to enter the crypto as they also see the potential of these market and they can't resist it honestly and want to capture customers from all the areas.
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All creators of new projects say beautiful words about the uniqueness of their project, decentralization and new amenities for users. But in practice it turns out not always as planned. Therefore, I want to first see and use a new crypto exchange and then it will be possible to talk about something. We already have 528 crypto exchange. Let's see how much the 529th is different from them for the better.