Popular messaging app Telegram is planning to roll out decentralized tools such as non-custodial crypto wallets and decentralized exchanges, announced Telegram CEO Pavel Durov.
In addition to that, he said that the purpose of this action is to rectify the problems produced by the existing level of excessive centralization. In light of current happenings, Durov pointed out that the blockchain sector was created on the promise of decentralization but ultimately ended up being centralized in the hands of a few people who started to misuse their authority.
By launching this effort, Telegram’s primary goal is to provide users of cryptocurrencies with the resources necessary to make the transition to trustless transactions and self-hosted wallets. Telegram is not the first company to guide the blockchain sector with goals centered on cryptocurrencies; this is just the most recent one.
In the month of October, Telegram held the formal auction of its usernames on its new marketplace that was based on the blockchain technology of the Telegram Open Network (TON). The auction went live on Fragment, its blockchain-based auction platform.
Interestingly, Fragment earned excellent sales, acquiring $50 million worth of usernames sold in little than a month. The new approach will push Fragment beyond usernames. Durov further underlined that such an endeavor has the potential to right the wrongs produced by the excessive centralization that exists now.
He went on to say that now that technologies like as TON are reaching their full potential, the blockchain sector should finally be able to deliver on the basic objective that it was founded on, which is to return power to the people.
Compiled by Coinbold