Telegram CEO Aspires to Create Decentralized Exchanges

Telegram CEO

Blockchain technology brought many vital features but the most crucial of all remained decentralization. However, some people see burgeoning space forgetting its core values and getting prey of increasing centralization and misuse of power. Telegram executive raises concerns about the same and said the company is looking to work towards betterment of the decentralized sector. 

Telegram CEO Calls for Decentralization

Chief executive officer of the prominent social media messaging application Telegram, Pavel Durov shared a message over the platform on 30th November. He wrote the blockchain industry forgetting its promise of decentralization turned towards centralization and the power got centered. The concentration of power led to its abuse and FTX collapse like instances are its repercussions and people end up losing their money. 

He noted that projects over blockchains need to go to their roots of decentralization. The current times require crypto users to deal with trustless transactions and self-custodial wallets. All these efforts are needed to eliminate the dependency on third party entities. 

While calling out the developers, Durov continued that it’s their responsibility to keep the blockchain industry centralization free. This could be attained through creating applications over the network which is simple, easy to use and fast. Such projects are possible and feasible at present.

Developers Created The Open Network Based ‘Fragment’

Telegram CEO cited an example of creating a decentralized auction platform—Fragment. Only five people created the platform within just five weeks. He stated that Fragment was possible to get built so fast since it was created over The Open Network (TON), earlier known as Telegram Open Network. 

The encrypted messaging platform Telegram developed the layer 1 blockchain network in 2018. Soon the company abandoned the project and a non-profit group dubbed as TON Foundation continued it. According to Durov, the blockchain network is fast and efficient in comparison to other popular blockchain networks. 

Telegram Looking Ahead for More

Now when the company is done with creating a decentralized platform for secure, anonymous and public auctioning of usernames, it aspires to bring more such applications. It aspires to build more tools intending to set decentralization better. 

Durov said the company will now move towards building ‘a set of decentralized tools.’ This will include creating non-custodial wallets and decentralized exchanges. They will be facilitating storing and secure trading of cryptocurrencies. He said this as a potential way to cure the damage down due to centralization resulting in loss of many crypto users.