Telegram CEO Pavel Durov believes that he will build a decentralized exchange to prevent another FTX crash and that its potential decentralized exchange will be a great solution for its investors.
They’re Abusing Their Power!
Pavel Durov, CEO of Telegram, a messaging application, believes that the FTX case is the result of the blockchain industry deviating from its decentralization. He argued that a few people in the industry abused the power they had in their hands and as a result, it caused a huge collapse.
Originally Russian-born entrepreneur, Durov pointed out that Telegram’s next range is to create non-custodial wallets and decentralized exchanges to meet the maximum protection needs of users in the crypto industry.
The Real Problem is ‘Excessive Centralization’
He argues that the main reason for the FTX case, which led to a collapse in the crypto sector and serious investor losses, is that it was completely centralized and controlled by a few people, and those people “began to abuse their power”.
Telegram’s 38-year-old CEO stated that such negativity will disappear when blockchain-based projects return to their “roots, decentralization”, while adding:
“Cryptocurrency users should switch to trustless transactions and self-hosted wallets that don’t rely on any single third party.”
Durov said that Fragment, a 100% decentralized blockchain platform based on The Open Network (TON), was built in just 5 weeks with a small team, while its developers continue to create fast and easy-to-use decentralized applications for the masses. Fragment has been quite successful, selling about $50,000 worth of usernames in less than a month.
He added that Telegram’s next step is to introduce various decentralized tools such as non-custodial wallets and decentralized exchange for millions of people:
“This way, we can fix the wrongs caused by the excessive centralization, which let down hundreds of thousands of cryptocurrency users.”
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