The creator of messaging app Telegram is revealing the advancement of a brand-new decentralized exchange (DEX) platform and crypto wallet.
In a brand-new post to his channel, Telegram creator and CEO Pavel Durov states that blockchain designers ought to return to the roots of crypto and concentrate on decentralization as central entities tend to abuse their power.
“The blockchain market was constructed on the guarantee of decentralization, however wound up being focused in the hands of a couple of who started to abuse their power. As an outcome, a great deal of individuals lost their cash when FTX, among the biggest exchanges, declared bankruptcy.
The service is clear: blockchain-based tasks ought to return to their roots– decentralization. Cryptocurrency users ought to change to trustless deals and self-hosted wallets that do not depend on any single 3rd party.”
According to Durov, Telegram will now upgrade Piece, its popular decentralized auction platform, to consist of non-custodial crypto wallets and a decentralized exchange platform, a relocation he states might assist right the wrongs triggered by extreme centralization.
“Today, Piece will broaden beyond usernames. Telegram’s next action is to develop a set of decentralized tools, consisting of non-custodial wallets and decentralized exchanges for countless individuals to safely trade and save cryptocurrencies.
By doing this we can repair the wrongs triggered by the extreme centralization, which pull down numerous countless cryptocurrency users.”
Previously this month, FTX, a popular central exchange, declared bankruptcy after its CEO Sam Bankman-Fried supposedly mishandled billions of dollars worth of consumer funds, the majority of which is still missing out on.
Included Image: Shutterstock/Klavdiya Krinichnaya