Telegram network constructs Piece, a crypto exchange that permits decentralization in action to the collapse of the centralized FTX crypto exchange.
Telegram strengthens versus the “tyranny” of centralization
Creator of the social networking website VK and Telegram Messenger and business owner Pavel Valeryevich Durov revealed today, November 30, 2022, his completely decentralized auction platform, Piece, on his Telegram group, repeating the requirement to develop a decentralized crypto platform that ends centralization and its excesses in the crypto world.
In what appears like call-to-action rhetoric, Durov began by mentioning the history of the blockchain market and its structures of decentralization. Durov stated, “The blockchain market was constructed on the guarantee of decentralization however wound up focused in the hands of a couple of who started abusing their power. As an outcome, lots of people lost their cash when FTX, among the biggest exchanges, declared bankruptcy. “
Durov sent that the only option is for blockchain-based tasks to “return to their roots,” which, according to him, is decentralization. Durov, for that reason, advised crypto users to defy central networks and welcome trustless deals and self-hosted wallets that do not depend on a 3rd party.
With this accumulation, Durov goes succinctly, revealing the birth of Piece. He discussed that in a quote for “We, designers,” to paddle the blockchain market far from centralization, they have actually constructed quickly and user friendly decentralized applications for the masses in simply 5 weeks with 5 individuals, consisting of Durov.
Piece is a completely decentralized auction platform based upon The Open Network or Load. This blockchain platform is quick and effective sufficient to host popular applications (unlike Ethereum, which sadly stays out-of-date and pricey even after its current tweaks).
In less than a month, Piece has actually achieved success, with 50 million USD worth of usernames offered there.
Telegram sets to do more
Introduced on 14 August 2013 on IOD and 20 October 2013 for Android, Telegram Messenger is a worldwide available freemium, cross-platform, encrypted, cloud-based, and centralized instantaneous messaging (IM) service.
Durov specified that Telegram’s next action is to develop a set of decentralized tools, consisting of non-custodial wallets and decentralized exchanges for countless individuals to firmly trade and keep cryptocurrencies, to repair “the wrongs brought on by the extreme centralization.”
Durov concluded that power should be provided “back to individuals.” in the blockchain market through innovations like heap reaching their capacity. “The time when the ineffectiveness of tradition platforms warranted centralization ought to be long gone,” he stated.