We go back ? While Telegram had hit a regulatory wall in 2020 after the launch of its blockchain, the company intends to put the cover back. Its CEO Pavel Durov has indeed confirmed new Web3 projects, including a decentralized exchange platform and cryptocurrency wallets. Will the second time be the right one?
Telegram reveals new crypto-related projects
Pavel Durov announced these new initiatives on his personal Telegram channel, where he returned to the fall of FTX. According to him, many crypto projects – including, presumably, the one carried by Telegram in 2020 – have fallen into a pitfall :
“The blockchain industry was built on promises of decentralization, but it ended up being concentrated in the hands of a few people who began to abuse their power. As a result, many people have lost their money when […] the bankruptcy of FTX. »
🔴 LIVE – Follow the FTX deal in real time
The solution is therefore a return to decentralization, according to the CEO of Telegram. That’s to say self-hosted wallets, which do not need to be maintained by a third-party entity, as well as transactions that do not go through a centralized platform. Pavel Durov thus reveals Telegram’s ambitious medium-term plans:
“The next step for Telegram is to build a set of decentralized tools, including self-hosted wallets and decentralized exchanges for millions of people to trade and store cryptocurrencies securely. »
Durov wants to solve the problems caused by excessive centralization, which he believes is no longer necessary. It is thus part of questions that currently cross the entire ecosystem.
👉 To go further – How to secure and store your cryptocurrencies?
The best way to secure your cryptocurrencies 🔒
🔥 The world leader in crypto security
TON returns to the front of the stage?
In 2018, Telegram tried to launch a blockchain: TON. But the company had encountered hostility from the Securities and Exchange Commission (SEC), which had forced the project to dissipate. The TON Foundation had however taken up the torch, before reintegrating it into Telegram, in a more decentralized way. A maneuver that had been a success: it made it possible to offer a market place for the names of users of the messaging application: Fragment.
“Fragment has been an incredible success, selling $50 million in domain names in less than a month. »
Telegram has therefore not been scalded by its battle with the SEC and intends to continue to dive deeper into the world of Web3. This return to more decentralization is in any case particularly notable. This is a hot topic as the fall of FTX has led to collateral damage all over the ecosystem.
👉 Find our guide on the decentralization of cryptocurrencies
Join Experts and a Premium Community
PRO
Invest in your crypto knowledge for the next bullrun
Source: Pavel Durov via Telegram – Image: TechCrunch via Flickr (CC BY 2.0)
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
2218 items
