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. »
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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.
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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.
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Source: Pavel Durov via Telegram – Image: TechCrunch via Flickr (CC BY 2.0)
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