Cloud-based messaging app Telegram is following in the footsteps of new tools that focus on the fundamentals of the crypto market: decentralization.
In a statement on November 3, Pavel Durov, the app inventor and CEO, revealed that decentralized products are the company’s next target.
Specifically, Telegram plans to roll out a decentralized exchange (DEX) and a self-custodial wallet.
The goal is to tap into one of the essentials of cryptocurrency – decentralization. The new products are aimed at placing more decentralization in users’ hands.
Durov said:
“Telegram’s next step is to build a set of decentralized tools, including non-custodial wallets and decentralized exchanges for millions of people to securely trade and store cryptocurrencies. This way we can fix the wrongs caused by the excessive centralization, which let down hundreds of thousands of cryptocurrency users.”
More Options Coming
The founder of the unique application noted that centralized entities such as FTX misled the market, ushering in a series of crashes. The crypto market requires a return to fundamentals in order to eliminate the authority of third parties.
According to Durov, not only will Telegram’s extension to the sector give decentralized solutions, but the step can also encourage other developers to follow suit, building more advanced decentralization-focused products.
The DEX and the wallet are two of Telegram’s upcoming products, and both are planned to be based on The Open Network (TON). TON used to be a part of Telegram’s ecosystem; however, due to pressure from the United States Securities and Exchange Commission, it was forced to close its doors.
Telegram has been accused by the Securities and Exchange Commission of selling unregistered securities through an initial coin offering (ICO).
After the messaging service successfully raised $1.7 billion in a private round of funding, the government went ahead and filed the complaint. The initiative has since been backed by the community.
A Long Term Program
Previously, Durov and four other coworkers had worked on developing Fragment, a platform that runs on TON and lets users auction their names. It took the team five weeks to complete Fragment, so Durov believes the same duration can apply to the new products.
According to Pavel Durov, Fragment has been an unexpected success, with a transaction volume of up to $50 million after only one month of operation.
The TON Foundation, the company behind the TON blockchain, said on November 30 that it would set aside $126 million as a crypto market relief fund.
Telegram is a free chat program that offers many advantages in terms of privacy, security, and ease of use. Many people throughout the world value and use this program as a communication tool within the organization.
Telegram calls and texts are end-to-end encrypted, providing users with complete protection.
With open-source code that allows users to alter and update according to some broad criteria, many programmers contribute to Telegram construction, resulting in the creation of new and beneficial features.
The app’s adaptability and usefulness have earned it a reputation in the cryptosphere. Telegram, along with Discord, serves as the communication and community hub for many cryptocurrency initiatives.
Telegram has long been a proponent of anonymity. It’s a two-edged sword in that anonymity promotes both decentralization and fraud.
There are a few disagreements about the news. Some people believe Telegram DEX and wallet will operate, but they are concerned about fraudulent opportunity seekers.
If high security is the core benefit of this application, it is a hazardous weapon with unfortunate outcomes occurring.
A few unlawful organizations have utilized Telegram to set up terrorist plots and propaganda to lure a large number of people to join the organization.
Because actions are rapidly identified in the chat group, top security makes the app even more difficult to follow criminal activity. Telegram is gradually becoming a wonderful playground for criminal actors, an online safe haven for industrial scammers.
