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Telegram to Build a Decentralized Crypto Exchange to Prevent Another FTX Crash, Says CEO
✅Pavel Durov – Founder and CEO of the messaging application Telegram – thinks the FTX crash occurred because the blockchain industry has recently deviated from its decentralized nature. He argued that a few individuals abused their power, leading to a spectacular collapse.
▶️The Russian-born entrepreneur said Telegram’s next goal is to create non-custodial wallets and decentralized exchanges so crypto traders could have maximum protection when operating in the sector.
The Main Problem is the ‘Excessive Centralization’
✔️Durov is yet another person to comment on the recent decay of the crypto exchange FTX, saying the entity was entirely centralized, and the control was in the hands of a few people. He believes they “began to abuse their power,” which prompted the crash and the colossal investor losses.
✔️According to Durov, such adverse events will be eliminated if blockchain-based projects go “back to their roots – decentralization.”
“Cryptocurrency users should switch to trustless transactions and self-hosted wallets that don’t rely on any single third party,” he claimed.
✔️Durov urged developers to establish “fast and easy-to-use decentralized applications for the masses.” He said it took him a small team and only five weeks to build Fragment – a fully decentralized blockchain platform based on The Open Network (TON). He added that Fragment has been quite successful, selling around $50,000 worth of usernames in less than 30 days.
✔️The Russian assured that Telegram’s next step is to introduce various decentralized tools, such as non-custodial wallets and decentralized exchange for “millions of people.”
“This way, we can fix the wrongs caused by the excessive centralization, which let down hundreds of thousands of cryptocurrency users,” he stated.
✅Pavel Durov – Founder and CEO of the messaging application Telegram – thinks the FTX crash occurred because the blockchain industry has recently deviated from its decentralized nature. He argued that a few individuals abused their power, leading to a spectacular collapse.
▶️The Russian-born entrepreneur said Telegram’s next goal is to create non-custodial wallets and decentralized exchanges so crypto traders could have maximum protection when operating in the sector.
The Main Problem is the ‘Excessive Centralization’
✔️Durov is yet another person to comment on the recent decay of the crypto exchange FTX, saying the entity was entirely centralized, and the control was in the hands of a few people. He believes they “began to abuse their power,” which prompted the crash and the colossal investor losses.
✔️According to Durov, such adverse events will be eliminated if blockchain-based projects go “back to their roots – decentralization.”
“Cryptocurrency users should switch to trustless transactions and self-hosted wallets that don’t rely on any single third party,” he claimed.
✔️Durov urged developers to establish “fast and easy-to-use decentralized applications for the masses.” He said it took him a small team and only five weeks to build Fragment – a fully decentralized blockchain platform based on The Open Network (TON). He added that Fragment has been quite successful, selling around $50,000 worth of usernames in less than 30 days.
✔️The Russian assured that Telegram’s next step is to introduce various decentralized tools, such as non-custodial wallets and decentralized exchange for “millions of people.”
“This way, we can fix the wrongs caused by the excessive centralization, which let down hundreds of thousands of cryptocurrency users,” he stated.