Telegram launches a DEX and a cryptocurrency wallet. The cloud-based messaging app Telegram follows in the footsteps of new tools that focus on the fundamentals of the cryptocurrency market and especially decentralization, following the FTX activity.
The Telegram platform plans to create its own crypto DEX
Amid the current fallout from the collapse of the FTX cryptocurrency exchange, Telegram founder Pavel Durov announced that the messaging platform intends to launch a series of decentralized cryptocurrency products.
This will include a decentralized cryptocurrency exchange (DEX) and wallet no guard.
The goal is to take advantage of one of the key elements of cryptocurrencies, which is decentralization. The new products aim to put more decentralization in the hands of users.
Durov said, “The next step of Telegram create a set of decentralized toolsincluding non-custodial wallets and decentralized exchanges for millions of people to trade and store cryptocurrencies securely.
In this way, we can correct the mistakes caused by excessive centralization, which has discouraged hundreds of thousands of cryptocurrency users. »
Calls and texts from Telegram is end-to-end encryptedprovides users with comprehensive protection.
Thanks to an open source code that allows users to modify and update it according to some general criteria, many programmers have contributed to the construction of Telegram, resulting in the creation of new useful part.
The app’s adaptability and usefulness have earned it a reputation in the cryptosphere. Telegram, along with Discord, serves as a communication hub and community for many crypto-related initiatives.
Telegram has long advocated anonymity. This is a double-edged sword, as anonymity promotes decentralization and fraud.
A Telegram DEX to fight against centralization and its excesses
The app developer noted that centralized entities like FTX are misleading the market, leading to a series of crashes. The cryptocurrency market needs a return to basics to eliminate the authority of third parties.
According to Durov, not only will Telegram’s expansion into the crypto sector provide decentralized solutions, but this move will also encourage other developers to follow suitbuild more advanced products focused on decentralization.
DEX and Wallet are two of Telegram’s upcoming products, and both are planned to be based on The Open Network (TON).
TON is part of the Telegram ecosystem; however, due to pressure from the United States Securities and Exchange Commission, it was forced to close its doors.
More than anything, the developments of the past year show that the crypto ecosystem as a whole needs to return to its decentralized roots, according to Durov.
“The solution is clear: blockchain-based projects must return to their roots – decentralization. Cryptocurrency users must switch to trusteeless transactions and self-hosted wallets without relying on a third party,” he said.
To make a movement in this, Mr. Durov called on developers to help move the blockchain industry away from centralization “by building fast and easy-to-use decentralized applications for the masses,” which he said, is now possible.
CEO highlights Fragment’s recent creation – a fully decentralized auction platform which runs on The Open Network (TON) – which “only took 5 weeks and 5 people to develop”.
The development of this new DEX project will provide a new decentralized alternative to the crypto ecosystem. However, there remain many points to watch out for, especially in terms of security and the use of the future platform by potential fraudsters.
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