Telegram to Develop a Decentralized Crypto Exchange Amidist Centralized Exchanges Reserve Concerns

Papel Durov, the baker of messaging app Telegram, announces the company is building”non-custodial wallets” and “decentralized exchanges”.
Backers of the TON Network announced a $126 million rescue fund to support crypto projects weathering from FTX fallout.

Telegram CEO Pavel Durov has called for the blockchain industry to move away from centralization. In a Wednesday announcement, Durov said that the blockchain industry was built on the promise of decentralization, but has ended up being concentrated in the hands of a few. This, he said, has led to investors losing money at the hands of those who have abused their power.

Durov pointed to the collapse of FTX as an example of the dangers of centralization. FTX was once one of the largest cryptocurrency exchanges in the world, but it collapsed in June 2022 after its founder, Sam Bankman-Fried, was forced to sell off assets to cover margin calls. The collapse of FTX led to a wave of bankruptcies among other cryptocurrency exchanges and companies.

Durov said that the blockchain industry needs to move away from centralized exchanges and custodial wallets. Instead, he said, developers should focus on building decentralized applications that give users full control of their private keys and coins.

Durov is not the only one who is calling for decentralization in the blockchain industry. Charles Hoskinson, the founder of Cardano, has also said that the industry needs to move away from centralized platforms. Hoskinson has said that the failures of centralized platforms are not failures of the technology, but failures of trust, regulation, and people.

The collapse of FTX has shaken the confidence of many cryptocurrency investors. However, it has also led to a renewed focus on decentralization. If the blockchain industry is to move forward, it will need to find ways to decentralize its infrastructure and give users more control over their assets.

Here are some of the ways that the blockchain industry can move towards decentralization:

Develop more decentralized exchanges. Decentralized exchanges (DEXs) allow users to trade cryptocurrencies without having to trust a third party. This makes DEXs more secure and resistant to fraud.
Create more decentralized wallets. Decentralized wallets allow users to store their cryptocurrencies without having to trust a third party. This gives users more control over their assets.
Build more decentralized applications. Decentralized applications (dApps) are applications that run on a blockchain network. This makes dApps more secure and resistant to censorship.

The blockchain industry is still in its early stages of development. However, the collapse of FTX has shown that the industry needs to move towards decentralization if it is to succeed in the long term.