TL:DR
•Following the FTX exchange collapse, Telegram is planning to build decentralized crypto wallets and exchanges.
• This will let millions of users safely trade their crypto without having to rely on centralized entities.
• Pavel Durov, Telegram’s founder and CEO, made the announcement in his Telegram channel on Wednesday.
• The development of Fragment, Telegram’s decentralized auction platform, took only 5 weeks with a team of 5 people.
Telegram going crypto
Telegram is planning to build decentralized crypto wallets and exchanges in the wake of the FTX exchange collapse. The messaging app has been exploring the blockchain space for some time, and the recent incident has made it clear that there is a need for more reliable and secure platforms. Telegram’s wallets will be integrated with its existing messaging app, making it easy for users to send and receive digital currency. The exchanges will be built on a decentralized platform, ensuring that they are more resistant to hacking and other security threats. In addition, Telegram plans to offer low-cost transaction fees and high liquidity, making it an attractive option for traders. With its massive user base and strong technological capabilities, Telegram is well-positioned to become a leading player in the decentralized exchange space.
In recent years, there has been a growing trend of people investing in cryptocurrency. While the value of Bitcoin and other digital currencies has fluctuated greatly, many people believe that there is potential for a substantial gain in the long term. One of the appeals of cryptocurrency is that it is decentralized, meaning that it is not controlled by any government or financial institution. However, this also means that there is no central authority to protect users from fraud or theft. For this reason, many people are hesitant to invest in cryptocurrency. However, new technologies are emerging that could change this. For example, decentralized exchanges are being developed that will allow users to trade cryptocurrency without having to rely on a centralized entity. This could potentially reduce the risk of fraud and theft, making it more safe and more accessible for people to invest in cryptocurrency. In addition, decentralized exchanges could also help to stabilize the prices of digital currencies by increasing liquidity. As more people begin to use decentralized exchanges, it is likely that the crypto industry will continue to grow and mature.
Pavel Durov
Pavel Durov, Telegram’s founder and CEO, made the announcement on his Telegram channel on Wednesday. He said that the app would be launching a new feature called “Secret Chats” which will provide end-to-end encryption for all messages. This means that only the sender and recipient will be able to read the messages, and no one else will be able to access them, not even Telegram’s own staff. Durov also said that Secret Chats will have a self-destruct timer option so that messages will automatically delete after a certain amount of time. In addition, Secret Chats will not be stored on Telegram’s servers, and they will not be backed up. This new feature is designed to give users more privacy and security when using the app.
Durov stated Telegram’s development team can build decentralized crypto wallets and exchanges “very quickly.” The development of Fragment, Telegram’s decentralized auction platform, took only 5 weeks with a team of 5 people. Fragment is based on the Telegram Open Network (TON), which is scheduled for launch in Q4 2019. TON will provide faster and cheaper transactions than current blockchains.
Durov has been critical of centralized exchanges in the past. In 2018, he said that “most centralized cryptocurrency exchanges are built with the sole purpose of allowing people to buy and sell tokens.” “These companies don’t care about the underlying technology or ecosystem,” he said. “All they want is to make money by matching buyers and sellers.”
The Telegram future
Telegram’s plans to build decentralized crypto wallets and exchanges is good news for crypto users who want to trade without having to rely on centralized entities. With the development of Fragment, Telegram has shown that it can build products quickly and efficiently. TON, Telegram’s blockchain platform, is scheduled for launch in Q4 2019 and promises to provide faster and cheaper transactions than current blockchains.
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