The blockchain industry was built on the promise of decentralization, but ended up being concentrated in the hands of a few who began to abuse their power, Pavel Durov, the founder and CEO of Telegram wrote in his channel.
As a result, a lot of people lost their money when FTX, one of the largest exchanges, went bankrupt,
Durov wrote in a new post.
The CEO of Telegram is sure that developers simply need to return the blockchain industry to its roots, to decentralization, and it is already quite feasible. He referred to the Fragment platform as an example:
It took only 5 weeks and 5 people including myself to put together Fragment – a fully decentralized auction platform. We were able to do this because Fragment is based on The Open Network, or TON – a blockchain platform that is fast and efficient enough to host popular applications (unlike Ethereum, which unfortunately remains outdated and expensive even after its recent tweaks).
Durov also announced that the Fragment platform will be expanded beyond usernames this week. Most likely, it will add virtual phone numbers in the form of NFT.
In addition, the founder and CEO of Telegram announced the launch of his non-custodial wallet and a decentralized crypto exchange. All instruments will be based on the TON blockchain, which he described as the most efficient solution for large-scale projects, even in comparison with Ethereum.
With technologies like TON reaching their potential, the blockchain industry should be finally able to deliver on its core mission – giving the power back to the people.