Telegram, a cloud-based instant messaging application that is available worldwide, announced that it had sold usernames worth $50 million in less than a month.
Telegram CEO, Pavel Durov made the announcement via the company’s official channel. The firm announced in October that it would begin selling unique usernames using the Telegram Open Network (TON), which is very efficient and highly scalable.
Durov highlighted that Telegram was able to develop the Fragment network, which is a fully decentralized auction platform within 5 weeks with just five persons working on the project, including himself.
Fragment is a free site that facilitates the exchange of collectibles among users. It allows for direct, secure, anonymous sales and public auctions in which anybody can participate over time.
Durov also added that Fragment was created in such a short period due to its utilization of the TON blockchain because the Open Network blockchain is quick and effective enough to run popular applications, unlike Ethereum which he claims is outdated.
Unique usernames like @auto, @bank, @chat, and @news have all been sold on the Fragment website. @news has the highest sales price of 994,000 TON with @auto coming closely in second place with a sales price of 900,000 TON.
Users can buy usernames on Fragment by exchanging them for Toncoin, a unique currency based on the current highest bid, much like any other auction.
Users must first create a safe wallet to store and deposit new funds before finally connecting to the Fragment network to utilize the Toncoin.
The Decentralization of the Digital Ecosystem
Decentralization frequently results in the elimination of the third-party intermediary of transactions, such as banks and government bodies, and allows individuals to deal directly with one another with the assistance of individual independent validators who are part of the network of users.
Durov hinted that Telegram’s plans include developing a set of decentralized tools such as decentralized exchanges that will allow millions of users to securely trade and store cryptocurrencies. He claimed that this is the best way to address the issues caused by excessive centralization, which has disappointed many cryptocurrency users.
Aragon Project, stated via its weekly report, that it had embraced the concept of decentralization, claiming that it is essential for the safety of users’ assets following the collapse of the defunct FTX exchange.
