Telegram & Web3: the new frontier of decentralization

 

It's pretty safe to say that 2022 has been a weird year for the crypto world. When the word "weird" is used, it's probably about just how bad things were looking for the first half of the year. As it stands, it's rather difficult for anyone to gauge just how things are. What is and will always be certain is the fact that the already volatile crypto industry has gained more people giving it the side-eye. This distrust has created an interesting situation that many parties are trying to take advantage of.

 

One such party is the messaging company, Telegram, which intends to send interested people away from a centralized system and adopt one that relies on Web3. How exactly does any of this work and what does it mean?

 

Contents:

- The Web3 part of the equation

- How it fits with crypto

- Telegram quick review

- Telegram's strategy

- Telegram's plan feasible?

- Final thoughts

 

The Web3 part of the equation

To truly understand what Telegram is trying to do, here is a brief idea of what Web3 represents. The World Wide Web emphasizes the users' capacity to communicate and work through the use of web-based tools. There are three versions of the internet and they are:

- Web1 ─ this version stands for the first generation of the World Wide Web and it provides users the ability to read, it basically focuses on static pages.

- Web2 ─ it is the second generation of the World Wide Web and it thrived on the ability to read and write.

- Web3 ─ it’s a combination and evaluation of the previous web internet era, it also offers the ability to assign value to that content, so you can read, write and own.

 

The first two are fairly limited with Web1 having no interaction whatsoever, while Web2 had it, but was controlled by search engines and social media giants. Web3 on the other hand is an innovative version of the internet that removes power from those typically in control while putting it in the hands of users.

 

How it fits with crypto

As a result of creating content, users are also given benefits that come in the form of crypto payments. Why exactly is any of this relevant? The decentralized nature of Web3 is what lends it to the crypto world today.

 

This decentralization is what brought people to crypto and it would appear as though this aspect of the field had changed somewhat. This is where Telegram comes in. 

 

Telegram quick review

Telegram is a great chat platform, you can connect with friends, call, send videos, and different content, and do much more. You can even just randomly text on different forums, discuss business, and see news without disclosing your identity or doing a formal introduction. Telegram has also been quietly developing the blockchain and crypto ecosystems.

 

Because of just how hard the crypto industry was hit this year, every aspect of it was called into question. The supposed decentralization that should have been a trademark of the field wasn't as present.

 

This was shown by just how certain niches controlled the market and eventually let things spiral out of control. With proper decentralization, this issue is set to be mitigated through Web3 as well as blockchain technology, or at least that is what Telegram is planning. Telegram's positioning in Defi and their strategy seem to believe in this path wholeheartedly and that raised questions concerning just how they plan to make this happen. Below is a heading that will explain everything you need to know about Telegram's plan to give power to the people.

 

Telegram's strategy

It is pretty well known that the crypto industry is not entirely decentralized. There are a few middlemen that control certain aspects of it, including control over private keys. However, because of the beating that cryptocurrency as a whole took this year, many of those middlemen have collapsed.

 

To make a long story short, Telegram seeks to fill in that void by doing a few things such as:

- decentralized exchange for crypto

- non-custodial wallets

- typical DEX tools 

 

Telegram's announcement to go through with this caught a few people off guard, but considering the circumstances, this was bound to happen. According to co-founder of Telegram, Pavel Durov, the project will attempt to rid the entire system of its centralization. Whether or not they are successful at this will be up to time to tell.

 

Is telegram's plan feasible?

A venture like this isn't exactly a new thing on Telegram. Something similar was attempted by the platform a few years back and it was a token-based auction project known as Fragment. This can be seen as sort of the precursor to this new venture as it featured many of the same things said to be integrated this time alone.

 

Chief of these things was an entire blockchain that was called the Open Network. Both Fragment and the Open Network would see their ends come about two years ago, with the former being sold and the latter ending for legal reasons.

 

In any case, these two projects laid out the foundation that Telegram is looking to build upon. Interestingly enough:

- while specifics aren't exactly known, the framework used on the Open Network is set to be used again.

- everything from the wallet and its accompanying tools may be built into this, but that is only speculation.

 

What isn't speculation is the recent news that Telegram is going all in on this. The company has committed to fueling the project with well over $100,000,000 in investment. If this doesn't show just how serious they are about it nothing will. That said, it will no doubt put pressure on them to ensure that the product is worth the price.

 

Final thoughts

The whole crypto field will have its eye fixed on Telegram and how it will try to pull off this feat. Based on how things turn out, it may lead to many parties following suit and turning this into a trend. The mechanics of the whole project aren't exactly fully known, but executives at Telegram seem fairly confident in their collective vision. As far as Web3 is concerned, this isn't the first, nor will it be the last time someone fiddles with it.

 

This means that just like the more recent versions of cryptocurrency exchanges, the chance of meddling will always exist. This also means that some other innovation may have to be created to keep that greed in check. Until then, Telegram's new endeavor will be interesting to cover.

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