Synonym Software, a brainchild of the significant stable coin firm, Tether Holdings Ltd, has officially launched today. Its goal is to bring new utility and user experience in the market; a fete they expect to achieve through the building software tools for Bitcoin and Lightning Network.
Recently, while speaking to Bitcoin Magazine, the CEO of Synonym, said that ‘Hyperbitcoinization’ would not happen magically. And in order to live in a world without oppression by the big banks, Synonym Software was necessary.
Thus, Synonym will develop peer-to-peer protocols and applications. Protocols, which will encompass more use cases that free users from traditional finance applications and systems.
“By combining the Lightning Network’s speed and efficiency with an architected ecosystem of open P2P platforms and applications. Synonym hopes to accelerate Bitcoin’s ability to act as an independent, self-regulated economy,” per the statement.
And following the launch, Synonym will unveil two new products Slashtags and Blocktank.
Slashtags and Blocktank
Slashtags is a Web3 protocol that will leverage a web of trust model to create interoperable and uncensorable networks. The protocol will enable users to create and publish content and access search services while connected through encrypted private channels and feeds. Users will also be able to monetize their data and enjoy a user-centric decentralized social media platform.
“Synonym will also release Blocktank, a full-service ‘Lightning Service Provider’ (LSP), which will allow businesses, platforms, apps, or Bitcoiners to configure and purchase Lightning Network connections and liquidity instantly,” according to the statement.
These two products could enjoy smooth sailing given the support and access they can get from Tether, Bitfinex and other sister companies.
“As part of the family of companies making up Tether and Bitfinex, Synonym is in a position to integrate all of these companies products in a strategic way for Bitcoin, and we can reroute these resources back into Bitcoin development,” Carvalho told Bitcoin Magazine. “Slashtags Accounts and Blocktank LSP will be in assimilation with Bitfinex. Instant Tether tokens will be introduced to the Lightning Network, within our apps, and within Blocktank LSP for token channel liquidity, and Synonym will bring all of this together using the one and only important blockchain, Bitcoin.”
An Exclusive Look with John Carvalho, Synonym CEO
Synonym, through its Slashtag protocol, aims to demonstrate how only one blockchain is necessary.
“We wanted to show and prove that you literally do not need a blockchain for anything other than a Bitcoin standard store of value,” Carvalho told Bitcoin Magazine. “Slashtags can improve any network’s ability to authenticate, coordinate, permission, and sort anything digitally expressible.”
Based on a web of trust (WoT) model, Slashtag uses a public cryptographic key to establish the binding authenticity between a public key and its owner. Only the passing of a schema is required when communicating about a key. And the schema can be leveraged to allow anyone form a private yet interoperable network.
“These localized WoTs can rebuild an entire new user-centric web where you decide who to include and under which conditions,” Carvalho explained. “This empowers Bitcoiners by allowing us to create literally any digital marketplace we can define in a way that leaks minimal metadata and only with whom we choose to trust.”
Slashtags is only a part of the stack. Additionally, The company also uses Omni to enable tokens, decentralized crowdfunding, and peer-to-peer trading solutions on Bitcoin.
The Whole Idea
“You simply do not need a blockchain to create what they call ‘Web3’ user experiences and designs. This is because, we are solving the same problems using Slashtags and Hypercore to establish a new social economy. The Web3 and Metaverse narrative will haunt us for years, and require much re-education. To separate design ideas from the people simply trying to pump their investments to greater fools.”
“The Slashtags Web of Trust will enable people to make their own decisions; about which token credit issuers to trust, and which to dismiss. ,” Carvalho added.