Tether and Fulgur Ventures today launched Synonym, an architecture for creating an ecosystem of digital assets that will foster the spread of Bitcoin through the Lightning Network.
Summary
Synonym, Tether to fast-track Bitcoin by focusing on LN
Synonym intends to create a digital infrastructure that will facilitate the circulation of Bitcoin. It will be based on the Lightning Network and will promote the development of cutting-edge P2P applications.
Synonym’s products
Its launch coincides with that of Slashtags, a protocol that will facilitate the so-called “web of trust” to create interoperable and unencrypted private networks that can connect via private encrypted channels and feeds. The particularity of Slashtags is that it will not use any blockchain.
Slashtags plans to develop a search and publishing platform that gives users the ability to create and monetize any kind of content in digital form, including data and services.
In addition, a decentralized social media platform will be developed on Slashtags that aims to replace Facebook and Twitter.
Alongside Slashtags, Synonym will also launch Blocktank, a comprehensive Lightning Service Provider (LSP). Blocktank will allow businesses, platforms, apps or just Bitcoin enthusiasts to configure and purchase instant connection and liquidity on the Lightning Network.
It will be sufficient to configure APIs to have compatibility with the LN network.
This will allow users to be the sole owners of their keys, while tapping into the Lightning Network’s liquidity whenever they need it, at advantageous market rates.
Synonym, the open source system to revolutionize the economy
Synonym presents itself as an open source system that aims in the future to develop other utilities such as tokens on the Lightning Network, a mobile LN node, crypto wallet backups and more.
John Carvalho, CEO of Synonym explained:
“Hyperbitcoinization won’t magically happen on its own. In order to live in a world without big banks, oppressive regulations, or Big Tech presiding over our lives, we need a strategy and ecosystem to replace the legacy economy. That is where Synonym comes in”.
Paolo Ardoino added:
“Synonym represents an important step in the direction of rebuilding financial and social-communication services, focusing on some key features: free as in freedom, open, inclusive and privacy-oriented,” said Paolo Ardoino, CTO of Tether. “At Tether we’re investing in, and focusing on, new ventures that leverage Bitcoin and Lightning Network technologies and ideals alongside complementary protocols and technologies that we believe will represent a change in the way people interact with each other, simply as peers”.
Tether and Bitcoin, the close link
Despite those who accuse Tether of manipulating the market and the price of Bitcoin, the launch of Synonym confirms the company’s commitment to the growth and spread of BTC, regardless of the fate of the stablecoin. And this is ultimately good for the crypto industry as a whole.
On Synonym’s official website, it is made clear that it is a product dedicated to Bitcoin maximalists, those who can’t wait for the so-called “hyperbitcoinization” to take place on its own.
That is why Synonym is launching a project to speed up the flow of BTC and its spread throughout the economic system.
Synonym will enable all this: it will be scalable, it will guarantee the creation of tokens and it will protect the privacy of users. The dissemination of BTC will take place in steps. The roadmap indicates some interesting points. In the first quarter of 2022, a Bitcoin wallet will be developed. In the latter part of 2022, the decentralized social network should take off.
In between, there will be unforeseen but conceivable developments, which will be driven by open-source code and user creativity.
