Synonym introduces the architecture for an autonomous Bitcoin economy supported by the Lightning Network

Synonym Software GmbH, a company founded with the aim of bringing ownership and control to the crypto-asset ecosystem by “creating an open and free network of trust”, was officially launched today (November 16, 2021).

As noted in an update shared with CI, Synonym’s foreword is to develop a digital structure that will “encourage and facilitate the free movement of digital assets and information”.

By combining the speed and efficiency of the Lightning Network (LN) with a structured ecosystem of open P2P platforms and apps, Synonym hopes to “accelerate Bitcoin’s ability to act as an independent, self-regulated economy”.

As mentioned in the announcement, it is creating the software to bring new utilities and new user experiences to Bitcoin and the Lightning Network by “combining and creating cutting-edge P2P protocols and platforms”.

John Carvalho, CEO of Synonym, said:

“Hyperbitcoinization will not magically happen by itself. To live in a world with no big banks, repressive regulations or big tech ruling our lives, we need a strategy and an ecosystem to replace the old economy. This is where synonym comes into play. “

Synonym will launch Slashtags, a new protocol built into its suite of products. Slashtags uses a localized “web of trust” model to develop interoperable, uncensored private networks that connect via encrypted private channels and feeds, “all without the use of a blockchain,” the update stated. Slash tags can be applied to any network to provide “better coordination, privacy and mutual consensus”.

Future plans for Slashtags reportedly include a search and publication platform that “gives users the tools to create and monetize any type of data, content or service that can be digitally expressed, and a decentralized social media platform who have favourited Facebook and Twitter through a portable, customized experience. “

As mentioned in a publication, synonym is published Block tank, a full-service “Lightning Service Provider” (LSP), which enables “companies, platforms, apps or Bitcoiners to configure and buy Lightning Network connections and liquidity immediately”.

Blocktank was designed to allow platforms to use a simple API to “configure Lightning compatibility and give customers full ownership of their keys, instant withdrawals, and the ability to add as much BTC liquidity as needed.” to tap affordable market prices, “the announcement said.

As confirmed in the update, Synonym will share several code libraries for features such as tokens on Lightning, a mobile Lightning node and encrypted remote wallet backups.

Synonymous is a “company owned by Tether Holdings Limited (” Tether “), and Fulgur Ventures is also an investor,” the announcement reads.

Paolo Ardoino, CTO of Tether, commented:

“Synonym represents an important step towards the rebuilding of financial and social communication services and focuses on a few key characteristics: free as in freedom, open, inclusive and privacy-oriented. At Tether, we invest in new businesses and focus on leveraging the technologies and ideals of Bitcoin and Lightning Network along with complementary protocols and technologies that we believe will represent a change in the way people interact with one another , simply as a colleague. “