Bitcoin Software Company Synonym Launches Bitkit, a Bitcon Wallet Powered by Slashtags Protocol
LUGANO, SWITZERLAND – Synonym, a Bitcoin software company, has launched Bitkit, a new Bitcoin wallet app that features portable web profiles and passwordless web accounts. The official announcement took place on Saturday at the PlanB Forum Bitcoin conference.
Bitkit is Lightning-compatible and leverages Synonym’s Slashtags protocol. Slashtags is a system that uses Bitcoin cryptographic seeds to create portable web profiles (that can be used across multiple platforms), automatically updated contacts, contact payment preferences and authentication without a password.
Read more: What Is a Seed Phrase?
The use of Bitcoin cryptographic seeds (via Slashtags) to enable portability is what Synonym believes will set Bitkit apart from other Bitcoin wallets.
“Bitkit isn’t a typical Bitcoin app. Anyone can now take their digital lives with them wherever they go, obsoleting Big Tech’s walled gardens and data surveillance,” said Paolo Ardoino, CSO of Synonym, in a release provided to CoinDesk. Ardino is also the chief technology officer (CTO) of Tether, crypto’s biggest stablecoin by market capitalization.
The wallet app is available in limited public beta mode for both Apple and Android devices.
Synonym also announced Pear Credit, a collaboration with Tether, and Holepunch (a peer-to-peer software company). Pear Credit is an open protocol that allows users to “issue centralized credit tokens without a blockchain,” as tweeted by John Cavarlho, CEO of Synonym.
Today, we at @Synonym_to, together with @Tether_to, and Holepunch (@keet_io), announced 🍐Pear Credit.— John Carvalho (@BitcoinErrorLog) October 28, 2022
Pear Credit is a new P2P open protocol that allows anyone to issue centralized credit tokens without a blockchain, using cutting-edge Hypercore designs.
Finally, Synonym announced Blocktank Instant, a service that allows crypto exchanges to quickly onboard users to the Lightning Network by outsourcing engineering and infrastructure requirements to Synonym.
“The offering removes the need for these companies to run Lightning infrastructure or hire specialized engineers. Exchanges can rely on Synonym’s Blocktank node for instant deposits and withdrawals for their customers,” Synonym stated in the release.