“Hyperbitcoinization won’t magically happen on its own,” said John Carvalho, CEO of Synonym, in a statement sent to Bitcoin Magazine.
At launch, Synonym is releasing Slashtags, a protocol that leverages a web of trust model to create interoperable, uncensorable networks connected via encrypted private channels and feeds.
The company, which Tether Holdings owns, is also open-sourcing code libraries for features like tokens on Lightning, a mobile Lightning node, and encrypted, remote wallet backups.
“As part of the family of companies that make up Tether and Bitfinex, Synonym is positioned 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 is based on a web of trust model, in which public-key cryptography is used to establish the authenticity of the binding between a public key and its owner.
Slashtags is only part of Synonym’s stack, however.
Similar offerings exist, like Liquid and Stacks, that also promise the ability to issue digital assets on Bitcoin.
“The problem with Liquid is that it requires a trusted federated network, and that risk profile is nearly impossible to communicate to users inside of an app.
Synonym’s goal is to enable society to function without trusting intermediaries or asking for permission from big banks or tech companies.
“The idea is to actually reform the web to be as practical and relevant as possible to each individual,” Carvalho said.
Bitcoin is core to that goal since it provides a global and permissionless monetary network to backbone the new web, and Lightning is central to unleashing sound money’s full potential.
User control in the form of key ownership and true sovereignty is central to Synonym’s mission, as well as choosing the right tool for the job.
“You simply do not need a blockchain to create what they call ‘Web3’ user experiences and designs.