Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Tether launches Synonym to boost Bitcoin adoption through Lightning Network
Cointelegraph | Sam Bourgi | Nov 16, 2021
The new venture is pursuing hyperbitcoinization by combining the Lightning Network’s speed with the architecture of an open peer-to-peer platform.
Synonym Software Ltd., a company founded by stablecoin issuer Tether Holdings Limited, officially launched on Tuesday, setting in motion a highly ambitious project to bring Bitcoin (BTC) transactions mainstream through an independent financial platform that utilizes the Lightning Network.
Synonym’s stated goal is to enable self-ownership and control of crypto assets by creating an open financial ecosystem that utilizes Bitcoin and the Lightning Network, the company announced Tuesday. CEO John Carvalho said
See: Tether banned on Canada’s first 2 licensed digital currency exchanges
“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.”
The first protocol to be launched by Synonym is called Slashtags, an interoperability framework for private networks that doesn’t rely on blockchain technology and can be used by any platform for coordination, privacy and consensus.
The Bitcoin network recently completed its highly anticipated Taproot upgrade, which targets improved transaction efficiency, privacy and smart-contract functionality. Taproot marks the first major upgrade to the Bitcoin network since Segregated Witness, also known as SegWit, all the way back in 2018. SegWit eventually culminated in the launch of the Lightning Network, Bitcoin’s second-layer scaling solution.
See: CFTC fines Tether US$41M for misleading claims about currency backing
Scalability has been cited as one of the biggest barriers preventing the mass adoption of Bitcoin as a transactional currency. The Lightning Network aims to solve the scalability issue by enabling off-chain transactions. The number of Lightning Network nodes, which open payment channels with each other, has increased by 128% over the past 12 months, according to industry sources.
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