NCFAs innovation and funding ecosystem

Tether launches Synonym to boost Bitcoin adoption through Lightning Network

Cointelegraph | Sam Bourgi  | Nov 16, 2021

tether launches synonym - Tether launches Synonym to boost Bitcoin adoption through Lightning NetworkThe 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.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Tether launches Synonym to boost Bitcoin adoption through Lightning Network The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Tether launches Synonym to boost Bitcoin adoption through Lightning NetworkFF Logo 400 v3 - Tether launches Synonym to boost Bitcoin adoption through Lightning Networkcommunity social impact - Tether launches Synonym to boost Bitcoin adoption through Lightning Network

Support NCFA by Following us on Twitter!






NCFA Sign up for our newsletter - Tether launches Synonym to boost Bitcoin adoption through Lightning Network



For more information about FFCON21: BREAKING BARRIERS, on-demand videos and ways to participate




 

Leave a Reply

Your email address will not be published. Required fields are marked *