Founded by stablecoin issuer Tether Holdings Limited, Synonym Software Ltd. was formally established on Tuesday, marking the beginning of an ambitious initiative to encourage Bitcoin adoption via a financial platform. Using Bitcoin and the Lightning Network, Synonym’s stated purpose is to allow ownership and management of crypto assets by building an open financial environment that is interconnected.
CEO John Carvalho opined:
“In other words, “Hyperbitcoinization” (a scenario in which Bitcoin becomes the main form of money in the world) will not materialize on its own. It needs a plan and an environment to change the entire economy if we are to live in a future where there are no huge banks, oppressive rules, or big technology dictating our lives. This is when the use of synonyms comes in handy.”
Synonym’s initial protocol, Slashtags, is an interoperability framework for private networks that does not depend on blockchain technology and can be used by any platform for orchestration, security, and consensus building. Slashtags is the first protocol presented by Synonym. The much-anticipated Taproot update to the Bitcoin network was just completed, with the goal of improving transaction efficiency, anonymity, and the functioning of smart contract transactions.
Taproot is the first significant improvement to the Bitcoin network following the implementation of Segregated Witness (SegWit) in 2018. The release of the Lightning Network, Bitcoin’s second scaling solution, was the culmination of SegWit’s efforts.
Scalability has been identified as one of the most significant barriers to the widespread adoption of Bitcoin as a transactional money by the general public. The Lightning Network seeks to address the issue of scalability by allowing transactions to take place off-chain.
A report by industry insiders claims there has been a 128 percent growth in the number of Lightning Network nodes that have opened payment channels to one another in the last 12 months. The cryptocurrency market capitalization is now dominated by Bitcoin, which accounts for more than 43 percent of overall market value.
The top digital currency just reached a new all-time high of $ 69,000, as general acceptance and financial elite acknowledgment of cryptocurrencies as a distinct asset class continue to increase in importance.
