Stablecoin issuer Tether has launched the Synonym Software Ltd. division, which will focus on building Bitcoin-based services, Cointelegraph has reported. The head of the initiative, John Carvalho, said:
"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."
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The Bitcoin scaling solution Lightning Network will play an active role in Tether's new platform. Synonym's first product will be Slashtags, a service for connecting private networks without using the blockchain. Among other things, this will make it possible to log into accounts on different sites using Bitcoin keys.
The company also plans to introduce the Blocktank protocol, with which it will be possible to buy and manage connections to the Lightning Network. This is expected to simplify the onboarding process for new users and eliminate the need to launch technically complex Lightning channels on your own. In addition, Synonym's plans include a content publishing platform as well as decentralized social networks.