Synonym is a bitcoin open-source software company that is developing peer-to-peer protocols and applications for global Bitcoin adoption. It promotes “hyperbitcoinization” - a future state where Bitcoin is more widely used as a default value and payment system.
The company was founded a year ago by Tether Holdings. Its 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 main company products are Bitkit, Slashtags and Blocktank. Let’s dive into more details.
- Slashtags is a decentralized web protocol based on a web of trust (WoT) model that doesn’t rely on blockchain technology. According to the company website “Slashtags use your Bitcoin seed to generate special cryptographic keys that allow you to control and restore your digital life, rebooting the web to be more private, modular, and interoperable”. In other words, it uses Bitcoin cryptographic seeds to create portable web profiles. Apart from Bitcoin and Slashtags protocols the company also uses the Lightning Network and Hypercore protocol.
- Bitkit is a wallet that supports BTC and Lightning Network payments and where the users can also hold their keys for everything — for Bitcoin, for Lightning wallet, for his/her public profile, for his/her contacts. ****The use of Bitcoin cryptographic seeds via Slashtags distinguishes Bitkit from other wallets.
- Blocktank Lightning Service Provider is a “set of software tools that businesses, apps, and web platforms can use to monetize Lightning Network connections, manage liquidity & routing, and offload technical maintenance”. Blocktank Instant is a service that allows companies (e.g. exchanges) to process Lightning deposits and withdrawals for end users without running Lightning infrastructure by themselves.
Also the company is collaborating with Tether and Holepunch to launch a P2P credit system, Pear Credit, in 2023.
💡 An interesting fact: one of the company’s design principles is “Bitcoin, not Blockchain”, which means that Bitcoin is the only blockchain used: “We take Bitcoin Maximalism to the next level with our commitment to creating a comprehensive user experience and ecosystem using Bitcoin as the only blockchain, using it strictly for payments”.
The projects look promising and could be a success eventually. Especially with the support from Tether!