Bitcoin and Lightning Network service provider Synonym has launched a new BTC-focused mobile wallet that it says could improve the user experience of the iconic digital currency and broaden Web3 adoption without relying on complicated third-party apps. blockchain.
Synonym introduced its mobile Bitcoin (BTC) wallet, dubbed Bitkit, at the PlanB Forum in Lugano, Switzerland on Oct. 29. The wallet supports BTC and Lightning Network payments with a self-custody node and encrypted backup service, which users can use for free. Bitkit is released as a limited public beta app for Apple and Android devices.
The Bitkit app is being powered by Slashtags, a Bitcoin crypto seed that generates keys and gives users simultaneous control of their data and money. via slashtags, Synonym claims that Bitkit will power Web3 “without using a blockchain at all.”
Paolo Ardoino, chief strategy officer at Synonym, said the new app would help promote “hyperbitcoinization,” a term that describes a future state in which Bitcoin is more widely used as a default value and payment system.
Super excited to have announced Pear Credit at #lugano Plan B.
Pear Credit is a P2P transport layer for credit, leveraging lighting-style channels born from the collaboration between @Tether_to hole punch ( @keet_io ) and @Synonym_to ⚡️– Paolo Ardoino (@paoloardoino) October 30, 2022
Super excited to have announced Pear Credit in Plan B of #lugano.
Pear Credit is a P2P transport layer for credit, leveraging lighting style channels born from the collaboration between @Tether_to holepunch ( @keet_io ) and @Synonym_to ⚡️.
Bitkit’s launch also coincided with the launch of Blocktank Instant, a service run by Synonym that allows crypto exchanges to onboard users to the Lightning Network without having to run Lightning infrastructure or hire additional engineers.
Speaking to Cointelegraph on the sidelines of the PlanB conference, Synonym CEO John Carvalho said that his company is advancing real-world use cases for Bitcoin without the “fairy dust” of blockchain technology:
“What we do at Synonym […] it is trying to show how we position Bitcoin in the world without having to use blockchain as a magical fairy dust. […] You can do all the Web3 stuff, and in the future we’ll also show you how you can do stuff with tokens without the blockchain.”
He went on to explain how Bitkit can benefit Bitcoin holders:
“With the latest release of our Bitkit app, we are basically showing a Bitcoin wallet user experience where the user has the key to everything: you have the keys to your Bitcoin, to your Lightning wallet, to your public profile, to your contacts”.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.