Technological advancement is one of the evergreen developments in human history; the world watched the growth of technology as it evolved from web1 to web3, which has further made transactions and interactions on the internet seamless and without any middleman to transmit these interactions.
Synonym, a Bitcoin (BTC) software company, and Lightning Network service, recently announced the launch of the Bitkit Bitcoin wallet app, which is accessible and open-source to everyone operating on the BTC network.
On October 29, 2022, Synonym announced at the PlanB Forum Bitcoin Conference in Lugano, Switzerland, that it would launch its limited beta wallet app for Android and Apple users. The app promises excellent features which will boost the user experience for BTC holders.
What Is Bitkit?
Bitkit is the new wallet app designed for interoperability, and through slashtags, the mobile wallet app will function without a blockchain. It allows for faster and more secure transactions between Bitcoin users. Bitkit supports Lightning Network payments and BTC, as well as; an encoded backup service and a self-custodial node without any charges.
The attractive features of the mobile Bitkit wallet app include mobile social profiles, passwordless accounts, interoperable data feeds, and active payable contacts. According to Paolo Ardoino, the Chief Strategy Officer (CSO) of Synonym and Chief Technology Officer (CTO) of Tether, the popular crypto stablecoin, mentioned that Bitkit is not like any regular bitcoin app as it allows users the permissionless mobility of their digital lives.
Paolo also states that the launch of Bitkit will boost hyperbitcoinization. Hyperbitcoinization is a term used to define a stage in the future where Bitcoin is used as a default payment system worldwide.
Synonym also released a software development toolkit that serves as a simulation whereby developers can execute multiple Slashtags use cases. The Bitkit wallet is a chance for Synonym to reboot the Web3 universe by introducing a platform where users have control over their financial and digital lives without surrendering to the need for intermediary blockchain applications.
Features of Bitkit
The features included in the Bitkit wallet app are designed for comfortable and safe usage by BTC traders, and they are:
- Lightning-fast transactions
- Payment transactions without border limitations
- Keys generation through Slashtags
- Limitless user activities on the web
What Is Slashtags?
Bitkit is also powered by Slashtags, a web protocol that creates keys through Bitcoin cryptographic seeds and gives users control of their data. Slashtags web protocol is open-source and interchangeable, which makes the ecosystem widely available to developers.
Slashtags presents builders with tools to develop safe and scalable peer-to-peer applications which place users in control of their data, contacts, profiles, and accounts. It is open-source, which makes it functional without a blockchain.
What Is Synonym?
A synonym is a Bitcoin Software Company that envisions a future where users can use Bitcoin BTC as a regular mode of payment, like centralized finances without a blockchain—building a world where users do not have to submit their data and information to Big Techs and Big Companies to gain trust before performing transactions.
Synonym boasts that through Slashtags, Bitkit wallet is ready to transform Web3, primarily because it will operate without a blockchain. This is an intriguing feature in the wallet app and makes it stand out amongst other wallet apps.
Recently, the software company has shown the world it can achieve these goals by announcing the launch of these three products, which will give users an easy experience when performing transactions with Bitcoin.
Other Launches By Synonym
The Bitcoin Software company, Synonym has also announced the partnership and release of other apps along with Bitkit at the PlanB Forum Bitcoin Conference.
Synonym announced Pear Credit, which is in partnership with Holepunch and Tether. Pear credit is a tokenized credit network for products, assets, and services. On the popular social media platform, John Cavarlho, CEO of Synonym, tweeted that Pear Credit is a peer-to-peer, open protocol that enables users to issue centralized credit tokens without a blockchain.
The other release mentioned at the conference is Blocktank Instant, which is a service that enables crypto exchanges to familiarize users with the Lightning Network through outsourcing engineering and infrastructure demands to Synonym.
Conclusion
The prosperous Bitcoin software company, Synonym announced the launch of its new mobile app, Bitkit, a BTC wallet that allows for easy and fast payment transactions without the need for a blockchain. Along with Bitkit, Synonym also announced the launch of other products developed in partnership with major brands in the crypto industry.
