THELOGICALINDIAN - Synonym Software was founded today by the above stablecoin close Tether
Synonym Software, a blockchain software aggregation endemic by the accepted stablecoin close Tether, was founded today. Synonym Software will actualize accoutrement for Bitcoin and the Lightning Network, with two antecedent articles awaiting for release.
Slashtags and Blocktank Are on the Way
The aggregation will aboriginal absolution a artefact alleged Slashtags, a Web3 agreement that can be acclimated for agreeable publishing and chase services. Though Slashtags does not crave blockchain integration, users will be able to monetize agreeable with Bitcoin.
Synonym is additionally planning to absolution Blocktank, a account that will acquiesce users to acquirement access on Bitcoin’s Lightning Network. This eliminates the charge for users to chase the technically circuitous action of creating a Lightning channel.
Beyond this, the aggregation is additionally alive on a adaptable wallet with abutment for Bitcoin and the Lightning Network.
The aggregation aims to advance Bitcoin adoption. “Hyperbitcoinization won’t magically appear on its own… we charge a action and ecosystem to alter the bequest economy,” CEO John Carvalho has said elsewhere. “That is area Synonym comes in.”
How Does Synonym Relate to Tether?
Tether Ltd. acts as a stablecoin issuer and is best accepted for its U.S. dollar-pegged USDT token. As such, Synonym represents a new administration for the aggregation with its focus on Bitcoin and Lightning.
Tether will be chip with Synonym in one important way: burning Tether tokens will be accessible on the Lightning Network through Blocktank and the company’s adaptable wallet.
Additionally, Tether CTO Paolo Ardoino will serve as the CTO of Synonym. Beyond this, the two companies accept essentially altered teams.
Nevertheless, Carvalho has hinted at a added relationship. In a account to Bitcoin Magazine, he said that Synonym’s accord with Tether and Bitfinex agency that it is “positioned to accommodate all of these companies’ articles in a cardinal way for Bitcoin.”
Tether has historically maintained a abutting accord with its sister company, Bitfinex. That action has admiring affluence of altercation due to a past lawsuit in which regulators accused Tether and Bitfinex of mismanaging funds to awning up losses.
With few added specifics about Synonym’s approaching plans, it charcoal to be apparent how abutting of a accord these firms will advance above Tether’s role in founding the new aggregation today.
Disclosure: At the time of autograph this columnist captivated beneath than $100 of Bitcoin, Ethereum, and altcoins.
