Bitcoin Software Company Synonym Launches Bitkit, a Bitcon Wallet Powered by Slashtags Protocol

Bitcoin Software Company Synonym Launches Bitkit, a Bitcon Wallet Powered by Slashtags Protocol

Frederick Munawa is a Technology Reporter for Coindesk. He covers blockchain protocols with a specific focus on bitcoin and bitcoin-adjacent networks.

LUGANO, SWITZERLAND – Synonym, a Bitcoin software company, has launched Bitkit, a new Bitcoin wallet app that features portable web profiles and passwordless web accounts. The official announcement took place on Saturday at the PlanB Forum Bitcoin conference.

Bitkit is Lightning-compatible and leverages Synonym’s Slashtags protocol. Slashtags is a system that uses Bitcoin cryptographic seeds to create portable web profiles (that can be used across multiple platforms), automatically updated contacts, contact payment preferences and authentication without a password.

The use of Bitcoin cryptographic seeds (via Slashtags) to enable portability is what Synonym believes will set Bitkit apart from other Bitcoin wallets.

“Bitkit isn’t a typical Bitcoin app. Anyone can now take their digital lives with them wherever they go, obsoleting Big Tech’s walled gardens and data surveillance,” said Paolo Ardoino, CSO of Synonym, in a release provided to CoinDesk. Ardino is also the chief technology officer (CTO) of Tether, crypto’s biggest stablecoin by market capitalization.

The wallet app is available in limited public beta mode for both Apple and Android devices.

Synonym also announced Pear Credit, a collaboration with Tether, and Holepunch (a peer-to-peer software company). Pear Credit is an open protocol that allows users to “issue centralized credit tokens without a blockchain,” as tweeted by John Cavarlho, CEO of Synonym.

Finally, Synonym announced Blocktank Instant, a service that allows crypto exchanges to quickly onboard users to the Lightning Network by outsourcing engineering and infrastructure requirements to Synonym.

“The offering removes the need for these companies to run Lightning infrastructure or hire specialized engineers. Exchanges can rely on Synonym’s Blocktank node for instant deposits and withdrawals for their customers,” Synonym stated in the release.

Sign up for Valid Points, our weekly newsletter breaking down Ethereum’s evolution and its impact on crypto markets.

By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy.

DISCLOSURE

Please note that our

privacy policy,

terms of use,

cookies,

and

do not sell my personal information

has been updated

.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a

strict set of editorial policies.

CoinDesk is an independent operating subsidiary of

Digital Currency Group,

which invests in

cryptocurrencies

and blockchain

startups.

As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of

stock appreciation rights,

which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG

.

Frederick Munawa is a Technology Reporter for Coindesk. He covers blockchain protocols with a specific focus on bitcoin and bitcoin-adjacent networks.

Frederick Munawa is a Technology Reporter for Coindesk. He covers blockchain protocols with a specific focus on bitcoin and bitcoin-adjacent networks.

Leave a Reply

Your email address will not be published. Required fields are marked *