India's Top 100 Digital Stars 2023

Synonym introduces a brand new mobile Bitcoin wallet

On October 29 in Lugano, Switzerland, during the PlanB Forum conference, the brand-new mobile wallet, known as Bitkit, was presented

Shashank Bhardwaj
Published: Nov 1, 2022 05:19:58 PM IST

Synonym introduces a brand new mobile Bitcoin walletImage: Shutterstock

Synonym, a supplier of services for the Lightning Network and Bitcoin, has introduced a new BTC-focused mobile wallet. This wallet is expected to improve the user experience for holders of the popular digital currency and increase Web3 use without the need for complicated blockchain apps.

On October 29, Synonym presented Bitkit, its mobile Bitcoin wallet, at the PlanB Forum in Lugano, Switzerland. The wallet offers a self-custodial node and a free encrypted backup service, and it accepts BTC and Lightning Network payments. For both Apple and Android smartphones, the restricted public beta version of the Bitkit app has been released.

Slashtags, a Bitcoin cryptographic seed that produces keys and allows users simultaneous control over their data and money, powers the Bitkit app. Synonym asserts that Bitkit will power Web3 "without needing a blockchain at all" using Slashtags.

The new software, according to Paolo Ardoino, chief strategy officer at Synonym, would support "hyperbitcoinization." This is a condition in which Bitcoin is increasingly often used as a standard 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 holepunch ( @keet_io ) and @Synonym_to ⚡️”

Paolo Ardoino (@paoloardoino) October 30, 2022

In addition, Blocktank Instant, a Synonym-led service that lets crypto exchanges enrol consumers on Lightning Network without having to maintain Lightning infrastructure or engage more engineers, was released at the same time as Bitkit.

John Carvalho, CEO of Synonym, claimed his company is promoting actual business cases for Bitcoin without the "magic fairy dust" of blockchain technology in an interview on the sidelines of the PlanB conference:

“What we do at Synonym is try to show how we position Bitcoin in the world without having to use blockchain as some magic fairy dust. You can do all the things of Web3, and in the future, we’ll also show how you can do things with tokens without the blockchain at all.”

He continued by outlining how Bitkit can help Bitcoin owners:

“With the latest release of our app Bitkit, we’re basically showing a Bitcoin wallet user experience where the user holds the key for everything — you hold the keys for your Bitcoin, for your Lightning wallet, for your public profile, for your contacts.”

Shashank is founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist.

Post Your Comment
Required
Required, will not be published
All comments are moderated
India's own 'Digital Rupee' will be launched in November
Rupee on slippery slope may hit margins of companies