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- A software firm enters the crypto industry by launching its Bitcoin Wallet, Bitkit.
- The Bitcoin wallet is powered by the Slashtags Protocols, which enables web portability and “passwordless” authentication.
On October 29, 2022, the Officials of the Bitcoin software firm, Synonym, announced its entrance with a new Bitcoin wallet app, Bitkit, featuring the portable web profiles and passwordless web accounts. The following announcement took place at Lugano’s Plan B Forum Bitcoin Conference.
The Lugano’s Plan B Forum Bitcoin Conference brought together the world’s leaders, technologists, and entrepreneurs to discuss nation-state Bitcoin adoption, economics, financial freedom, and the freedom of speech.
The firm also released a software development kit which serves as a sandbox or “Playground” which developers can utilize to simulate various Slashtag use-cases.
Moreover, Synonym said in the release that “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,”
It must be noted that in 2016, two devs, Thaddeus Dryja and Joseph Poon, proposed a protocol called “The Lightning Network,” that enables quick and cheap transactions on the network without having to change the block size.
Bitkit Wallet
Bitkit Wallet is a Mobile Bitcoin Wallet that features portable social profiles, dynamic payable contacts, interoperable data feeds, and passwordless web accounts. This wallet will use Bitcoin cryptographic seeds to generate keys for Synonym’s newly developed web protocol called, Slashtags.
The protocol, Slashtags, modifies users to take control of their data, which does not need a blockchain, includes uncensorable social profiles, automatically-updates contacts, contact payment preferences, passwordless authentication, and some extra features.
Paolo Ardoino, CSO of Synonym stated as “Bitkit isn’t a typical Bitcoin app, the Synonym team have managed to take wallets to the next level with a beautiful design and innovative useful new features that will help ensure hyperbitcoinizaion.”
Additionally, John Carvalho, CEO of Synonym said that “As more and more people lose control of their data to Big Tech companies, and lose control of their assets to Big Banks and institutions, we felt the need to create open alternatives that empower civilians to reboot the Web and the economy.”
But the next day, on October 30, 2022, Synonym updated that its wallet is “currently disabled while they update a crashing bug!”
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
