Bitcoin Software Company Synonym Launches Bitkit

• Bitkit is a Bitcoin Wallet Powered by Slashtags Protocol
• Bitkit is also Lightning-compatible
• BTC Price at the time of writing – $20,704.54

Bitkit is a new Bitcoin wallet app developed by Synonym, a Bitcoin software company. It features passwordless web accounts and portable web profiles. At the PlanB Forum Bitcoin conference on Saturday, the official announcement was made.

Bitkit uses Synonym’s Slashtags protocol and is Lightning-compatible. A system called Slashtags uses Bitcoin cryptographic seeds to create portable web profiles that can be used on multiple platforms, automatically update contacts, set payment preferences for contacts, and authenticate without a password.

Synonym believes that Bitkit will differentiate itself from other Bitcoin wallets by enabling portability through the utilization of Bitcoin cryptographic seeds via Slashtags.

“Bitkit is not your typical app for Bitcoin.

The wallet app is available in limited public beta mode

According to a release that was provided to CoinDesk, Paolo Ardoino, CSO of Synonym, anyone can now take their digital lives with them wherever they go, obsoleting Big Tech’s walled gardens and data surveillance. Additionally, Ardino serves as Tether’s chief technology officer (CTO), which is the most valuable stablecoin in crypto.

For both Android and Apple devices, the wallet app is available in a limited public beta.

Pear Credit, a partnership with Tether and Holepunch (a peer-to-peer software company), was also announced by Synonym.

Pear Credit is an open convention that permits clients to “issue unified credit tokens without a blockchain,” as tweeted by John Carvalho, President of Equivalent.

Last but not least, Synonym introduced Blocktank Instant, a service that outsources engineering and infrastructure requirements to crypto exchanges so they can quickly add users to the Lightning Network.

These businesses no longer need to manage Lightning infrastructure or employ specialized 

engineers because of the offering. The release from Synonym stated, “Exchanges can rely on Synonym’s Blocktank node for instant deposits and withdrawals for their customers.”

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What distinguishes Bitcoin?

The fact that Bitcoin was the very first cryptocurrency to appear on the market is what gives it the most unique advantage.

It has been successful in establishing a global community and a brand-new industry with millions of enthusiasts who create, invest in, trade, and make use of Bitcoin and other cryptocurrencies on a daily basis. 

The invention of the first cryptocurrency laid the conceptual and technological foundation for thousands of competing projects.

The concept that was realized by Bitcoin is the foundation of the entire cryptocurrency market, which is now worth more than $2 trillion: money that can be sent and received by anyone, anywhere in the world, without the need for dependable intermediaries like banks and financial service providers.

After more than a decade of existence, BTC remains at the top of this lively market due to its pioneering nature. Despite the fact that Bitcoin’s market capitalization surpassed $1 trillion in 2021 when its price reached an all-time high of $64,863.10 on April 14, 2021, it continues to be the largest cryptocurrency.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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