Synonym launches mobile BTC wallet

Bitcoin and Lightning Community service supplier Synonym has launched a brand new BTC-focused cellular pockets it says might improve the consumer expertise for holders of the flagship digital forex — and broaden Web3 adoption with out counting on convoluted blockchain purposes.

Synonym unveiled its cellular Bitcoin (BTC) pockets, dubbed Bitkit, on the PlanB Discussion board in Lugano, Switzerland on Oct. 29. The pockets helps BTC and Lightning Network payments with a self-custodial node and encrypted backup service, which customers can make the most of freed from cost. Bitkit is being launched as a restricted public beta app for each Apple and Android units.

The Bitkit app is being powered by Slashtags, a Bitcoin cryptographic seed that generates keys and offers customers simultaneous management over their knowledge and cash. By Slashtags, Synonym claims that Bitkit will energy Web3 “with out utilizing a blockchain in any respect.”

Paolo Ardoino, who serves as Synonym’s chief technique officer, mentioned the brand new app would assist promote “hyperbitcoinization,” a time period that describes a future state the place Bitcoin is extra broadly used as a default worth and cost system.

Tremendous excited to have introduced Pear Credit score at #lugano Plan B.
Pear Credit score is a P2P transport layer for credit score, leveraging lighting-style channels born from the collaboration between @Tether_to holepunch ( @keet_io ) and @Synonym_to ⚡️

— Paolo Ardoino (@paoloardoino) October 30, 2022

The launch of Bitkit additionally coincided with the discharge of Blocktank On the spot, a Synonym-led service that allows cryptocurrency exchanges to onboard customers to Lightning Community with out having to run Lightning infrastructure or rent further engineers.

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Chatting with Cointelegraph on the sidelines of the PlanB convention, Synonym CEO John Carvalho mentioned his agency is advancing real-world use instances for Bitcoin with out the “magic fairy mud” of blockchain expertise:

“What we do at Synonym […] is attempt to present how we place Bitcoin on the earth with out having to make use of blockchain as some magic fairy mud. […] You are able to do all of the issues of Web3, and sooner or later, we’ll additionally present how you are able to do issues with tokens with out the blockchain in any respect.”

He went on to elucidate how Bitkit can profit Bitcoin holders:

“With the most recent launch of our app Bitkit, we’re mainly displaying a Bitcoin pockets consumer expertise the place the consumer holds the important thing for all the things — you maintain the keys in your Bitcoin, in your Lightning pockets, in your public profile, in your contacts.”