During the bitcoin week in El Salvador, the new bitcoin company launched the Synonym platform. The project should make it easier to launch bitcoin products and services. Synonym strives for an economy that runs on bitcoin without the influence of powerful banks, Big Tech and government regulations.
Synonym Software was founded by Tether Holdings Limited, the company behind the most popular stablecoin USDT. This is a cryptocurrency whose value is equal to the dollar.
Hyperbitcoinization
Synonym was founded with the goal of enabling independent ownership in an open financial ecosystem using Bitcoin and the Lightning Network.
The software company indicates that it wants to contribute to the process of hyperbitcoinization . This is a term in the bitcoin world that refers to a global embrace of bitcoin as a means of payment, savings and calculation. Although it is a term used for a theoretical situation, Synonym CEO John Carvalho believes it is only a matter of time before it becomes a reality.
??????Hyperbitcoinization won???????t magically become a reality. To live in a world without powerful banks, strict regulations, or the influence of Big Tech, we need a strategy and an ecosystem to replace the current economy, Carvalho tells Bitcoinmagazine. This is where Synonym comes in.
Independence as a goal
Synonym builds software for various use cases on the Bitcoin network and the Lightning network. They aim to make more and more services that are now dependent on traditional financial institutions or systems also possible with bitcoin.
The Bitcoin network makes it possible to transact with anyone in the world without an intermediary. Synonym aims to continue this independence of Trusted Third Party in society. CEO John Carvalho speaks of an ‘Atomic Economy’
‘The idea is to make the web as practical and as relevant as possible for every individual. An ‘Atomic Economy’ is a concept that combines the ideas of a circular economy with the network of trust (bitcoin) to create an efficient and social economy,’ explains Carvalho.
More simply, Synonym wants to use the independence of bitcoin in other systems as well. Consider, for example, the dominant position of ‘Big Tech’ and the problems surrounding data collection. Users must trust that they will not be abused, but that trust has regularly been damaged over time, partly because market parties have turned it into a revenue model to sell user data.
If the functionalities of such a system can also be built on bitcoin, then control and power will return to the user, without the need for trust in a central intermediary.
Slash tags
The first application Synonym launched is called Slashtags . This is a protocol with which decentralized social media platforms can be created. By using the lightning network to send messages to each other, a platform is created that cannot be censored. Content creators can easily monetize their content by, for example, charging users a number of satoshis per post. The earnings then go from the user directly to the maker.
Synonym wants to show with the Slashtag protocol that only one blockchain is enough to disrupt the traditional system.
“We want to show that you don’t need a different blockchain every time when it comes to anything other than bitcoin as a store of value ,” John Carvalho tells Bitcoin magazine.
Did you know that bitcoin recently got an upgrade? Read more about the long-awaited Taproot update here.
