- Tether yesterday launched Synonym, a company that aims to boost Bitcoin adoption globally
- The company will utilize the Lightning Network and the recent Taproot upgrade within its products
- Slashtags will be the company’s first product
It may be an awful name but it’s a noble cause – hyperbitcoinization is the attempt by Bitcoin supporters to get the cryptocurrency as widely used as fiat currencies, and in Tether it has a new ally. The USDT issuer yesterday launched Synonym, a new product aimed at utilizing the capabilities of the Bitcoin Lightning Network to increase adoption and usage of Bitcoin globally, with the recent Taproot upgrade allowing applications like Synonym to operate more easily on the Bitcoin blockchain.
Synonym Banking on Hyperbitcoinization
‘Hyperbitcoinization’ is the kind of term that non-Bitcoiners will use to scoff at the ambitions of Bitcoin supporters, something that was easier to do prior to the adoption of Bitcoin by El Salvador, with other countries also showing an interest. John Carvalho, CEO of Synonym, referred to it in a statement announcing the launch of the company in which he extolled Bitcoin’s virtues:
Hyperbitcoinization won’t magically happen on its own. In order to live in a world without big banks, oppressive regulation, or Big Tech presiding over our lives, we need a strategy and ecosystem to replace the legacy economy. That is where Synonym comes in.
Slashtags First Up
The statement added that “Synonym hopes to accelerate Bitcoin’s ability to act as an independent, self-regulated economy”, with the company’s first product being Slashtags, a protocol that leverages a ‘web of trust’ model to create interoperable and uncensorable networks which are interconnected via encrypted private channels and feeds. Future plans for Slashtags include a publishing outlet that allows users to create and monetize data and a user-centric decentralized social media platform.