Synonym launches architecture for an autonomous economy around Bitcoin

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Synonym Software, dedicated to bringing new utility and user experiences to Bitcoin and the Lightning Network, was officially launched today.

“Hyperbitcoinization won’t happen magically,” said John Carvalho, CEO of Synonym, in a statement sent to Bitcoin Magazine. “In order to live in a world without big banks, oppressive regulation or Big Tech presiding over our lives, we need a strategy and an ecosystem to replace the traditional economy. That’s where Synonym comes in.”

Synonym creates software to enable Bitcoin and Lightning networks to encompass more use cases and free users from dependence on traditional financial applications and systems.

“By combining the speed and efficiency of the Lightning Network with an architectured ecosystem of open P2P platforms and applications, Synonym hopes to accelerate Bitcoin’s ability to act as an independent and self-regulating economy,” the statement said.

At launch, Synonym launches Slashtags, a protocol that leverages a trusted network model to create interoperable, uncensored networks connected through private encrypted channels and streams. Plans for Slashtags include a research and publishing platform that allows users to create and monetize data and a decentralized user-centric social media platform.

“Synonym will also launch Blocktank, a full-service ‘Lightning Service Provider’ (LSP) that will allow businesses, platforms, apps or Bitcoiners to instantly set up and purchase Lightning Network connections and cash,” according to the communicated.

The company, which is owned by Tether Holdings, also offers open source code libraries for features like tokens on Lightning, a mobile Lightning node, and encrypted remote wallet backups. Fulgur Ventures is also an investor.

“As a member of the family of companies that make up Tether and Bitfinex, Synonym is positioned to integrate all of these companies’ products strategically for Bitcoin, and we can redirect those resources into the development of Bitcoin,” Carvalho said. at Bitcoin Magazine. “Slashtags and Blocktank LSP accounts will be integrated with Bitfinex. Instant Tether tokens will be brought into the Lightning Network, our apps, and Blocktank LSP for token channel liquidity, and Synonym will bring it all together using the one and only major blockchain, Bitcoin. “

An exclusive look inside Synonymous with CEO John Carvalho

The Slashtags protocol challenges common beliefs in the cryptocurrency industry that many blockchains are needed to disrupt traditional finance. Synonym and its software stack aim to demonstrate how a single blockchain is needed.

“We wanted to show and prove that you literally don’t need a blockchain for anything other than a standard Bitcoin store of value,” Carvalho told Bitcoin Magazine. “Slashtags can improve the ability of any network to authenticate, coordinate, authorize, and sort anything that can be expressed digitally.”

Slashtags are based on a Web of Trust (WoT) model, in which public key cryptography is used to establish the authenticity of the binding between a public key and its owner. This requires that a pattern be transmitted when communicating over a key. These schemes can be leveraged to allow anyone to form private but interoperable networks.

“These localized WoTs can rebuild a whole new user-centric website where you decide who to include and under what conditions,” Carvalho explained. “It makes Bitcoiners stronger by allowing us to create literally any digital marketplace we can define in a way that filters out minimal metadata and only who we choose to trust.”

However, slashtags are only part of Synonym’s stack. The company also uses Omni, a platform that enables tokens, decentralized crowdfunding, and peer-to-peer trading solutions on Bitcoin.

“The reason we chose to support Omni and OmniBOLT is that they are the only token solutions that don’t require additional blockchains or native value tokens to function,” Carvalho said. “Omni transactions are Bitcoin transactions with special information that are tracked by the Omni network and use the same scaling methods as Bitcoin, such as a Lightning Network 2 layer.”

Similar offerings exist, like Liquid and Stacks, which also promise the ability to issue digital assets on Bitcoin. However, Carvalho explained why Synonym chose Omni instead.

“The problem with Liquid is that it requires a trusted federated network, and this risk profile is almost impossible to communicate to users inside an application. Omni allows users to focus on the question of knowing s ‘they trust each individual token owner, ”he said. “The problems with Stacks are even worse, because it has a lot of redundant design and mechanics that just don’t scale at all, and are ultimately totally unnecessary for achieving decentralized web goals.”

Synonym’s goal is to allow the company to operate without trusting middlemen or asking permission from big banks or tech companies. By leveraging Bitcoin and the Lightning Network, the company aims to replace trusted intermediaries with an “atomic economy” powered by open source software that puts control back to the user.

“The idea is to reform the web to make it as convenient and relevant as possible for each individual,” Carvalho said. “The atomic economy is a concept that combines the ideas of a circular economy with a network of trust to form a very efficient and relative social economy. Our hypothesis is that if we can achieve minimal conversion (with a circular economy) and With minimal data redundancy (with localized networks of trust), we can replace the traditional oppressive and violent economy with a self-regulating, reputation-aware social economy that renders banks, governments, and Big Tech obsolete. “

Bitcoin is at the heart of this goal because it provides a global, unauthorized currency network to seat the new web, and Lightning is essential in unlocking the full potential of a healthy currency. Synonym’s LSP, Blocktank, seeks to bring this power to everyday users with convenience. The service competes with Lightning Lab’s Pool and Voltage’s Flow as the marketplace for Lightning’s liquidity.

“Pool and Flow are systems that attempt to decentralize aspects of this type of service, but we want to demonstrate that such a design is not always necessary because users can always hold their own keys regardless of the source of their channel connection, ”Carvalho explained. . “Our goal is to prove that by providing an intentional commercial service for Lightning Channel Liquidity and Automation, we can specialize and scale in ways that are predictable and useful to businesses that choose to work with us. “

User control in the form of key ownership and true sovereignty is at the heart of Synonym’s mission, as well as choosing the right tool for the job. As a result, this is where much of the firm’s and Carvalho’s criticism of the new “Web3” narratives, common in the cryptocurrency industry, has come from.

“You just don’t need a blockchain to create what they call ‘Web3’ user experiences and designs. We solve the same problems using Slashtags and Hypercore to establish a new web-based social economy paradigm. without the nonsense of non-scalable blockchain bullshit, ”he said. . “The Web3 and Metaverse narrative will haunt us for years to come and take a lot of re-education to separate design ideas from people just trying to pump their investments to bigger fools. “

“The Web of Trusted Slashtags will allow people to make their own decisions together on which token credit issuers to trust and which to reject, allowing all businesses to leverage their relevance to the customers who rely on them by issuing credit cards. credits in the format of their choice. : IOU tokens, hamburger tokens, subscription tokens, gift tokens (a strict upgrade of gift cards) and any bearer instrument that they are willing to define and for which they are responsible, ”a added Carvalho.

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