Bitkit is Lightning-compatible and utilizes the Slashtags system developed by Synonym. Slashtags is a platform that leverages Bitcoin cryptographic keys to generate portable web profiles (that may be employed across many platforms), automatically refreshed contacts, contact payment options, and passwordless verification.
Synonym thinks that the usage of Bitcoin crypto keys (through Slashtags) to allow mobility will distinguish Bitkit distinct from rest of the Bitcoin wallets.
Paolo Ardoino, CSO of Synonym, said “Bitkit is not your average Bitcoin app. Presently, everybody can carry their digital life with them everywhere they go, rendering obsolete the gated gardens and info surveillance of Big Tech. Ardino is also the chief technical officer (CTO) of Tether, the largest stablecoin in terms of market value among cryptocurrencies.”
The wallet application is available in a restricted public beta version for both iOS and Android smartphones.
In addition, Synonym introduced Pear Credit, a cooperation with Tether, and Holepunch (a peer-to-peer software enterprise). John Cavarlho, CEO of Synonym, stated that Pear Credit is an open system that enables users to “create centralized credit tokens without the need for a blockchain.”
Lastly, Synonym unveiled Blocktank Instant, a solution that enables cryptocurrency exchanges to swiftly enroll customers to the Lightning Network by delegating Synonym’s technical and infrastructure needs.
Synonym stated in the release “These businesses are no longer need to operate Lightning framework or pay specialist technicians. The Blocktank node from Synonym enables quick deposits and withdrawals for consumers of cryptocurrency exchanges.”