The founder of stablecoin issuer, Tether Holdings Ltd., announced on Tuesday the launch of Sinonm Software Limited, an ambitious project aimed at bringing Bitcoin (BTC) transactions into the mainstream. Through an independent financial platform that uses the Lightning Network.
Sinonum Software Ltd's stated goal is to enable self-ownership and control of crypto assets by creating an open financial ecosystem using Bitcoin and the Lightning Network, the company announced yesterday.
Bitcoin's mainstream adoption will not magically happen on its own, CEO John Carvalho said. To live in a world without big banks, oppressive regulations, or big technology driving our lives, we need a strategy and ecosystem to replace the old economy. This is where Sinonm comes in.
The first protocol to be launched by Synonm is called Slashtags, which is a framework for interoperability of private networks that does not rely on blockchain technology and can be used by any platform for coordination, privacy and compliance, According to the Queen Telegraph.
The Bitcoin network has recently completed a highly anticipated Tabroot upgrade, which aims to improve transaction efficiency, privacy, and smart contract functionality.
Tabrot marks the first major upgrade to the Bitcoin network since Separating Transaction Signatures, also known as SegWit, throughout 2018.
Segwit eventually culminated in the launch of the Lightning Network, a Layer 2 scaling solution for Bitcoin.
