Bitfinex Partners With Hypercore and Tether to Launch an Encrypted Platform for P2P Apps
- Paolo Ardoino will be Holepunch’s chief strategy officer despite his roles as the chief technology officer at Tether and Bitfinex.
Keeping to its ethos of building during a bear market, popular crypto exchange, Bitfinex, Hypercore, and Tether are collaborating to build peer-to-peer (P2P) apps. A first app (Keet) has already been launched on the platform known as Holepunch.
Keet is an application that enhances sharing of live files, audio and video calls and text chat. According to the announcement, the trio aims to break monopolies in technology using the Holepunch and restore user control over their private data.
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Paolo Ardoino will be Holepunch’s chief strategy officer despite his roles as the chief technology officer at Tether and Bitfinex. In his comments as a spokesperson for Bitfinex and Tether, Ardoino emphasizes the importance of providing solutions to privacy issues.
“Tether and Bitfinex believe that the future lifeblood will depend on the freedom of finances, choice and communication. Hence, it is important to amplify anything that will improve these freedoms.” Ardoino noted.
Adding that the aim is for Keet to become the decentralized communication medium for the crypto-verse.
Telegram and Twitter are the main communication media for the crypto space. Users can also use Keet for other non-crypto-related purposes. They can communicate with their loved ones, friends, co-workers and families without worrying about big techs or authorities listening to or recording their conversations.
Hence, the chances that Keet would be a hugely successful project are high. Currently, Holepunch is in its pre-release (alpha) phase. Hence, it is still operating as a closed-source project. However, it will become an open source code by this year-end. Once it becomes an open source protocol, the core of Holepunch will not be blockchain technology. Instead, it will be an in-house payments API built on the Lightning Network.
The three companies also plan to enable bitcoin payments on Keet. The USDT will be the default payment method for developers building solutions on the Holepunch platform. Nevertheless, the Holepunch team hasn’t revealed whether or when the platform will support payment in other cryptos, including other stablecoins.
In his remarks, Holepunch CEO, Mathias Buus, said Holepunch is different from what’s obtainable in most virtual communications apps. He said these apps use a single server to relay communications. In contrast, Holepunch is an open network where users can discover one another.
Buus further said his experience with P2P and node ecosystems in the last decade gives him confidence that open source will play a big role in providing freedom of communication for most people worldwide.
Web3 platforms and blockchain-built metaverse partner to launch the OMA3 (an acronym for the open metaverse alliance for Web3). Democratization, transparency, decentralization, and inclusiveness are the four founding principles of this alliance.
Per the announcement, the alliance focuses on certain metaverse-related themes such as mapping, indexing, standards for non-fungible tokens (NFTs), portals between virtual worlds, and transferable identity.