Synonym Software Ltd. – a firm established by stablecoin issuer Tether Holdings Limited – reportedly had its official introduction on November 16th. 

Specifically, the development reportedly marks the point where an initiative with high ambition of turning Bitcoin (BTC) transactions mainstream, via a stand-alone financial platform that utilizes the Lightning Network. 

Synonym’s primary target is reportedly to make self-ownership and control of crypto assets available, via forming an open financial ecosystem, which takes advantage of Bitcoin and the Lightning Network. 

“Hyperbitcoinization won’t magically happen on its own. In order to live in a world without big banks, oppressive regulations, or Big Tech presiding over our lives, we need a strategy and ecosystem to replace the legacy economy. That is where Synonym comes in.” Synonym’s Head – John Carvalho – further remarked. 

The first protocol to have its introduction on Synonym goes by the name Slashtags – functioning as an interoperability framework dedicated to private networks, independent from blockchain and can be utilized by any platform for coordination, privacy and consensus.

The Bitcoin network has reportedly just finalized its highly anticipated Taproot upgrade – with the main goal of rolling out enhanced transaction efficiency, privacy and smart-contract features. 

Taproot will go down in history as the first officially recorded significant upgrade to the Bitcoin network since Segregated Witness (SegWit) three years ago. 

SegWit eventually culminated in the release of the Lightning Network, Bitcoin’s second-layer scaling solution.

Scalability has reportedly been recognized as among the top obstacles pulling back the adoption rate of Bitcoin as a transactional currency.