Global Bitcoin Adoption Getting Closer As Tether Launches Synonym
As Bitcoin marches towards global adoption, creators, developers, and crypto firms are stepping up efforts to resolve the major challenges that the token faces. One of the biggest firms in the crypto industry has now launched a software solution that it says would help increase Bitcoin adoption by enabling faster and easier use of the coin without traditional blockchain protocols.
Tether Holdings Ltd., creators of the stablecoin USDT, has announced the launch of its Synonym Software Ltd., a software company that will focus on building a project that will focus on increasing Bitcoin adoption by enhancing its use through a non-blockchain financial platform. The massively important project will help to increase access and exposure to Bitcoin and achieve the so-called “Hyperbitcoinization”; a term used to describe massive global Bitcoin adoption as the most used currency.
Synonym will create a decentralized and open ecosystem for Bitcoin and the Lightning Network to collaborate. The collaboration will enable users to have direct ownership and control over digital assets deployed on the network.
According to John Carvalho, the CEO of Synonym, the global adoption of Bitcoin is not automatic and would not happen “magically”. Carvalho said that strategic planning and the creation of an enabling environment are needed.
Benefits of Synonym
The synonym software will introduce a protocol, Slashtags, that will enable inter-network communication between non-blockchain private networks. Slashtags will enable the users to create, secure, and deploy projects on any platform. This, together with the recent upgrades on the Bitcoin network, will improve its scalability, usability, and speed.
Bitcoin received a recent upgrade named Taproot. Taproot is designed to increase the speed, safety, and overall efficiency of transactions on the Bitcoin network. With the Lightning Network, Taproot is expected to improve Bitcoin’s intrinsic value over time.
The efforts being made toward improving Bitcoin’s scalability will pay off as the problem of low scalability has been identified as the major reason why Bitcoin adoption is slow. As the network improves, it will become easier for the token to be adopted for global transactions.
Tether’s Synonym will enhance this process and become the bridge for inter-network operations.
Bitcoin
Bitcoin has retained its position as the biggest coin in the crypto market for over a decade now. As of writing, Bitcoin has nearly 44% of the entire crypto market cap and is the only coin to have crossed a trillion dollars in capitalization. The current price is $59,750.67 after losing by 1.76% today.
Bitcoin faces several challenges as it prepares for the next phase of global adoption. Several countries have imposed strict regulations or outright bans on cryptocurrencies while others are closely monitoring the industry.
The creation of Central Bank Digital Currencies (CBDCs) as a rival to cryptocurrencies has also created a challenge: will CBDCs be adopted over cryptocurrencies? The rising cost of Bitcoin mining also poses a challenge to the advancement of the coin. If global adoption is to be achieved soon, the crypto industry must address these issues quickly and find a solution that works.
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