Tether, Bitfinex and Hypercore jointly launch Encrypted P2P Applications
The trio launched Holepunch, aiming, among other things, to ensure control over data and break technological monopolies.
Remaining true to the motto "bear market for development", the Bitfinex cryptocurrency exchange, together with Tether (USDT) and Hypercore, announced the launch of the Holepunch cryptographic platform for creating peer-to-peer applications. As part of this initiative, the trio launched Keet, a P2P application capable of facilitating real-time audio and video calls, text chat and file sharing.
Keet uses end-to-end encryption and a point-to-point connection, eliminating the centralized functions inherent in programs such as Zoom and WhatsApp, since the transmitted information is not forwarded to a central server. Instead, the connection is established exclusively between the clients participating in the chat, which reduces latency and increases reliability.
According to the announcement, all other applications of the platform will work in the same way - partners seek to transfer control over data to users and undermine the power of technological monopolies with the help of Holepunch. Tether and Bitfinex have funded the development of the platform. Paolo Ardoino, Chief Technology Officer of Tether and Bitfinex, will lead the new initiative as Chief Strategy Officer.
Speaking on behalf of Tether and Bitfinex, Ardoino stressed the need to address growing privacy concerns, stating:
"Tether and Bitfinex believe that freedom of choice, communication and finance is the lifeblood of the future, and anything that expands these freedoms deserves to be developed."
Holepunch is currently operating as a closed source protocol in alpha testing* or pre-release, which will be published as an open source project by the end of 2022. At the same time, Holepunch will not use blockchain technology at its core and will instead turn to the internal payment API based on the Lightning Network.
Developers creating solutions based on the Holepunch protocol will be able to use USDT for micropayments by default. However, the company has not yet announced support for other cryptocurrencies and stablecoins.
This is not the first alliance to develop an interaction protocol. Previously, the blockchain-based Metaverse and Web3 platforms merged to form the Open Metaverse Alliance for Web3 (OMA3), an alliance based on four main principles: transparency, inclusivity, decentralization and democratization.
As previously reported, the alliance will focus its efforts on specific topics related to the metaverse, including setting standards for non-interchangeable tokens (NFT), protocols, transferable identities, portals between virtual worlds, mapping and indexing.
* The alpha version involves testing by a limited number of participants, beta testing is always open. At the same time, developers who are poorly versed in the classical stages of testing have invented the term "closed beta testing". Despite the obvious absurdity, the term has gained popularity among developers, often only emphasizing their lack of professionalism.
https://coin-signal.com/cryptonews/tether-bitfinex-and-hypercore-jointly-launch-encrypted-p2p-applications/
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