Tue. Feb 27th, 2024

Tether, the issuer of the popular USDT stablecoinsupported by cryptocurrency exchange Bitfinex and peer-to-peer (P2P) infrastructure platform Hypercore have launched Holepunch, a P2P platform aimed at allowing developers to create Web3 applications. Holepunch is a fully encrypted protocol that is designed to “unblock global communications, empower freedom of expression, and combat censorship around the world.”

The creation process is already underway and the result has been the birth of Keet, a free-to-use video call application that uses peer-to-peer connections in a decentralized manner.

What is Keet?

It is presented as the first project created and developed by Holepunch; This app facilitates real-time video calls, text chat, and file sharing by using distributed technology. which includes distributed databases, to which users can connect using only cryptographic key pairs. And if that were not enough too allows the sending and receiving of cryptocurrencies becoming the new “Telegram” or “Whatsapp” but offering the benefits of blockchain technology in terms of data decentralization and the ease of sending value provided by digital assets.

A transition is taking place!

Given this, Paolo Ardoino(Bitfinex CTO, Tether CTO and Holepunch CSO) said in the company’s statement that it believes that these Web2 applications like Telegram and Whatsapp are full of problems, especially when it comes to privacy and data usage.

“Web2 requires users to relinquish control of their data, which has led to the rise of monopolies and growing privacy concerns, which is why Tether and Bitfinex chose to participate in the development of Holepunch and Keet. Freedom of choice, communication, and finances are the lifeblood of the future, and anything that enhances those freedoms is worth expanding.”Paolo Ardoino, CTO Bitfinex, CTO Tether and CSO of Holepunch

In conclusion

The Holepunch protocol is currently closed source, but will become open source in Q4 2022. The platform will not be based on any blockchain, but the integrated API for payments will be based on the Lightning Network. It will also support USDT as the default micropayment system for companies that want to create products on Holepunch.

By Farwa Raza

Farwa Raza is a writer who specializes in news articles. She has been writing on wttspod.com for over one years, and during that time she has written over 100+ articles on various topics ranging from politics to entertainment. Her goal as an author is to provide readers with the latest news stories while also providing her own opinion on them.