Tether, along with its sister company Bitfinex, is launching a P2P video chat app called Keet.
Tether is the world’s largest stablecoin issuer, with a market cap greater than $14 billion. Bitfinex is a cryptocurrency exchange that is launching Keet – a fully encrypted social media application.
Currently, Keet is only available for desktops but will soon be fully functional on mobile devices. According to the company, Keet mobile version will have an “amazing” video quality.
On Holepunch, Keet is the first ever app built that utilizes P2P connections to enable video/audio calls, texting, and file sharing. The app uses DHT distributed databases where users find and connect to each other, forming a swarm. It’s called Distributed Holepunching – it allows the users to connect to each other by only using cryptographic pairs.
Holepunch is currently closed source but is expected to be open-source by the end of 2022. Instead of running on a blockchain, Holepunch runs o a Layer-2 solution called Lightning Network. It will be possible to make a payment app on Holepunch, thanks to Lightning.
The three companies combined (Tether, Bitfinex, Hypercore) have spent $10 million on Holepunch, and more investments are expected in the future.
Why Is Tether Launching A Social Media App?
Well, this may be the first question that came to your mind when you first heard the news. Well, to answer this, Paolo Ardoino (CTO of Tether and Bitfinex) said the company is making this app in the name of Freedom of Speech.
“You know that funny meme where people ask if you are ‘in it for the tech’ in the Bitcoin space, mocking the fact that, of course, everyone is in it for the money? Actually, we at Tether and Bitfinex—and this is the great alignment we have—are actually in the blockchain space for the tech,” he added.
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