The trio founded Holepunch with the intention of, among other things, granting sovereignty over data and dismantling technological monopolies.
In keeping with the adage that “the bear market is for building,” the cryptocurrency exchange Bitfinex, Tether (USDT), and Hypercore recently announced the release of Holepunch, a completely secured platform for creating peer-to-peer apps. The trio began the project by releasing Keet, an encrypted program that enables instantaneous audio and video conversations, text chat, and file sharing.
According to the release, partners want to grant ownership over data while dismantling technological monopolies using Holepunch. The Holepunch platform was developed using funding from Tether and Bitfinex. The new initiative’s chief strategy officer will be Paolo Ardoino, the chief technical officer of Tether and Bitfinex.
Ardoino emphasized the significance of addressing the rising privacy issues when speaking on behalf of Tether and Bitfinex, saying:
“It [Tether and Bitfinex] believes that freedom of choice, communication and finances are the lifeblood of the future, and anything that will enhance those freedoms is worth amplifying.”
By the end of 2022, Holepunch will transition from being a closed source protocol used in its alpha or pre-release stages to an open source protocol. Holepunch will switch to an internal payments API backed by the Lightning Network and abandon blockchain technology as a result.
Developers creating Holepunch-based products will be able to set USDT as the default currency for micropayments. The startup has not yet revealed if it supports any further cryptocurrencies or stablecoins.
The Open Metaverse Alliance for Web3 (OMA3), an alliance founded on the four pillars of transparency, inclusivity, decentralization, and democratization, was formed by blockchain-based metaverse and Web3 platforms.
The coalition will concentrate its work on particular metaverse-related issues, such as establishing standards for nonfungible tokens (NFTs), protocols, transferable identities, gateways across virtual worlds, mapping, and indexing.