Tether, Bitfinex and Hypercore Are Setting a New Standard for Communication

web 3.0

Whatsapp, Instagram, Messenger and Snapchat dominate our day-to-day communication. But with multi-billion dollar companies in control of these platforms, are they safe and private enough for our conversations? 

Bitfinex, Tether and Hypercore have announced Holepunch and Keet to solve this problem. Holepunch is a fully encrypted platform that allows you to build peer-to-peer applications. The first app to be built on it is Keet, a privacy-first peer-to-peer communication app.

What Is Holepunch?

Simply put, Holepunch enables you to build Web 3.0 applications. It was founded to break down barriers to communication, combat censorship and empower freedom of speech around the world. The team behind Holepunch believes that open communication and data ownership are essential to breaking technology monopolies. 

Paolo Ardoino, the Chief Strategy Officer of Holepunch, stated,” It believes that freedom of choice, communication and finances are the lifeblood of the future, and anything that will enhance those freedoms is worth amplifying.” The team seeks to undo the damage done by tech monopolies to individual data ownership. 

Holepunch is currently a closed source platform as it is undergoing alpha testing. It is expected to become open source in Q4 of 2022. It is important to note that the platform will not be dependent on any blockchain. However, the built-in micropayments function will use Bitcoin’s Lightning network to run and operate. Holepunch will also support payments in USDT. 

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Keet: Solving Privacy One Swarm at a Time

Keet is a free communication app based on peer-to-peer connections. It is the first app to be built on the Holepunch platform. You can use Keet for video calls, texting and file sharing. These functions operate using a variety of distributed technologies like distributed databases. Users can connect to these databases to form a “Swarm”.

Keet leverages a technique called “Distributed Holepunching”. This allows you to connect directly to another user with only cryptographic key pairs. This reduces points of failure. It also eliminates third-party servers from your communication. 

The CEO of Holepunch, Mathias Buus has been heavily involved with Node.js and P2P ecosystems over the last 10 years. He is thus a proponent of open source technologies and their potential to change how we communicate. He stated, “I am a big believer in open source and the role that it will play in liberating communication channels for billions of people around the world.” Buus believes this quality of the platform will allow it to become the new standard of communication. 

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Who Is Behind Holepunch?

Launched in 2014, Tether is the company responsible for issuing USDT, one of the most widely used stablecoins. It is a blockchain platform that allows you to use fiat currencies digitally. USDT tokens are pegged 1-to-1 with fiat currency and are backed by reserves. This means that you can transact with traditional currencies on the blockchain, eliminating the risks that come with volatile digital tokens.

Bitfinex is a crypto exchange that offers peer-to-peer financing, an OTC market and margin trading. Founded in 2012, the platform prides itself on its state-of-the-art trading tools and unparalleled customer service. 

Hypercore is a developer of peer-to-peer distributed systems that are scalable and secure. It enables you to create multi-user networks with the small building blocks it provides. 

Final Thoughts

Holepunch is a landmark move towards more data ownership for you as an individual. It makes it even easier for developers to create applications for Web 3.0. Their commitment to open source technology and breaking down monopolies in the fields of communication is essential to future innovation. Their first application, Keet, is a promising step in the right direction. We hope the teams behind Holepunch and its backers can turn their dreams into a reality.

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