Tether announced that a new company called Synonym is using the Lightning Network to acquire Bitcoin.

Synonym, a Tether startup, plans to use its Lightning Network Fast Connect HyperBitcoin with an open peer-to-peer platform architecture.

Synonym Software Ltd., acquired by Stabilitycoin, announced Tether Holdings Limited, announced Tuesday. The company has reported strong demand since its inception and key projects for the Bitcoin market through an independent financial platform using the Lightning Network.

Synonym announced on Tuesday that the company has set itself the goal of supplementing the ownership and management of crypto assets by creating an open source financial ecosystem that operates Bitcoin and the Lightning Network. “Hyperbitcoinization won't happen on its own,” said John Carvalho, CEO. "He said. Meaning of synonyms."

The first version released by Synonym is called Slashtags, a private collaborative platform that can be used on any platform for collaboration, privacy, and unified consent.

The Bitcoin network recently completed the expected Taproot update to improve business performance, privacy, and smart contracts. Taproot is the first major upgrade to the Bitcoin network since Segregated Witness (also known as SegWit) in 2018. SegWit has finally announced Lightning Network, the second largest solution for Bitcoin.

"Big news: Taproot works on #Bitcoin #"

-Bitcoin Magazine (@BitcoinMagazine) 14 novembre 2021

Scalability is considered to be one of the biggest issues for the growth of Bitcoin as a currency market. The Lightning Network aims to solve the scalability problem using commercial applications. According to insiders, over the past 12 months, the number of nodes in the Lightning network has increased by 128% and nodes have opened up for payment.

As of this writing, Bitcoin accounts for over 43% of the total market value of cryptocurrencies. As cryptocurrencies continue to grow as new assets and recognized by financial elites, the first cryptocurrency previously hit a record high of over $ 69,000.