Tether, along with its sister company Bitfinex, is launching a P2P video chat app called Keet.
Tether is the largest stablecoin issuer in the world, with a market cap of over $14 billion. Bitfinex is a cryptocurrency exchange that is launching Keet – a fully encrypted social media application.
Currently, Keet is only available for desktop computers, but will soon be fully functional on mobile devices. According to the company, the mobile version of Keet will have “incredible” video quality.
Just today, AttachedBifinex and Hypercode also announced Perforation – A platform to create fully encrypted P2P applications.
On Holepunch, Keet is the very first application designed that uses P2P connections to enable video/audio calls, SMS and file sharing. The application uses distributed DHT databases where users reside and connect to each other, forming a swarm. It’s called Distributed Holepunching – it allows users to connect to each other using only crypto 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 a layer 2 solution called Lightning Network. It will be possible to make a payment application on Holepunch, thanks to Lightning.
The three companies combined (Tether, Bitfinex, Hypercore) spent $10 million on Holepunch, with more investments expected in the future.
Why is Tether launching a social media app?
Well, that might be the first question that popped into your mind when you first heard the news. Well, to answer that, Paolo Ardoino (CTO of Tether and Bitfinex) said the company is creating this app on behalf of Freedom of expression.
“You know that fun meme where people ask if you’re ‘in for the tech’ in the bitcoin space, mocking the fact that, of course, everyone’s in it for the money? Actually, at Tether and Bitfinex – and that’s the big alignment we have – we’re actually in the blockchain space for technology,” he added.
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