Tether and Bitfinex launch Blockchain-based alternative to WhatsApp
Bitfinex and Tether have teamed up with peer-to-peer (P2P) protocol Hypercore to roll out blockchain-powered video calling app Keet. The app, which represents a decentralized alternative to popular centralized communication apps like WhatsApp and Zoom, is built on a fully encrypted platform for building P2P applications, Holepunch.
A decentralized app for video calling and messaging
Digital asset exchange Bitfinex and Tether, the project behind the troubled USDT stablecoin, have partnered with open source P2P protocol Hypercore to launch a new decentralized communications app, called Keet.
Cryptocurrency exchange Bitfinex and USDT stablecoin issuer Tether have partnered with the Hypercore open source protocol team to launch a new peer-to-peer (P2P) communication application, Keet. Through the app, users will be able to schedule audio and video calls and use free chat and file sharing services, the sister companies said on Monday.
The companies said Keet is based on an underlying technology known as Distributed Holepunching (DHT). This technology enables users to find and talk to each other “only using cryptographic key pairs after authorization.”
While Keet is similar to popular video calling and messaging services such as Zoom and WhatsApp, the new app does not share data with a central server, but only allows users to establish connections between themselves. Through this decentralized approach, Keet manages to reduce latency and improve reliability compared to traditional communication apps.
Bitfinex and Tether will launch the online version of Keet on Monday, while the mobile app will launch in November this year. Keet aims to “become the most unstoppable communication application, offering a great user experience, with maximum privacy and security,” said CTO of Bitfinex and Tether, Paolo Ardoino.
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Holepunch – The Platform Powering Keet
Ardoino, who is now also the CSO of Holepunch, said Bitfinex, Tether and Hypercore teams have been developing the technology for the past five years. He added that these companies aimed to build a “platform that would allow users to access applications that are unstoppable and allow freedom of expression.”
The technology uses a data network infrastructure similar to BitTorrent, making it easy for developers to build P2P apps using the Hypercore stack. Holepunch is due to be released as an open source software development kit (SDK) in December 2022.
Ardoino said Bitfinex and Tether have poured roughly $10 million into the development of Holepunch and Keet, adding that the sister companies are open to investing another $50 million to $100 million for future P2P apps. Holepunch is also expected to add Lightning Network and Tether stablecoin (USDT) to its protocol in the future. Earlier this year, Tether paid out over $10 billion in withdrawals amid a broader downturn in the crypto market.
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About the author
Tim Fries is the co-founder of The Tokenist. He has a B. Sc. in mechanical engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate in the investment team at RW Baird’s US Private Equity division and is also a co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
