Tether & Bitfinex back launch of encrypted P2P video-calling app

Tether & Bitfinex back launch of encrypted P2P video-calling app

Tether & Bitfinex back launch of encrypted P2P video-calling app

Even in the crypto winter, killer crypto apps are being released left right and centre.

Bitfinex, Tether and Hypercore (a peer to peer infrastructure platform), have announced the launch of Keet, an encrypted P2P video application.

Hypercore has created a platform called Holepunch, with funding provided by Tether and Bitfinex. Keet is the first P2P application to be developed through Holepunch.

Peer-to-peer communication

The video calling app is free and utilizes P2P connections to facilitate real time audio and video calls, file sharing and text chat. The technology stack underlying Keet uses a technique called ‘Distributed Holepunching’ to enable users to locate and connect to each other using cryptographic key pairs.

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It works on a similar basis to applications like BitTorrent. While it is a distributed technology, it doesn’t use blockchain. Therefore, there is no consensus algorithm or  global ledger which needs to be updated.

The Holepunch protocol upon which Keet is based is currently closed source but will move to open source once alpha testing has been completed later this year.

The alpha version of the Keet app has been launched today, with the mobile version expected to be launched before the end of the year. Tether and Bitfinex CTO Paolo Ardoino is also taking up the role of Chief Strategy Officer at Holepunch.

Ardoino said that Tether and Bitfinex wanted to participate in the development of both Holepunch and Keet because they believe “that freedom of choice, communication and finances are the lifeblood of the future, and anything that will enhance those freedoms is worth amplifying”.

While various distributed applications are emerging, how are they going to make in-roads on the dominance that centralized communications apps like WhatsApp have already achieved through the network effect? Mathias Buus, CEO of Holepunch, told Exodus News & Insights that with Keet, it’s all about small networks rather than facing the issue of a social media app where a prospective user doesn’t have any friends/followers on the network already. Buus stated:

“With Keet you can move all your in-company / family chats over immediately. At our company, Holepunch, we use it for all our communications, and that’s because Keet can provide a much better experience than centralised alternatives. Amazing quality since we aren't being throttled, unlimited file sharing, offline support, fully private - all things nothing else comes close to delivering. And because it's focused around small networks, it immediately creates internal value for us.”

Buus explained that the focus is on making new and better apps, that couldn't be possible to make without P2P, rather than making existing apps distributed. “With the Holepunch platform, when we open that up for developers later this year, everyone will be able to make killer apps like that”, he added.

Lightning Network payments

The Holepunch protocol will include a built-in payments API that will be powered by the Lightning Network. Alongside Bitcoin, Tether (USDT) tokens are being supported as the default micro-payments system for projects that want to build products on Holepunch.

Through the use of Lightning, the ability to stream BTC/USDT payments to content creators, offer tips and make regular payments will be facilitated. These payment methods will be supported in a non-custodial manner.

Over the course of 2021/2022, the Lightning Network has been growing at pace. The network just hit a new milestone in terms of network capacity of 4,329 BTC. What’s even more remarkable is that it has been consistently hitting new capacity records during this Bitcoin bear market. Even the Federal Reserve in a report earlier this month, acknowledged the progress Lightning Network is making as a payments technology.

How to use Lightning Network on Exodus
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Exodus is never lacking when it comes to supporting projects and technologies that add value for its users.

For that reason, it added support for Lightning Network back in December 2021. You can learn how to access the Lightning Network via this step-by-step guide.

This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.

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