Synonym’s Self-Custodial Wallet Bitkit Now Available on Android, iOS Platforms
Summary:
Synonym has fully launched self-custodial Bitcoin wallet, Bitkit, on iOS and Android platforms. The wallet allows users to self-manage their Bitcoin transactions. Bitkit supports onchain BTC transactions as well as the Lightning Network, all within a secure, user-friendly interface. Bitkit is designed to counter the rise of third-party custodial wallets, affirming the commitment to users' financial self-management. Future plans include a comprehensive rewrite of software to optimize performance and security, and incorporate user feedback.
Synonym has revealed that Bitkit, its self-managed Bitcoin wallet, is now fully accessible on iOS and Android platforms. The launch signifies Bitkit's move from a beta version to a public one, offering users the ability to control their Bitcoin (BTC) transactions devoid of middlemen. In a press release issued to Cointelegraph, Synonym's CEO, John Carvalho, voiced that:
"Bitkit is not just a typical Bitcoin wallet [...] its fundamental design is to provide users with self-custody. This formal launch signifies a crucial step in our pledge to facilitate users in independently managing their finances, liberating them from the risk and limitations associated with third-party custodians."
With regards to user security and control, the press release assures that Bitkit will support onchain BTC transactions and transactions via the Lightning Network, all within a secure and user-friendly platform. In the past year, user input significantly shaped the wallet's development, guiding its bug rectifications and usability enhancements. Furthermore, Carvalho underscored Bitkit’s philosophy by stressing that:
"'Not your keys, not your coins' is as applicable to the Lightning Network as it is for the base layer. Our goal with Bitkit is to ensure that users keep full control over their finances.”
In recent times, the widespread usage of custodial wallets, where a third-party holds user assets, has sparked apprehension among BTC users who value decentralization, as Carvalho highlighted:
"When the Lightning Network gained momentum in 2020, custodial wallets dominated the market. This contradicts the fundamental principle of Bitcoin, which is about shunning reliance on centralized systems. Bitkit was designed as a countermeasure to this trend, offering a potent, user-friendly, self-custodial alternative."
Bitkit’s dedication to self-custody guarantees that users maintain control over their assets without exposure to counterparty risk or censorship threats.
As a part of its future plans, Bitkit is setting the stage for a "comprehensive rewrite", meaning the developers aim to in-depth revamp of the software’s codebase post-initial launch. This reconstructing process might include reassessment and remodeling of substantial aspects of the wallet’s code, structure, and features. The primary focus of this massive overhaul would be to optimize performance, maintainability, and security, include new features and implement changes based on user feedback.
Published At
6/13/2024 12:12:33 PM
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