Bitfinex, Tether and Hypercore Launch Holepunch

Bitfinex, Tether, and Hypercore have joined to launch Holepunch, a platform described as enabling creators to build secure peer-to-peer apps. Holepunch is currently closed source and in alpha testing. The company anticipates moving to open source code in Q4 of 2022.

Tether is a leading dollar based stablecoin issuer, and Bitfinex is a crypto exchange that is related to Tether. Hypercore was founded and financially backed by Tether/Bitfinex. Paolo Ardoino, an executive at both Tether and Bitfinex, has been appointed as Chief Strategy Officer of Hypercore.

According to a company statement, Holepunch was founded to “unlock global communications and empower freedom of speech, access to information and combat censorship around the world.”

Keet is the first in a series of peer-to-peer applications that aims to power video chat apps. Keet is said to be able to initiate a call directly to another individual’s computer, eliminating reliance on third-party platforms.

Ardoino explains that Web1 was the original internet designed to distribute information on a global scale. Web2 improved upon the experience boosted by social media but suffering from a major flaw – data integrity and privacy.

“Web2 requires users to give up control of their data, which has led to the rise of monopolies and growing privacy concerns. That is why Tether and Bitfinex chose to participate in the development of Holepunch and Keet. It believes that freedom of choice, communication and finances are the lifeblood of the future, and anything that will enhance those freedoms is worth amplifying.”

The company states that the platform will not rely on any blockchain, but the built-in payments API will run, operate, and be powered by the Lightning Network. Tether tokens will also be supported as the default micropayments system for businesses that want to build products on Holepunch.

Mathias Buus, CEO of Holepunch, added that Holepunch is an open network of computers that may be used by peers to discover each other:

“Having been heavily involved in the P2P and Node.js ecosystems the last 10 years, I am a big believer in open source and the role that it will play in liberating communication channels for billions of people around the world. This technology will enable Keet and the Holepunch platform to become the most unstoppable communication application, and we are thrilled to finally introduce it to the world.”

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