Crypto

Biftinex and Tether Launch Holepunch to Build P2P Apps

Cryptocurrency exchange Bitfinex and USDT stablecoin issuer Tether are teaming up to launch a new peer-to-peer (P2P) application. To do this, both parties collaborated with teams developing the Hypercore open source protocol. This was made possible thanks to the Holepunch platform, created by three partners.

As mentioned, this new association in the web3 world initially gave birth to Holepunch. This is a platform that allows you to create fully encrypted P2P applications, the code of which will be open source by the end of 2022. Holepunch does not run on a blockchain and does not have a native token. Of course, this choice is assumed: it allows you to create distributed applications with “minimum resources”. »

Also note that Bitcoin payments on the Lightning Network should be integrated very soon. In any case, this is the will of Ardoino and Matthias Buus. Because they think it would be beneficial to offer these additional features to all the people who use the applications built thanks to Holepunch.

What is the purpose of Holepunch?

The reasons behind Bitfinex, Tether and Hypercore to launch Holepunch (and its first use case) are simple and speculative. It is about returning power to users, strengthening freedom of speech around the world and fighting censorship. However, at the moment this world is still utopian and involves the unloading of technological monopolies.

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However, the least we can say is that the founders of the project seem to strongly believe in it. In this way, they clearly demonstrate their commitment to making Holepunch an important and “most unstoppable” communication application on the Internet3.

“Holepunch offers a range of user-friendly and easy-to-use P2P data structures, allowing developers to focus primarily on building large applications rather than networking or P2P experts.”

Ardoino and Matthias Buus, CEO of Holepunch.

Holepunch announces Keet, a P2P messaging app

The idea was to create the first application based on this platform in order to demonstrate it to the public. Now it’s done with Keet! Indeed, three partners have launched this encrypted P2P video and chat app (by default). This ensures private and secure communications. Like Zoom and Whatsapp, all data is end-to-end encrypted. But without transmission to the central server.

The application generates ED25519 private and public key pairs on first run. On this last point, the Holepunch executives explain that the keys are generated locally. And that they are currently working on adding support for various Hardware Security Modules (HSMs) such as the Ledger. The end goal is to give users more flexibility. For example, by allowing them to store their keys on external hardware.

Anyway, the first application developed by Holepunch ended up being a successful test. This demonstrates that the platform is effective and, above all, that it works.

“By building Keet on top of Holepunch, we know firsthand how powerful this platform is, and we can’t wait to see what other developers create.”

Ardoino and Matthias Buus, CEO of Holepunch.

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