The world’s largest stablecoin issuer, Tether, and its sister company Bitfinex have launched a peer-2-peer (P2P) video calling application, Keet.
It took over five years to procreate this product in collaboration with Hypercore, a P2P infrastructure developer. The trio launched this video chat application through a startup they co-founded, dubbed Holepunch.
The trio launched Keet to be a direct competitor to Google, Zoom, and several other top social networking and media platforms across the globe. Keet allows users to send texts and share files in a decentralized environment for free. They can also schedule audio and video calls with the application.
The files you share will all be encrypted. A new technology called DHT, or Distributed Holepunching, powers the application. This technology enables users to locate and connect via cryptographic key pairs. This messenger is the first application built on Holepunch.
Web3.0 ecosystem is expanding with every passing day, and with it, the projects and teams feel the need to connect. Mostly, the tech giants across the globe carry out the process. Through the process, these giants monetize users’ data. However, Hypercore is convinced that Keet will allow its users to communicate without any such hindrance.
Why Is Tether Launching Keet
One question is hovering amidst all these developments. Why would Tether, the company that issues the world’s biggest stablecoin (USDT) and crypto exchange, enter the crowded chat app market? “Paolo Ardoino, in an interview, said, “It’s in the name of freedom of speech.”
He further added,
“You know that funny meme where people ask if you are ‘in it for the tech’ in the Bitcoin space, mocking the fact that of course, everyone is in it for the money? We at Tether and Bitfinex—and this is the great alignment we have—we are actually in the blockchain space for the tech”
The CTO said that achieving individual sovereignty is impossible, merely with financial freedom. A lack of freedom of speech would stand in the way of an individual’s sovereignty despite financial independence.
Thus, Keet, along with Holepunch, aims to deliver just that. Users can use this app for free. The app will likely be more private and secure than its Web2 centralized counterparts like Zoom and Google Meet. Keet enables its users to make calls directly to another individual’s computer. In the process, the server stores no data.