By
Bena Ilyas
July 2nd, 2024
Developers are keen on carrying out thorough re-evaluation and possible redesign of the wallet’s core code, architecture, and features.
Bitcoin enthusiasts seeking self-custody options now have a new tool to deploy for this purpose. This follows after Bitcoin software company Synonym announced, on Thursday, that the Bitkit wallet has officially launched on iOS and Android app stores, giving users full control of their Bitcoin (BTC) holdings, without the need for intermediaries.
For Synonym, transitioning from beta testing to public release is a noteworthy stride toward its vision. This vision and core value was once again emphasized by company CEO John Carvalho, who said:
“Bitkit is more than a typical Bitcoin wallet…it is fundamentally designed to empower users with self-custody.”
By all means, this approach stands in stark contrast to custodial wallets, where users entrust their assets to a third party.
Bitkit to Offer a Winning Combination of Security and Usability
Designed with security and user-friendliness in mind, Bitkit caters to a broad audience. The wallet facilitates both on-chain BTC transactions and transactions using the Lightning Network, a faster and cheaper payment technology. Meanwhile, the company took high consideration of user feedback over the last year. That was during the beta phase. This has helped it refine the interface and address any bugs for a smooth user experience.
Another major aspect of the self-custody wallet is how it preserves the essence of Bitcoin. For Bitcoin absolutists, who value the decentralized nature of the cryptocurrency, the common phrase ‘Not your keys, not your coins’ is not a joke. Carvalho insists that the same philosophy holds true for Bitkit, whose commitment to user control is second to none.
The CEO further highlighted the need for an alternative to the surge in custodial wallets that have dominated the Lightning Network space in recent years. Hence, the reason why Bitkit was created is more like a countermeasure to this growing trend of relying on centralized systems.
More Plans Ahead
While Synonym has already launched a robust solution for self-custody with Bitkit, it appears that there is room for more improvement. The team shared that it has a “comprehensive rewrite” planned post-launch. This means that the developers are keen on carrying out thorough re-evaluation and possible redesign of the wallet’s core code, architecture, and features.
Typically, a process such as the one that the team is planning about focuses on performance enhancement, optimization, as well as security improvements. This overhaul paves the way for future upgrades and other additions as dictated by user feedback.