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Bitfinex and Tether launch P2P video calling app ‘Keet’

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Cryptocurrency exchange Bitfinex and stablecoin issuer USDT Tether announced on Monday the launch of a new company and protocol called Holepunch.

In addition, alongside P2P infrastructure development company Hypercore, they launched the peer-to-peer (PS2) encrypted video calling application Keet; which is in alpha stage.

According to a note from the companies, Keet will allow its users to schedule audio and video calls. In addition, they will be able to chat by text, in a chat, and share files. All this for free.

The Keet app is based on Distributed Holepunching (DHT) technology. This solution allows users to locate and connect to each other “using only authorized cryptographic key pairs”.

About Holepunch and keet

As Tether CTO Paolo Ardoino highlighted, Holepunch is similar to BitTorrent. However, its differential is that it is possible to create many applications in addition to file sharing:

“You can reconstruct the entire World Wide Web experience [www] in a fully P2P way,” he said.

According to the executive, who became Holepunch’s director of strategy, the three companies have been building this technology over the last five years:

“So what we are working on is to create a platform that allows users to access apps that are unstoppable and offer freedom of expression,” Ardoino told The Block.

The companies said the platform will not rely on any blockchain. Instead, the Lightning Network (LN) will run and operate the payments API.

Tether’s token USDT will also be supported as the default payment system for companies looking to build products on Holepunch.

Freedom of expression

In the press release, Ardoino highlighted that in many places around the world, freedom of expression is much more limited than in the US or the UK, for example.

“And freedom of speech is not just sitting around and saying what you want. But it’s like sharing and chatting with the people you want all the time. That’s without worrying that big tech is listening to you or using your data; is collecting your data and potentially monetizing your data or using it against you,” he said.

In all, Tether and Bitfinex invested around $10 million to build Holepunch and Keet. In addition, the companies still intend to invest $50 million to $100 million more in the future. This is as they develop more P2P applications.

Holepunch is now closed source and will stay that way until it completes alpha testing. Then it will move to open source. This is expected to occur in the fourth quarter of 2022. That way, anyone can create an app on the protocol and earn money from it.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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