Synonym Software Ltd., a company founded past stablecoin issuer Tether Holdings Express, officially launched on Tuesday, setting in motion a highly ambitious projection to bring Bitcoin (BTC) transactions mainstream through an independent financial platform that utilizes the Lightning Network.

Synonym's stated goal is to enable cocky-ownership and control of crypto assets past creating an open financial ecosystem that utilizes Bitcoin and the Lightning Network, the company announced Tuesday. CEO John Carvalho said "Hyperbitcoinization won't magically happen on its own. In order to live in a globe without large banks, oppressive regulations, or Big Tech presiding over our lives, we need a strategy and ecosystem to replace the legacy economy. That is where Synonym comes in."

The start protocol to be launched by Synonym is called Slashtags, an interoperability framework for private networks that doesn't rely on blockchain technology and can be used by any platform for coordination, privacy and consensus.

The Bitcoin network recently completed its highly anticipated Taproot upgrade, which targets improved transaction efficiency, privacy and smart-contract functionality. Taproot marks the first major upgrade to the Bitcoin network since Segregated Witness, also known every bit SegWit, all the manner back in 2022. SegWit eventually culminated in the launch of the Lightning Network, Bitcoin's second-layer scaling solution.

Related: Bitcoin Suisse to enable Lightning Network payments

Scalability has been cited as ane of the biggest barriers preventing the mass adoption of Bitcoin as a transactional currency. The Lightning Network aims to solve the scalability issue by enabling off-chain transactions. The number of Lightning Network nodes, which open payment channels with each other, has increased by 128% over the past 12 months, according to industry sources.

The number of Lightning Network nodes has increased sharply over the past 2 years. Source: Bitcoin Visuals

At the time of writing, Bitcoin commands over 43% of the full cryptocurrency market capitalization. The premier digital currency recently topped new all-fourth dimension highs north of $69,000 among growing mainstream adoption and recognition from fiscal elites that crypto is a new asset class.