I. What is NYM?
NYM is an Ethereum-based open source, decentralized security system. Without needing to develop a security solution, Nym offers a comprehensive security framework that enables applications, services, and blockchains to secure data for their customers at the mixnet and application levels.
Nym enables developers to create Dapps that offer customers strong assurance against metadata surveillance at the network traffic level as well as the authentication level and payment level. Moderators will be able to operate related nodes in the network and profit from it thanks to the Nym protocol.
Additionally, NYM is a permissionless protocol that was created to stop data leaking from other Internet protocols. Nym also offers privacy on the stack at the same time, linking to dApps, services, and other blockchains to give consumers the ability to safeguard data in large quantities.
II. History of NYM
The project was established in 2018. The NYM’s Twitter was established in November 2018 and currently has 26.3K Followers.
Nym has gone through three rounds of fundraising with the current raised capital of $21.5 million:
- Seed Round: Held on May 13, 2019, with $2.5 million raised. With the participation of some typical investors such as NEO Global Capital (NGC), Lemniscap, Eden Block, Binance, 1kx
- Series A: Announced on July 16, 2021, with a raised capital of $6 million. With the participation of prominent investors: Polychain, Maven 11 Capital, Greenfield One, Eden Block, 1kx
- Series A: Announced on November 17, 2021, with a raised capital of $13 million. With the participation of prominent investors: Tayssir Capital, Huobi Capital, Hashkey, Fenbushi Capital, Digital Currency Group, Andreessen Horowitz
III. Striking Features of NYM
Nowadays, third parties can watch a user’s traffic to see what services users are using, who they are interacting with, and what they are doing online. It is still possible to establish how a user uses these apps, even if they utilize an encrypted messaging service like WhatsApp, Telegram, or Signal.
This concerns privacy at the network level, or layer 0. At the blockchain level, cryptocurrencies like ZCash, Monero, and Mimblewimble can provide anonymity, but they can also be disabled over time and involved in network activity.
Although users of VPNs are compelled to trust the VPN provider, this problem still exists, and hackers can still access user data and privacy.
Although Tor and 12P are more advanced enhancements, they cannot ensure privacy in the face of hackers who control the entire network. Tor is designed with fast browsing in mind. Therefore, Nym’s Mixnet offers users exceptional performance and efficiency.
Nym offers the following solution:
- Ensure confidentiality at the network layer
Your internet traffic is forwarded and encrypted by Nym through a mixnet, a multilayer network. Nym Mixent is a multi-purpose mixnet that aids in preventing traffic analysis by individuals and organizations with the capacity to spy on the entire Internet, including the NSA.
- Incentivized and Decentralized
To send their data through the mixnet, users must pay a fee in NYM (the native token of Nym mixnet). Anyone can operate a union node by making an initial bond of NYM.
To improve a node’s reputation, any bearer of NYM may delegate to it. Then, nodes are compensated with NYM tokens based on their standing and level of performance for mixing packages and giving end users anonymity.
- Adapts to multiple apps
Any blockchain and other widely used apps can benefit from network-level privacy provided by Nym. Developers can construct their apps on top of Nym to secure the network layer and user metadata, from Bitcoin to instant messaging.
Allows any random “key:value” pair to be anonymized by third-party apps. From there, individuals can discreetly give any or all of their data in order to comply with any legal requirements and to be authenticated.
IV. Core Technology of NYM
3 technology platforms of NYM:
- Nym Mixnet: offers leak protection and gathers data and metadata at the network layer. Mixnet is a secure network that doesn’t need to be modified and can be used in conjunction with the majority of other services and apps, enabling anyone or a service provider to be certain of the security of their clients.
- Nym Credentials: A certificate (credential) that enables a client to validate the entry and determine that the data will be used meaningfully while remaining confidential. Information for a service or application is encrypted and provided by certificates. This method will be independently validated without disclosing the relationship between the client and the service provider they use.
- Nym Tokens: As a result of the PoW reward method, Nym tokens will be utilized to boost protection and make the mixnet decentralized and sustainable. Nym won’t have much of an impact on the environment because it just uses as much gas as the grid needs.
This demonstrates that network-level security is entirely decentralized and does not need to be packaged by a third-party vendor like a VPN. Additionally, Nym provides a higher level of security than VPNs and, thanks to PoW incentives, can support providers with remarkable latency reduction.
V. What is NYM Coin?
1. NYM Token Metrics
- Token Name: Nym Token
- Ticker: NYUSA
- Blockchain: Ethereum
- Token Standard: ERC-20
- Contract: Updating…
- Token type: Utility, Governance
- Total Supply: Updating…
- Circulating Supply: Updating…
2. NYM Coin Allocation
- Team – 20%
- Backer – 36.5%
- CoinList Sale – 7.5%
- Mix-Mining – 25%
- Reserve & Community – 11%
3. NYM Coin Noticeable Milestones
- Release Schedule
4. Use Cases of NYM Coin
NYM Token will be used to:
- Privacy: Use NYM tokens to access the mixnet.
- Run a Nym node: Rewards mixing nodes for mixing traffic and providing privacy to users of the Nym network.
- Delegated Staking: Authorize the NYM to combine nodes as a token that signals the reputation bond for that node and earns a reward for the combined nodes. This supports decentralization and encourages high-quality service mixnets by involving the wider community in the node selection process.
- Fees: Fees, collected at NYM, will go to a pool of rewards distributed to the associated nodes.
VI. How to earn & own NYM Coin?
NYM Coin is available for trading on the following exchanges: Huobi Global, Kucoin, Kraken, LBank, etc.
VII. Which Crypto Wallets are suitable for NYM Coin?
Some of the providers you can choose from smart wallets to store NYM Coin:
- MetaMask
- Coinbase
- Ledger Nano X
- Binance
- Exodus
- Uphold
VIII. NYM Coin Recent Developments
2018 – The Beginning
- Nym was founded in the Fall of 2018 at Binance Incubator.
2019 – Fundraising and Prototyping
- CHF 2.5 million pre-seed funding round has ended.
- Early Prototypes on Go.
- Litepaper is out.
- Launched the first version of the decentralized mixnet with developer documentation.
2020 – Encryption Testnet
- Rust redesigned Mixnet to increase performance.
- At the Chaos Computer Congress, the public was presented with the first crypto testnet and mixnodes.
- Using Tendermint, Nym’s directory authority is decentralized.
2021 – Road to Mainnet (Milestone 1)
- CHF 6 Million Series One Endowment Ended.
- Launch Nym Network Explorer.
- Launching Nym Block Explorer and Web Wallet with Authenticator Integration.
- Proof of Mixing (Mix) and authorized staking mechanism.
- Building Nym Private Credentials and Decentralized Public Key Infrastructure (dPKI).
- Nym crypto-economics.
- Mainnet.
2022 – Customer Application and Adoption (Milestone 2)
- Improved Sphinx and SURBs format.
- Build Nym client and GUI, including wallet, wallet integration dashboard.
- Supports authentication services using Nym Credentials.
- Support for crypto-trading and private messaging apps.
2023 – Business use cases and organizational adoption (Milestone 3)
- High-speed mixing to handle daily private Internet usage.
- Building Nym into a network stack (see TARANET).
- Support for decentralized VPNs.
- Standardization of core Nym components at standards bodies such as IETF.
- Integrate with partners with combined logins and networks to diversify and build the user base.
IX. Team and Funds of NYM Coin
1. Team
The Nym team includes the following members:
- Harry Halpin – CEO and Chairman of the Scientific Council
Harry has published more than 50 articles in fields such as artificial intelligence and formal verification. He holds a PhD in AI from the University of Edinburgh. Besides, Harry has directed NextLeap security and surveillance programs for the European Commission as well as been a key player in mixnet projects like Panoramix. Harry has concentrated on growing the Binance Labs-incubated Nym project since November 2018 until now.
- Dave Hrycyszyn – Chief Technology Officer of Nym
Dave was the CTO and co-founder of Head, a London-based software consultancy company. He is also the author of Scalatra in Action, a book about scalable microservices. Since 2015, Dave and George Danezis have collaborated on blockchain technologies. Vega Protocol, known as the quickest horizontally scalable blockchain system in the world, is the most successful project he has worked on as a consultant. Additionally, he previously worked at Libra before quitting and participating in Nym a week later.
- Claudia Diaz – Leading Scientist
One of Europe’s top researchers in the field, she is a professor of security technology at KU Leuven with more than 20 years of experience working on privacy-enhancing technologies. More than 50 of Claudia’s works have been used in security technology. Harry and Claudia used to work together at Panoramix. She oversaw the Nym network’s design when she got back to Nym.
- Ania Piotrowska – Co-Founder and Head of Research at Nym
Ania graduated with a master’s degree in algorithm analysis from the WROCLAW University of Technology’s Department of Fundamentals of Technology. She also worked with Chainalysis and Volvo IT while interning at Google DeepMind, where she designed mixnets. Ania then held a position at Nym as a research and development specialist.
- More than 20 additional members also participate and contribute.
2. Investment Funds
Nym successfully raised funding in the funding round and got $3 million from a16z in addition to $6 million from the Series A round and $2.5 million from the seed round.
The following partners provide funding to Nym:
X. Where can NYM Coin information be updated?
Currently, Crypto users can fully consult, research, and analyze information about NYM through famous media newspapers such as Nasdaq, Bloomberg, Forbes, AP News, Yahoo!Finance, CoinTelegraph, Coindesk, etc.
These media are constantly updated with useful information, new activities, outstanding events of NYM, and all the topics surrounding it. Accordingly, Meta Lion Ventures continuously updates the topic of outstanding projects in Blockchain and hot events organized between Meta Lion & partners.
XI. FAQs about NYM
- Where can I buy NYM coins?
The main cryptocurrency exchanges for trading in NYM stock at the moment are BTCEX, XT.COM, OKX, MEXC, and CoinW. If you’re looking to acquire NYM at the present price, these are the places to go. On our website for crypto exchanges, you may find more.
- Is NYM a good investment?
Our technical indicators indicate that the present mood is bearish, and the Fear & Greed Index is displaying 20. (Extreme Fear). In the last 30 days, NYM experienced 3.58% price volatility and 12/30 (or 40%) green days.
- Is NYM an ERC20?
The first quarterly vesting release is about to occur, meaning that those on vesting schedules will soon receive their first native NYM tokens and be able to bond and delegate stake; the validators are ready to turn on rewards. NYM ERC20 tokens from the public sale have just been delivered.
Conclusion
NYM can be thought of as a fully decentralized security program with the unique ability to authenticate and authorize users without disclosing any personal information by employing anonymous cryptographic information. In order to address users’ privacy concerns and deliver security to the blockchain network in general and users in particular, the Nym protocol’s output is crucial.
However, NYM Coin is in the period of paying Tokens so this project will have little growth in the short term. In short, NYM can be an ever-expanding and growing project in the future blockchain market.
The above is Meta Lion’s comment on the NYM project which is our personal opinion, this is not investment advice at all. Investors should be responsible for their own decisions.
