Nym Technologies Partners with NEAR Foundation to Elevate Web3 Privacy for Users and Validators

Introduction: Nym Technologies, a leading force in privacy and blockchain technology, proudly announces its partnership with the NEAR Foundation, a major player in layer-1 blockchains. This collaboration aims to integrate Nym’s mixnet into the NEAR ecosystem, ushering in unprecedented end-to-end encryption and metadata privacy for users and validators. The move represents a significant step toward safeguarding user activities such as accessing NFTs, DeFi protocols, and dApps from potential threats like cyber-criminals.

NEAR Protocol Overview: NEAR Protocol, a prominent layer 1 blockchain, operates with multiple shards, each functioning as an independent blockchain. This unique structure enables NEAR to deliver exceptional speed, throughput, and scalability to projects within its ecosystem. Earlier this year, NEAR unveiled the Blockchain Operating System (B.O.S.), addressing crucial challenges in building Web3 apps and providing a seamless transition from web 2.0 to Web3.

The Nym and NEAR Partnership: The NEAR ecosystem has been a supporter of Nym from its early stages, with Nym participating in the Open Web Collective in 2021, a Web3 incubator sponsored by the NEAR Foundation. Both entities share a vision for the future of privacy in Web3, emphasizing the need to avoid the pitfalls of the legacy internet, including monopoly, surveillance, and compromised user privacy.

Ensuring Privacy in Web3: Harry Halpin, co-founder and CEO at Nym Technologies, highlights the inherent lack of privacy in blockchains and emphasizes the importance of integrating privacy into the fabric of Web3. Nym’s modular mixnet, adaptable to any blockchain, aims to provide users and builders with confidence in avoiding tracking and cyber threats.

Nym Mixnet Integration: To materialize this vision, the Nym mixnet will integrate into the NEAR Protocol, encrypting and cloaking traffic across the entire ecosystem. By safeguarding off-chain metadata traffic and employing techniques such as splitting data into encrypted packets and randomizing cover traffic, Nym and NEAR aim to make tracking metadata patterns virtually impossible for even powerful adversaries with a global view of the network.

NEAR Foundation’s Commitment to Privacy: Chris Donovan, CEO of the NEAR Foundation, underscores privacy as a fundamental human right and a crucial aspect of the Web3 vision. He expresses pride in supporting Nym and its innovative technology, which will empower developers and users across the NEAR ecosystem to maintain their privacy.

Conclusion: Through this partnership, Nym Technologies and the NEAR Foundation strive to reinforce privacy in Web3, providing a secure, user-centric, and user-empowered web. The integration of Nym’s mixnet into the NEAR ecosystem signifies a commitment to protecting users and validators from surveillance and cyber threats, contributing to the broader movement of enhancing privacy in the evolving landscape of blockchain technology.

About Nym Technologies

Nym Technologies is a trailblazing leader in privacy and blockchain technology. With a mission to empower individuals and organizations with privacy-enhancing solutions, Nym develops cutting-edge technology that conceals sensitive data and enhances digital privacy. Backed by visionary investors and renowned validators, Nym Technologies is at the forefront of a more private and secure digital future.

About NEAR Foundation:

NEAR Foundation is a non-profit that supports the growth and development of the NEAR ecosystem and the Blockchain Operating System (B.O.S.), a full stack Web3 development and app distribution platform at the heart of an open web. The BOS is compatible with all blockchains, making it the entry point to the open web for users and developers alike. Founded on the principles of openness and sustainability, the NEAR Foundation is driven by the vision of putting information and technology in the service of humanity rather than political or corporate interests.

Find more about NYM here: https://nymtech.net/nym-cryptoecon-paper.pdf

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