NYM () Private Protocol - ICO Review, Rating and Details of NYM ICO (Token Sale) - Rating: Watch

The Nym protocol is open-source, decentralized, permissionless and incentivized, and will allow developers to build applications that provide users with strong guarantees against metadata leakage, at both the level of network traffic, and of authentication and payments.

Problems & Solutions

Data harvesting has dominated Silicon Valley business models over the past decade and has rapidly become the norm for monetizing online activity. Understanding and predicting user behaviour is now core to both old and new media businesses, for example, from the Financial Times to Facebook, who famously sold its users out to its commercial clients like Cambridge Analytica.

In this world of big data, this information is in many ways more valuable than the contents of messages — it can be used by sophisticated and ubiquitous analytic systems to determine the nature of your social relationships and thus predict your personal characteristics and preferences.

The necessary technology to guarantee online privacy has remained underdeveloped until now for reasons related to limitations in computing, networking, research and funding. Nym believes that it is now possible to overcome these limits and deploy technology that provides strong privacy guarantees, avoids trusted third parties, and is resistant to surveillance.

While existing blockchain technologies like Zcash can protect user privacy on-chain using zero-knowledge proofs, they still rely, like all internet-facing applications and services, on the network layer itself to transfer data between machines.

Nym provides full-stack privacy so any application, service or blockchain can defend its network traffic against even the most sophisticated surveillance systems, pooling resources without the need to build privacy from scratch, while maintaining operational and financial sustainability.

Features & Highlights

  • The NYM protocol is a powerful privacy-enhanced authentication protocol which allows users to embed arbitrary attributes in decentralized, unlinkable (re-randomizable), and publicly verifiable credentials.

  • The NYM protocol provides users and service providers with a private and decentralized replacement for Facebook Connect and Google Sign-In. ‍ Their partners are already building a number of powerful NYM-enabled apps.

  • Nym itself is neutral to the technology interfacing with it, providing an open-ended anonymous overlay network that works to irreversibly disguise patterns in internet traffic. The more activity on the network, the more private it becomes — and so users have safety in numbers, just like in the real world.

  • Nym uses anonymous authentication credentials based on the Coconut signature scheme to enable privacy-enhanced data transfer and decentralized identity. Nym credentials can embed the data needed for a given service (including zero-knowledge proofs of private data), and these credentials are validated in a decentralized and public manner without linking a user to the service they want to access.

Partnership Overview

  • Binance Labs - Binance Labs is the venture arm of Binance, established to incubate, invest and empower blockchain and cryptocurrency entrepreneurs and communities. The mission of Binance Labs is to support industry projects that help grow the larger blockchain ecosystem, realizing the full potential of blockchain technology and its social impact, while increasing cryptocurrency adoption globally.

  • Lemniscap - Lemniscap is an early stage investment and advisory firm specializing in investments in emerging crypto assets and advising blockchain startups.

  • NGC Ventures - NGC Ventures was founded in December 2017. NGC Ventures strives to become one of the best venture capitals in the Distributed Ledger Technology (DLT) space by professionally adopting best practices from traditional investments combing rich experience from technology lines.

  • Eden Block - Eden Block is a leading VC focused on early-stage startups pioneering within the blockchain ecosystem as well as supporting technologies.

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