Nym (NYM) is a next-gen privacy infrastructure provider that is making waves in the market. The platform incentivizes privacy to help the community achieve a new level of anonymity. The system can disguise your metadata in a way that enables you to obfuscate your IP address, who you chat with, what you say, and other vital data. Here’s everything you need to know about investing in NYM.
The Nym project gets its name from the popular internet term NYM. NYM addresses are created to conceal Internet users’ identities. Nym expands on this concept with the introduction of blockchain-based incentives and much more.
What Problems Does Nym Attempt to Fix?
The Nym Protocol seeks to resolve privacy issues faced by users. The system incorporates a variety of unique strategies to accomplish this task including paying users to mix their traffic with others. Additionally, most consumer privacy options such as VPN services are run by a centralized enterprise. This setup is less reliable, slower, and more open to attack than decentralized alternatives like Nym. As such, Nym provides a trustless alternative to the market.
Data Leakage
Another major concern for users is data leakage. When centralized options fail, hackers gain the upper hand. They can collect and release damaging data. Blockchain options like Nym protect your identity and enable you to see if the original content has been copied, viewed, or altered.
Benefits of Nym?
There are a lot of benefits that Nym brings to the market. The system’s privacy protections work at a network level. This structure is more effective with the protocol able to provide privacy for cryptocurrency transactions, email, instant messaging services, and any other message-based traffic.
Chain Agnostic
Another major plus that has helped Nym gain popularity is its flexibility. The protocol is chain agnostic and can work across nearly a huge scope of applications. The system supports generic applications, Dapps, and more. Anyone can add another layer of anonymity to their online presence using the features on offer by Nym.
Incentives
Nym provides the user with multiple reasons to join. The system incentivizes users to participate on all levels. In addition to the added protection, you can secure returns operating as a Nym node. The developers wanted to build a community of like-minded users who value privacy and seek to secure passive returns.
How Does Nym Work?
Nym operates as a decentralized privacy infrastructure provider. The system includes the privacy mixnet, special nodes that mix data, a credentials system, and a custom-built token. Together these features enable users to enjoy the web securely and without opening their system to attack at a later date.
Nym Mixnet
When users want to leverage the Nym Protocol, they start by sending data through the mixnet services. The Mixnet was designed to make it impossible to analyze traffic from a user. It accomplishes this task by encrypting the packet’s metadata at the network and application layers. The system combines multiple traffic layers and timing obfuscation to improve results.
The Nym protocol has already been proven as an effective way to keep your conversations private. The protocol is effective against hackers, prying eyes, journalists, and even government organizations. All of your data remains encrypted as it travels through a multi-layer structure of mixing nodes. Notably, users pay a fee in NYM when they use the mixnet to improve privacy.
MixNode
Anyone can qualify as a Nym MixNode and secure returns for helping to keep people’s data safe. MixNodes start by staking a predetermined amount of NYM. Once you are operational, you receive rewards based on performance, quality, and uptime. Notably, MixNodes handle data but have no way of viewing this data due to the advanced encryption methods employed by the system.
Nym Credentials
Nym Credentials provides users with a more effective solution than login screens. Whenever you give your personal information to a third party online, you open yourself up to attacks at a later date. The main reason for these risks is that third-party organizations are often subject to data breaches.
The Nym Credentials system is ideal for compliance and authentication. It eliminates the weak points in centralized systems and replaces them with a new type of digital ID that is harder to fake and can be used more securely. The system integrates 3rd party apps to anonymize critical components of your online presence and enables you to decide what you want to share and when.
Token
The NYM token serves a variety of roles in the ecosystem. Its primary purpose is to enable users to interact with Nym services. The token is used as a reward token for nodes as well. Users can leverage NYM to secure additional rewards when they participate in network services.
Consensus
The Nym protocol uses the Proof-of-Mixing consensus algorithm. It functions similarly to Bitcoins PoW (proof-of-Work) system. Nodes work together to mix the data and receive rewards for their actions. This structure provides a secure way to monitor the health of the network and its validity.
Governance
The Nym Project is a community-governed platform. Users can have their voices heard and vote on vital upgrades to the network. Community governance is the standard for DeFi protocols and has proven to be a reliable way to keep communities in unison during upgrades. Users vote by staking their NYM tokens in this setup. To gain more say, you need to stake more tokens. This approach ensures those who are invested in the project and have the most risk get their concerns met.
Bottom Line
It’s easy to see why so many people are making the switch to the Nym Project. In the digital era, Privacy is your best protection. Nym understands these concerns and has put forward a comprehensive package of services to help you remain safe in today’s high-risk digital environments.
