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- Nym Technologies, a crypto-powered privacy solution, disclosed that its native token, NYM is live on the main net and ready for the official public release.
- Nym Team claims the Nyx chain, the platform’s decentralized mainnet, has generated around one billion NYM tokens.
- The core of the Nym ecosystem, the NYM token will be playing an important role in powering the decentralized privacy mixnet through the facilitation of decentralization
Nym Technologies, a crypto-powered privacy solution, announced that NYM, its native token, is all set for the official public and live on the mainnet. Recently, the Nym development team has released various products and features that also include the world’s first open-source desktop wallet and mixnet explorer.
Nym team also claims that for the platform’s decentralized mainnet, the Nyx chain a total supply of one billion NYM tokens has been produced. BX Swiss, the prospectus review body of the Swiss Financial Market Supervisory Authority (FINMA), first approved the NYM token as a utility token. NYM became the first Swiss blockchain token to be approved.
NYM token will be releasing its public sale on CoinList. February 6th, 2022 (23:59 UTC) is the registered deadline for the token sale, after which the NYM token will be available in two different slots to purchase on February 9th.
NYM token, the core of the Nym ecosystem, will play a significant role in empowering the decentralized privacy mixnet through the facilitation of decentralization. In addition, to ensure end-to-end data privacy, it will also be performing the incentivization of mix nodes.
A fraction will be distributed among each mix node that runs the network every time a user pay for Nym’s services using the NYM token.
Claudia Diaz, Nym Chief Scientist observed that the mixnet reward sharing scheme is drafted to incentivize individual participants for taking steps that will be positive for the overall system. Anyone taking part in infrastructure does not need any technical expertise in order to take part in the infrastructure. To mix node runners, anybody who holds NYM tokens can delegate their token holdings, and get a portion of their rewards. As a result, the node’s reputation and its opportunities for participation in service will increase which will, in turn, generate a virtuous cycle with incentives to choose the best nodes and render privacy service.
Nym gives developers a secure tool for creating applications that encapsulate metadata both at the application level and in network traffic leveraging its open-source mixnet technology. Active nodes in the mixnet will be organized in three layers where they amalgamate internet traffic and are rewarded with NYM tokens.
Nym Overview
Nym is an open-source, decentralized privacy-enhancing technology that prevents the monitoring and surveillance of users’ internet traffic. The architecture includes a mixnet that provides general-purpose network-layer privacy utilizing the Cosmos-enabled Nyx blockchain for smart contracts and maintains the reputation of the mix nodes in the mixnet.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
