Crypto Tech

NYM Technologies to Develop Platform for Evading Surveillance

NYM Technologies to Develop Platform for Evading Surveillance

NYM Technologies, a European security startup, has raised $13 million in a funding round led by Andreessen Horowitz, or a16z, with participation from venture capital firms Digital Currency Group, Tayssir Capital, Huobi Ventures, Hashkey, and Fenbush.

According to Crunchbase financial statistics, this was their third investment round, following seed funding of $2.5 million in May 2019 and a Series A raise of $6 million in July 2021, led by Polychain Capital.

In the following months, the company plans to launch its mainnet product.

NYM Technologies is an open-source, decentralized infrastructure that aims to go beyond the typical third-party privacy services available on virtual private networks (VPNs) or Tor networks by utilizing mixed network protocols to obscure individuals’ metadata footprints and, as a result, evade the growing influence of mass surveillance on the internet.

Developers can also use the infrastructure to create applications that prioritize anonymity and privacy in online interactions.

NYM’s team has stated how they want to use the funds to grow their community and product workforce. Shortly, the team plans to build a decentralized mixnet mainnet as well as a tokenomic model for the NYM asset.

Digital Currency Group head of platform Samantha Bohbot shared some insight into why DCG identified this firm as one in which to invest:

“NYM has built a first-of-its-kind privacy layer, capable of protecting against even the fiercest adversaries, and powered by a crypto-economic incentive structure. We envision its technology setting a new standard in user privacy across the internet.”

How Does NYM Technology Work?

NYM employs a mixed network known as mixnet, in which nodes are compensated with tokens in exchange for shuffled internet traffic. If necessary, the nodes can insert dummy data packets into the network to make it more difficult for adversaries to decrypt the data, even at the highest level.

NYM will focus on providing privacy credential services in addition to network privacy. Users will be able to establish their permission to access particular material on the internet without having to expose their identity. Zero-knowledge proofs can help with this.

According to Nym CEO Harry Halpin, this strategy aids in achieving “network-level anonymity.” He believes that by doing so, he will be able to defeat national or state-level mass surveillance.

Chelsea Manning is now working on client-side privacy with Nym CEO Halpin. “Nym has demonstrated it has secured its mix node process to a degree worthy of investment,” Manning said in an interview with Forbes.

With approximately 5000 nodes and 30 validators, the NYM network is currently in test mode. By the end of the year, the network will most likely be at full capacity.

NYM is already prepared to deploy new cash for new hiring ahead of its mainnet launch. The corporation intends to develop its telecommunications network.

The Author

Oladotun Olayemi

Dotun is a financial enthusiast who specializes in first-in-class financial content, including crypto, blockchain, market, and business, to educate and inform readers.