The Neuchâtel-based Nym Technologies aims to protect users’ privacy from NSA-level adversaries and resist mass surveillance. The company has now launched a privacy testnet to the general public. This announcement comes after closing a seed round of $2.5 million in May last year.
Founded by an international team of researchers and programmers, Nym Technologies built the Nym Protocol, an open-source, decentralized, permissionless and incentivized system that provides full-stack privacy. This allows developers to build applications or services that provide users with strong guarantees against metadata surveillance, at both the level of network traffic, and the level of authentication and payments – while maintaining operational and financial sustainability.
With mixnet, a network created by nodes running software that implements NYM protocol, which is an advanced privacy-infrastructure for internet users and provides them with the ability to integrate it into the network with minimal changes to their code.
Following a successful pilot test of the testnet – an alternative blockchain used by developers to prototype software and updates to ensure stability before launch – last December with a few individuals and companies including include Blockstream, Airfoil, and the Electric Coin Company (ECC), which created the privacy-focused ZCash cryptocurrency, the startup has now officially launched the testnet to the general public. A testnet is currently in its first phase and the second phase will see the mixnet being decentralized via validators, while the third and final phase will introduce rewards for mixing.
“Nym’s mixnet resists a global passive adversary like the NSA that can record all the traffic coming in and out of a network,” said Harry Halpin, the co-founder, and CEO of Nym Technologies.
Previous accomplishments
This launch is one of the achievements Nym Technologies has accomplished since the incorporation in 2018. Last year, the startup concluded a seed round of $2.5 million with investors including NEO Global Capital, Lemniscap, Edenblock and others. In January 2020 Alexis Roussel, former CEO of Neuchâtel based Blockchain Startup Bity joined the company as a board member. Since February 2020 he is also COO of Nym Technologies.
(Press release/ran)
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