What is Nym (NYM)?

Nym is a decentralized platform designed to support privacy-enhanced access to applications and services, both in terms of protecting communications metadata and privately proving the “right to use” services. It leverages token-based incentives to fund operational costs, dynamically scale to meet the user demand for privacy, and reward nodes for contributing to the protocols with a high quality of service.

The Nym blockchain is used to serialize bandwidth credential acquisition requests, enabling validators to process and accurately price each request using the median price per packet function. Bandwidth credentials can contain large packet allowances; thus, credential operations are several orders of magnitude fewer than the number of packets sent through the network. Nym nodes are incentivized via rewards to provide a high quality of service (QoS), which is measured in a fair and decentralized manner via a novel “proof of mixing” scheme. Thus, any user who enables the proper functioning of the Nym network by providing services as a mix node or validator is rewarded with NYM tokens.

There are three types of nodes that make up the Nym infrastructure: validators, gateways, and mix nodes.

The Nym mixnet is based on the Loopix design and it uses the Sphinx packet format, a stratified network topology, continuous-time mixes, and loops of cover traffic. The Nym mixnet includes further features for reliable transport, scalability, sybil protection, fair routing, quality-of-service measurements, incentives, and other modifications and extensions needed for real-world deployment. 

Gateways make the Nym mixnet accessible while protecting it from free riding. They also cache received messages for participants who are offline or unreachable and are instrumental in the implementation of reliable transport features. 

Validators collaboratively perform several core functions in the Nym network and also maintain the Nym blockchain, which acts as a secure broadcast channel for distributing network-wide information. This includes the list of active nodes and their public keys, network configuration parameters, periodic random beacons, the participant’s stake, deposits into the nympool (the shared pool of funds used to support the Nym network, described below), rewards distributed from the nympool, and any other data that needs to be available to all participants to ensure the secure operation of the network. 

The Nym network is not a standalone service; it is an infrastructure that supports privacy for a broad range of third-party applications and services accessible through it. The NYM token is a crypto asset necessary for the functioning of the Nym network. The token represents the economic value the Nym network provides and provides a reward for nodes that provide the privacy generated by the Nym network. NYM is not envisioned to be used as a cryptocurrency outside the Nym network, as its primary usage in aggregate is to balance the supply and demand for privacy given by the Nym network. 

 

Who are the founders of Nym (NYM)?

The founders of Nym are Harry Halpin and Dave Hrycyszyn, who are the Chief Executive Officer (CEO) and Chief Technology Officer (CTO), respectively.

Harry Halpin studied at the University of Edinburgh, and his goal is to halt surveillance and fight for human freedom through decentralization. He believes the terrain of struggle is technology, and privacy-enhancing technologies and cryptography are the weapons.

Dave is the founding partner of Head and has also helped organizations like Qualcomm, Tesco, and the NHS use emerging technologies for innovation. He has spent the past 15 years designing and building software systems that are used by several hundred million people. He is one of London’s finest tech strategists, and he is living proof that you can love ice hockey as much as big data, drones, and APIs. He is also part of the team developing Scalatra, a web framework used by Netflix and the BBC.

 

What is the Nym NYM used for?

Payment for goods and services

One of the main functions of the NYM token is to be used as a means of payment for acquiring goods or services.

Value of money

It can be used as a means of money or value transfer as well. 

Pay Nym transaction fees in the Nym network

The NYM token can be a means of payment to pay transaction fees, but only within the Nym network. 

Support other cryptocurrencies

By using Bitcoin as a cryptocurrency as a means of payment, Nym can support Bitcoin while using advanced functionality such as Liquid. 

Proof of payment for other DeFi platforms

Nym service credentials can be used as a “proof of payment” in Bitcoin, fiat, or any other cryptocurrency accepted by services; they can contain any other additional information needed by service providers. 

Support other blockchains

The platform design also allows the Nym mixnet to be agnostic to any underlying blockchain and support the maximum number of services to maximize the privacy of all users. 

 

How is Nym (NYM) unique?

Nym allows its participants to be well-versed and versatile as they allow them to use fiat to pay for services, as some advanced users will prefer to pay for services using cryptocurrencies that are already private. This policy was developed to avoid the constraint on how services may receive payment and any conditions they may have on payment, as it benefits all parties to maximize the number of services and users on the Nym network. 

 

How many Nym (NYM) coins are in circulation?

There are 69 million NYM coins in circulation out of 1,000,000,000 NYM coins.

 

How is the Nym Network secured?

The Nym network is an infrastructure that provides privacy-enhanced access to applications. Nym is designed to provide privacy from adversaries more powerful than those considered by VPNs, Tor, and existing peer-to-peer systems. The threat model considered by Nym is an adversary with any combination of multiple capabilities.

Global network monitoring is one of the adversaries that can monitor communications between all the participants and components of the network, and even all communications on the internet, globally. In addition, active network adversaries can inject, modify, and drop packets while they are in transit through the underlying internet infrastructure.

Nym uses a source-routed decryption mixnet, with users obtaining the node’s public keys and contact information from the Nym blockchain. In source routing, the sender of a message chooses the route that the message will traverse before reaching its final destination. 

 

How do I buy Nym (NYM)?

 The NYM token can be used for a wide range of uses like staking and payment.

NYM tokens can be easily purchased by the following steps. 

* Open an account with the crypto trading platform.

* Transfer the specific amount of your fiat currency to your account.

* Wait for your deposit to be confirmed and buy NYM through your trading account.

 

Which Cryptocurrency Wallet Supports Nym (NYM)?

The PTPWallet platform supports many cryptocurrencies simultaneously, such as Nym (NYM). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their NYM wallet because it offers a simple interactive interface, making it easy for people to navigate its system.

Facebook
Twitter
LinkedIn
WhatsApp
Telegram
Reddit

More to explore

Groove

What is Grove (GVR)?

Grove is a decentralized, safe, and secure green token created for the future of the earth. Grove Token describes itself as a

biswap

What is Biswap (BSW)?

Biswap is the first DEX platform on the market with a Multi-type Referral Program and the lowest platform transaction fees. They are

Arena

What is Arena Play (APC)?

In 2021, the total value of the global game market reached US$214.7 billion, up 110.7% year-on-year, of which the consumption of virtual

Get on the VIP list!

Get company and PTPWallet updates and news sent straight to your inbox. No spam. Unsubscribe at any time. 


Get on the VIP list!

Get company and PTPWallet updates and news sent straight to your inbox. No spam. Unsubscribe at any time.