Press Release: Nym Partners With Near Foundation, Bringing Web3 Privacy To Users And Validators
Nym and a growing number of Web3 ecosystems share the same privacy vision: that privacy is core to realising the true value of Web3.
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Below is the latest press release on a new partnership between Nym and Near — one of the largest L1 blockchains.
Nym Partners With Near Foundation, Bringing Web3 Privacy To Users And Validators
Nym Technologies (https://nymtech.net/), a pioneering force in privacy and blockchain technology, is proud to announce a partnership with NEAR Foundation, one of the biggest layer-1 blockchains, bringing end-to-end encryption and metadata privacy protections to the NEAR ecosystem. This partnership will integrate the Nym mixnet into the NEAR ecosystem, providing unparalleled privacy to all traffic transmitted across the blockchain — allowing users to access their favourite NFTs, DeFi protocols, and dApps away from the prying eyes of malicious actors like cyber-criminals.
NEAR Protocol is a leading layer 1 blockchain that operates with many ‘shards’, each acting like its own independent blockchain. Because transactions take place independently of one another, NEAR Protocol is able to provide ultra-high speed, throughput, and scale to projects in its ecosystem.
Earlier this year, the NEAR Protocol unveiled the Blockchain Operating System (B.O.S.) to create the ideal entry point of the Open Web, and to seamlessly bridge the gap between web 2.0 and Web3. B.O.S. addresses critical challenges around building frontends for Web3 apps, including access, security, composability, and time to market. With B.O.S., the code for Components is permanently stored on the blockchain, ensuring transparency, version control, and easy exploration.
The NEAR ecosystem supported Nym early in its development path via Nym’s participation in the Open Web Collective in 2021, a Web3 incubator sponsored by the NEAR Foundation.
However, the open, transparent nature of public permissionless blockchains means that transaction data is visible to anyone who cares to look, and even off-chain information like IP addresses and geolocation data can be vulnerable to being exposed. This opens users and validators up to surveillance, targeted attacks, and cyber crime.
Nym and the NEAR Foundation share the same vision for the future of privacy in Web3. The future of the internet can only take shape successfully provided that it is private, and does not repeat the same mistakes of the legacy internet — namely, monopoly, surveillance, and putting user privacy at risk.
“Blockchain technology is a large change in digital communications but it’s an open secret that by their very nature, blockchains are not private,” said Harry Halpin, cofounder and CEO at Nym Technologies. “Only weaving privacy into the fabric of Web3 can ensure its success. Nym is highly modular and the mixnet can be plugged into any blockchain, giving users and builders the confidence that they’re not being tracked and followed across the internet or painting targets on themselves for cyber criminals.”
To make this vision a reality, the Nym mixnet will integrate into NEAR Protocol to encrypt and cloak traffic across the whole ecosystem. By masking off-chain metadata traffic, not only is transaction data protected in transit, but this makes it much more difficult for adversaries to de-anonymise users via their public IP addresses.
To protect these traffic patterns from analysis, the Nym mixnet splits data into identical encrypted packets and disperses these in three hops to ‘mix nodes’ worldwide via the mixnet. Cover traffic is then inserted into the mix at randomised times to further obfuscate the nature of the communication. This makes tracking metadata patterns impossible, even for powerful adversaries with a global view of the network.
Chris Donovan, CEO of the NEAR Foundation said: “Privacy is a fundamental human right and a cornerstone of the Web3 vision to create a more secure, user-centric and user-empowered web. We are proud to support Nym and its innovative technology, which will help developers and users across the NEAR ecosystem maintain their privacy.”
By integrating the Nym mixnet into any ecosystem, partners can have confidence that their developers, operators, and users are able to enjoy real privacy, shielding them from surveillance and cyber criminals.
The Nym mixnet is layer-0 privacy infrastructure: it is chain-agnostic and can be integrated into any blockchain to obscure traffic, protect privacy, and secure users and validators. By partnering with Nym, Near joins other Web3 projects like Monero and Aztec.
For more information about Nym please visit https://nymtech.net/
About Nym Technologies
Nym Technologies is a trailblazing leader in privacy and blockchain technology. With a mission to empower individuals and organizations with privacy-enhancing solutions, Nym develops cutting-edge technology that conceals sensitive data and enhances digital privacy. Backed by visionary investors and renowned validators, Nym Technologies is at the forefront of a more private and secure digital future.
About NEAR Foundation:
NEAR Foundation is a non-profit that supports the growth and development of the NEAR ecosystem and the Blockchain Operating System (B.O.S.), a full stack Web3 development and app distribution platform at the heart of an open web. The BOS is compatible with all blockchains, making it the entry point to the open web for users and developers alike. Founded on the principles of openness and sustainability, the NEAR Foundation is driven by the vision of putting information and technology in the service of humanity rather than political or corporate interests.
For more information, please visit: NEAR Foundation
