NEAR Protocol and Nym Collaborate to Fortify Blockchain Security and Privacy
Summary:
NEAR Protocol has partnered with blockchain security firm Nym to provide comprehensive encryption and metadata privacy for its ecosystem. Exploiting Nym's 'layer 0' privacy structure and mixnet tools, the partnership aims to enhance security for NEAR's decentralized applications, DeFi protocols, and NFTs. The move addresses concerns over transaction data access and potential surveillance issues inherent in permissionless blockchains. Additionally, Harry Halpin, CEO of Nym, emphasized the importance of privacy in the success of Web3 space.
Blockchain security firm Nym has been enlisted by Layer 1 protocol NEAR to ensure complete encryption and concealment of metadata in its ecosystem. Nym, a pioneer in providing 'layer 0' privacy infrastructure which operates independently of blockchain, will offer its collection of mixnet tools. The objective of these tools is to ensure the encryption and concealment of blockchain communication and traffic throughout the NEAR Protocol ecosystem, securely protecting transaction data during communication and thwarting attempts by malicious individuals to de-anonymize users via IP address access.
In connection to this, exciting news that a fan app utilising Web3 will be featured at the Cricket World Cup, thanks to ICC tapping into NEAR blockchain.
The collaborative projects have highlighted that this union will enable NEAR users to utilise Decentralised Applications (DApps), DeFi (Decentralized Finance) protocols, and NFTs (Non-Fungible Tokens) with enhanced security and privacy. The integration of Nym results in significant augmentation of privacy in the NEAR ecosystem. Usually, permissionless blockchains permit transaction data and specific off-chain information like IP addresses and geolocation data to be accessed by advanced users, potentially paving the path for unwelcome surveillance, targeted assaults and cybercrimes.
Emphasizing the critical need for privacy-enhancing tools, Nym CEO, Harry Halpin stated: “Blockchain technology whilst being revolutionary, is not inherently private. Only by integrating privacy into the structure of Web3 can we guarantee its success.”
Nym’s mixnet shields the blockchain traffic from intrusive analysis by disseminating data into encrypted packets that are then globally distributing to “mix nodes”. Extra "cover traffic" is randomly incorporated into the mix to offer greater levels of communication system obfuscation, considerably escalating the complexity of metadata analysis.
NEAR Foundation’s CEO, Chris Donovan, has expressed that the technology offered by Nym will improve privacy for those participating in the ecosystem via the protocol and that it aligns with the ethos of privacy-enhancing services, stating: “Privacy is a basic human right and forms the bedrock of the Web3 vision to develop a safer, user-driven and empowered web.”
As reported by Cointelegraph in October 2023, Nym Technologies launched a groundbreaking $300 million fund to identify and support Web3 projects that are building security-centered infrastructure. Initially, the fund will focus on supporting wallets and platforms that store private keys to interact with and manage access to DApps, in conjunction with RPC (Remote Procedure Call) protocols and open-source Web3 tools and services.
Published At
11/1/2023 8:17:39 AM
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