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1. Basic overview
1. Basic overview
1.1. Project Introduction
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2. Project details
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As of 2022-02-17, the project party has announced a total of 25 team members, including members from all over the world, such as Germany, Romania, the United Kingdom and other countries and regions:
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: Most of the Nym team members have more than ten years of work experience in this field or in this direction, and have also held important positions in many large joint companies in the past. The team has rich experience, clear member allocation, and medium development progress. The strength is above average.
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2.2. Funding and cooperation
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Nym was founded in 2018. As of 2022-2-17, the project has undergone 4 rounds of financing and investment. On average, there will be a certain amount of financing every year to fund the development of the project party. With the increasing scale of financing, Financing institutions and cooperative institutions are also growing year by year. Judging from the current situation, the project party has relatively strong financial support and does not lack funds for project development.
With the improvement of development progress and the promotion of publicity work, the Nym project has reached cooperation with many public chains, and has also won the favor of many institutions, including the more famous venture capital institutions such as Binance Labs and A16z. Nym is good at publicizing project popularity and cooperating with other projects.
As of 2022-2-22 15:00, Nym officially released a total of 1,575 tweets, the average number of tweets per day is greater than 1, the project community information is updated in a timely manner, it is worthy of continuous attention, and the telegram community has set different language countries Regional classification groups are conducive to promoting communication and discussion among users.
But the disadvantage is that the Discord community has not been opened yet, which lacks a unique information classification for those who want to understand the overall planning of the Nym project, which raises the entry threshold for users. But according to the management, the official Discord community will be launched in the near future. The project team has moderate capabilities in community operations. After the public offering of $NYM tokens, although the project is currently in an early stage of transition to a high-speed development period, it still attracts many interested users, and the popularity of the project is still increasing. The future development potential is above average.
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3. Framework
Overall design concept: support application and service privacy enhancement.
Focus: Protecting users virtual data and privacy proofs.
Operation mode: The incentive model based on tokens is used to cover the expenses incurred during the operation, and to reward those node operators who have given excellent node services to the Nym protocol.
The ultimate goal: to complete the realization of the privacy needs of most users.
3.1. Core technologyNym uses many privacy technologies and integrates them into a cooperative network node system. The main technologies included are:
SphinxCoconut (privacy-enhanced signature scheme)
Mixnet, allowing the inversion of resource channel control, from identity-based authentication and who-you-based authentication to a privacy protection plan based on usage rights.
, which can encrypt and mix Sphinx packets so that there is no way to tell which wrapper corresponds to the final destination. Mixnet is a modified version of the Loopix design.
🔑 The basic structure and flow of the Nym runtime for end users
3.2. Key players in the network
🔑 End user
The user base of the Nym project includes users of all available services who choose to communicate privately, whether it is anonymous broadcast chat, accessing information, or chatting with friends, etc. The larger and more diverse the user base, the better the anonymous performance and the more cost-effective the network.
🔑 Mix nodes
Mix nodes provide community privacy to end users through anonymous data packaging. At the same time, Mix nodes are organized on the network and are called mixnet. All will be converted into cipher passwords and reordered, preventing other users from using loopholes or code tracking transmission process.
🔑 Gateways
Gateways keep Nym Mixnet non-free, and participants may choose to use the same gateway to run their data, split into multiple gateways to run, or choose a different gateway every day. In addition, when participants go offline, the gateway will automatically accept information for them and help achieve reliable transmission characteristics.
🔑 Validators
Validators will work together to play the core functions of the Nym network. They maintain the cross-chain network of the Nym area, keep distributing and notifying all information within the network like a broadcasting station, including: active nodes and secret keys, outline factors, pointers, A series of information such as participant pledges needs to be accessible to all participants to ensure the safe operation of the network.
The Nym network is not a standard independent network, but an infrastructure that supports a wide range of third-party applications and services. Service providers can send and receive information through private communication between the Nym network and users.
Nym Network Overview
Information flow process (information transfer process):
1. Deposit $NYM tokens in the Nym pool to get tokens.
2. Connect to the gateway zone using the Bandwidth credentials.
3. Establish a temporary Nym network with the gateway.
4. Run the line through mixnet.
5. Use the service credentials to prove the right to use service.
User and service provider privacy operation process
Advantage
3.3. Advantages and risks
Advantage
✅ 2. The Nym mixing network is incentivized and decentralized: users send their data through the mixing network by paying part of the $NYM fee, and by pledging the $NYM initially backed up, anyone can run a Mix node, and the node operator $NYM token rewards can be earned based on quality of service. The work of providing hybrid data and providing privacy based on the end user, this is hybrid proof.
risk ⚠️ ✅ 3. Nym can be compatible with any application: from Bitcoin to Zcash, except that Nym can provide layer-0 privacy from layer-1 blockchain in every transaction, Nym can provide blockchain and other applications Web-grade privacy. From Bitcoin to Instant Messenger, developers can build their applications on top of Nym for the network layer as well as protect users at the metadata level.
riskNyms design and network are not a panacea, and there are corresponding risks:
With global network monitoring: The adversary can monitor aspects such as the entire participant and network composition, and even all communications are on the network. Additionally, active network adversaries are able to inject, modify, and drop packets in transit with the underlying Internet infrastructure.
Corrupted (corrupt) participants
: Potential threat networks can compromise a subset of Nym actors and coordinate adversarial resources to direct attacks together. Actors here include validators, mixing nodes, gateways, service providers, and end users.
4. Development
4.1. History
Nym was launched in the fall of 2018 through the Binance Labs program.
In May 2019, Nym completed a seed round investment of US$2.5 million.
In August 2019, the main creative members of the team participated in the Web3.0 Summit, ETHBerlin (Berlin Blockchain Week is an industry event initiated by the decentralized community) and other related conferences.
2019-12, Nym held the first test webinar session at CCC, covering running, breaking and building NYM alpha testnet.
2020-05, a fully anonymous advanced workshop on using encryption to protect privacy with the teams creators.
2020-07-16, received a round of financing of US$6 million led by Polychain Capital, with participation from Eden Block, Greenfield One and others.
2020-11-27, Nym main creative team released Nym v.0.9.2 version.
On April 22, 2021, Nym officially released version v.010.0 - Finney Testnet.
2021-05, in Dubai AIBC, Nym won the Blockchain Solution of the Year Award.
2021-07, the Nym v.011.0 version testnet will be released, and the Finney testnet will be gradually transitioned to the Milhon testnet.
On November 12, 2021, Nym announced the launch of a desktop wallet, which will also open source the Mixnet browser.
On November 18, 2021, Nym once again won a US$13 million Series B financing amount at a valuation of US$270 million. This round of financing was led by the well-known institution a16z, and Digital Currency Group, Tayssir Capital, Huobi Ventures, etc. participated in the investment.
2021-12-21, the permanent test network-Sandbox is officially launched. This test network aims to replicate the operation of the main network.
On February 1, 2022, Nym released an introduction to the native Token NYM, and released a statement about the upcoming launch of the Nym mainnet.
On February 10, 2022, 75 million Nym native tokens $NYM will be launched on Coinlist for an ICO token public sale at $0.5/$0.25.
4.2. Current situation
Nym is already running a test network with more than 5,000 nodes around the world, testing the security and token economy of the system, and ensuring that nodes work together to provide privacy protection.
According to the Network Explorer data survey on Nyms official website: as of 2022-02-17, there are a total of 2775 mixed nodes, including more than 600+ active nodes, and there are also 120 backup network nodes, 12 gateways and 2 validators .
And through the global node distribution map, we can also see the approximate concentration area of the current nodes, which are located in the United States, Russia, Germany, and the Netherlands. The layout is all over the world, and the number of nodes is still increasing.
📢 Among them, Germany has the largest number of nodes, with more than 1809 nodes, accounting for 28.8% of the total number
Followed by the United States has 1074nodes, 17.1% of the total proportion. The third place is the Netherlands, with 860 nodes, accounting for 13.8%, followed by Finland, Russia, the United Kingdom, Japan, France, Singapore, Canada, etc.
overall
Mixnet and validators are working now.
The Mixnet API is mostly stable, and its time to start building applications.
Validators now work in their most basic form. Later, the authenticator will also generate Coconut credentials.
There is currently a native Mixnet client written in Rust. It runs on a desktop or server in a standalone fashion. You can use it to connect desktop or server applications to the Nym network, using any Websockets language.
There also exists a WebAssembly client. The Webassembly client can be used in a browser or a mobile application and communicates with the gateway again via Websockets. The Webassembly client is not complete at the moment (it doesnt send coverage traffic yet), but it is in the development stage to the point where it can be used for development. Overlay traffic happens transparently after setup, and as a Nym application developer you neednt worry.
SOCKS5 clients and service providers (known as Nym-Network-Requester) can easily retrofit cryptocurrency wallets and other existing SOCKS-compliant applications to use the Nym privacy infrastructure.
The main creative team of Nym announced that it will complete the deployment of Nyms main network in the first quarter of 2022, and officially start the countdown to the main network. Nym mainnet is up and running: people will be able to use $NYM tokens to pay for mixing network fees, stake $NYM to run nodes, and stake $NYM on mixing nodes.
Nyms future roadmap:
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5. Economic Model
The utility token of the Nym privacy network, $NYM, not only provides users with access to the Nym hybrid network, but also serves as node credits and rewards for running the infrastructure. Users will use $NYM to access the hybrid network, sending their data through the hybrid network for added privacy. $NYM is not a universal payment mechanism (cryptocurrencies such as Bitcoin) are only allowed within the Nym network.
5.1. Token release
The total supply of $NYM tokens is 1 billion, with an initial circulating supply of 63,500,000.Release rules and mechanisms:
Retention Community Ecology: Starting from 2022-03-31, it will be released quarterly for a period of 2 years.
Investment institutions, project teams: Starting from 2022-05-03, it will be released every quarter for a period of 2 years.
Hybrid Mining (Hybrid Node): Published monthly, starting 2022-03-31, but not liquid until 2022-05-03.
Testnet rewards
❓ : The first batch will be released on 2022-05-03, and subsequent releases will be made quarterly as needed.
5.2. Token Function
❓ For end users:
Any user who wants to protect their privacy by networking with Mixnet on the network layer will need NYM tokens to pay for the service. Initially, the network will be free during the months of continuous optimization of the network, using cryptocurrencies such as Bitcoin To pay fees can be converted into NYM.
❓For node operators:
Anyone who wants to run a mix node and earn rewards, they need NYM tokens to get involved in a mix node and participate in Mixnet. Only then can you have the opportunity to perform the data, code and other work of the mixed node to earn corresponding rewards.
❓For community members:
For any member who wants to ensure that the hybrid network is running with a high quality of service. Community members can delegate NYM tokens to nodes that they believe will provide high-quality services to increase the reputation of Mix nodes. Of course, if members are appointed to mixed nodes with low-quality services, they will naturally not be rewarded when the node fails. Anyone who owns NYM tokens can delegate their tokens and then receive reward distribution from mixing nodes for maintaining and improving network quality
For applications:
5.3. Public sale of tokens
As of 2022-2-17, Nyms native token $NYM has completed all public sales on the CoinList platform. The details of the event are as follows:
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6. Competition
6.1. Track overview
The Nym project belongs to the Web3.0 privacy track section.
When the development of the blockchain enters a new era, users not only pay attention to the projects economic capabilities and security capabilities, but also incorporate privacy protection into the options.
Building applications in the Web 3.0 era is inseparable from the improvement of the underlying infrastructure, such as privacy protection, data sovereignty, and distributed storage. However, privacy protection is the cornerstone of Web3.0, and it is also a foundation that the Internet has always lacked. Different from the centralized management era of Web2.0, users sacrificed privacy for services, and data ownership was usurped by the platform, but now Web3.0 is committed to the Internet owned by builders and users, and realizes value transfer through cross-chain chains, achieving The community owns the platform, and encryption technology is applied to data protection and other aspects.
6.2. Competing projects
Tor (The Onion Router) traditional project Tor is the most famous anonymous overlay today, providing a circuit with three jumps, which provides better privacy than single-node VPN. However, Tors anonymity can be attacked by entities that can monitor the entry and exit nodes of the entire network, so it is not perfect in terms of privacy security by design.
📢A VPN (Virtual Private Network) connects a users device to a remote server in a country of the users choice through a secure tunnel. This masks the users IP address to make it appear that the Internet is being accessed from the remote servers location instead of the users actual location.：
6.3. Competitive Analysis
summaryNym is built on the basis of absorbing the advantages of the previous generation of privacy project technology and continuing to innovate. Using the most suitable blockchain privacy technology from the perspective of the development layer has greatly strengthened the privacy strength of its underlying protocol. For blockchain research and User needs are undoubtedly more advanced and suitable.
7. Summary
To sum up, the development threshold of the Web3.0 privacy project track is relatively high, and the development team is small. However, the times need to improve, especially privacy technology. The Nym project is not only supported by the teams stable underlying privacy technology, but also has strong financial support. Therefore, many users believe that Nym has considerable potential in the privacy field after its launch. Its hybrid network technology can encrypt user data and hide metadata, making communication concealed to protect privacy. It will surpass Tor in terms of technology and potential to become a more advanced modern upgrade. At the same time, the Nym project also further encourages the diversity and decentralization of privacy choices and tools for users, software users and operators, so the future potential of Nym cannot be underestimated.
References
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References
Nym Official Twitter
The above content analysis only provides reference information, and does not serve as the basis for investment decisions. Please do not make any investment decisions based on this report. The report author is not responsible for the users investment results.
The above content analysis only provides reference information, and does not serve as the basis for investment decisions. Please do not make any investment decisions based on this report. The report author is not responsible for the users investment results.
Reports have been prepared as of the date indicated and as subsequent market or economic conditions may change, the contents of the report do not necessarily reflect these changes. Graphs, charts and other visual aids are provided for informational purposes only. None of these graphs, charts or visual aids should be used to make investment decisions. It is not intended to assist anyone in making an investment decision, and no graph, chart or other visual aid can capture all of the factors and variables necessary to make such a decision.
Certain statements involved in this article may be assumptions about future expectations and other forward-looking opinions, and known and unknown risks and uncertainties may cause actual results, performance or events to be different from opinions and assumptions in the statements There are substantial differences.
Any projections, forecasts and estimates contained in this report are speculative in nature and based on certain assumptions. These forward-looking statements may prove to be wrong and are subject to incorrect assumptions or known or unknown risks, uncertainties and other factors, most of which are beyond our control. It is anticipated that some or all of such forward-looking assumptions will not materialize, or will differ materially from actual results.
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