Nym collaborates with the Near Foundation to provide Web3 privacy protection for users and validators

Author: Nym

Nym shares the same privacy vision as an increasing number of Web3 ecosystems: privacy is at the core of realizing the true value of Web3. Below is the latest press release regarding the new partnership between Nym and Near (one of the largest L1 blockchains).

Nym Partners with Near Foundation to Provide Web3 Privacy Protection for Users and Validators

Nym Technologies (https://nymtech.net/), a pioneer in privacy and blockchain technology, proudly announces its partnership with NEAR Foundation, one of the largest L1 blockchains, to provide end-to-end encryption and metadata privacy protection for the NEAR ecosystem. This partnership will integrate the Nym mixnet into the NEAR ecosystem, offering unparalleled privacy protection for all traffic transmitted over the blockchain, allowing users to access their favorite NFTs, DeFi protocols, and dApps without the prying eyes of malicious actors such as cybercriminals.

The NEAR protocol is a leading L1 blockchain that operates through many "shards," each functioning like its own independent blockchain. Because transactions are conducted independently, the NEAR protocol can provide ultra-high speed, throughput, and scalability for projects within its ecosystem.

Earlier this year, the NEAR protocol launched the Blockchain Operating System (B.O.S.) to create an ideal entry point for an open network and seamlessly bridge the gap between Web 2.0 and Web3. B.O.S. addresses key challenges in building front-ends for Web3 applications, including accessibility, security, composability, and time-to-market. With B.O.S., the code for components will be permanently stored on the blockchain, ensuring transparency, version control, and ease of exploration.

The NEAR ecosystem supported Nym's early development path by participating in the 2021 Open Web Collective (a Web3 incubator sponsored by NEAR Foundation).

However, the open and transparent nature of permissionless public chains means that transaction data is visible to anyone with malicious intent, and even off-chain information such as IP addresses and geolocation data can be easily exposed. This puts users and validators at risk of surveillance, targeted attacks, and cybercrime.

Nym and NEAR Foundation share the same vision for the future of privacy in Web3. The future of the internet can only successfully take shape under the premise of privacy protection, avoiding the pitfalls of the traditional internet, such as monopolies, surveillance, and putting user privacy at risk.

"Blockchain technology is a monumental shift in digital communication, but blockchain is inherently not private; this is an open secret," said Harry Halpin, co-founder and CEO of Nym Technologies. "Only by embedding privacy into the structure of Web3 can we ensure its success. Nym's highly modular nature allows the mixnet to connect to any blockchain, giving users and builders confidence that they will not be tracked or traced on the internet, nor become targets for cybercriminals.

To realize this vision, the Nym mixnet will be integrated into the NEAR protocol, encrypting and obfuscating traffic across the entire ecosystem. By masking off-chain metadata traffic, it not only protects transaction data during transmission but also makes it harder for adversaries to anonymize users through public IP addresses.

To protect these traffic patterns from analysis, the Nym mixnet will split data into identical encrypted packets and send these packets through three hops to "mix nodes" around the world. Cover traffic will then be inserted into the mix nodes at random times to further obfuscate the nature of the communication. This way, even if a powerful adversary has a global view of the network, they cannot trace metadata patterns.

Chris Donovan, CEO of NEAR Foundation, stated, "Privacy is a fundamental human right and the cornerstone of the Web3 vision, which aims to create a more secure, user-centric, and user-empowered web. We are honored to support Nym and its innovative technology, which will help developers and users in the NEAR ecosystem maintain their privacy."

By integrating the Nym mixnet into any ecosystem, partners can be assured that their developers, operators, and users can enjoy true privacy protection from surveillance and cybercriminals.

The Nym mixnet is an L0 privacy infrastructure: it is blockchain-agnostic and can be integrated into any blockchain to hide traffic, protect privacy, and ensure the safety of users and validators. By partnering with Nym, Near joins other Web3 projects such as Monero and Aztec.

For more information about Nym, please visit https://nymtech.net/

About Nym Technologies

Nym Technologies is a leading company in the field of privacy and blockchain technology. Nym's mission is to provide enhanced privacy solutions for individuals and organizations, with cutting-edge technology that hides sensitive data and enhances digital privacy. Supported by visionary investors and renowned validators, Nym Technologies stands at the forefront of a more private and secure digital future.

About NEAR Foundation:

NEAR Foundation is a non-profit organization aimed at supporting the growth and development of the NEAR ecosystem and the Blockchain Operating System (B.O.S.), which is a full-stack Web3 development and application distribution platform at the core of the open network. B.O.S. is compatible with all blockchains and serves as the entry point for users and developers into the open network. The NEAR Foundation is built on principles of openness and sustainability, with a vision to ensure that information and technology serve humanity, rather than political or corporate interests.

For more information, please visit: NEAR Foundation