- Summary:
- The partnership will with NEAR Foundation focuses on securing blockchain and comes days after Nym launched a $300 million Innovation Fund.
Nym Technologies, the privacy-focused blockchain solutions company, has partnered with NEAR Foundation to provide end-to-end encryption and metadata privacy safeguards for Layer 1 blockchains. As a result of the partnership, Near Protocol users will enjoy greater privacy in their interactions with Web3 ecosystems, as they will be protected against unauthorised surveillance and cyber threats.
Nym’s innovative approach to blockchain security
Through this partnership, Nym’s mixnet tools will be integrated into the Near Protocol environment, encrypting all interactions and data within the ecosystem. Nym’s mixnet safeguards users’ blockchain interactions from external snooping by sending encrypted packets of blockchain traffic to “mix nodes” located all over the world. To enhance the security further, it adds “cover traffic” sporadically to the communication infrastructure.”
The fact that NEAR Protocol is blockchain-agnostic, adds another security layer to the level of privacy provided by Nym Technologies. All this is possible through mixnet technology, which enables encryption and camouflaging of blockchain-based interactions and traffic.
This approach safeguards confidential transaction data during transmission and makes it more difficult to uncover the identity of users via IP address discovery. In addition to protecting users’ privacy, this partnership will make it easier for NEAR users to access dApps, DeFi protocols, and NFTs.
A busy Q4 for Nym
It has been a busy Q4 for Nym Technologies, which saw it announce a $300 million Nym Innovation Fund in late October 2023 to identify and fund Web3 projects that prioritise security. The fund will initially focus on supporting remote procedure call protocols (RPCs) and open-source Web3 tools and services. In addition, it will support wallets and platforms that store private keys used to interface with and control access to decentralised apps (DApps).
The Nym Innovation Fund will start accepting applications from projects beginning in November 2023. Nym says it will review the applications, select the best ones to submit to investors, and let the investors decide whether or not to support them.