The NYM (NYM) builders claim their protocol can provide network level privacy and security. In particular, they claim NYM can protect users from government surveillance.
They claim NYM protects privacy at the network layer by encrypting internet traffic and relaying it through a mixnet. A mixnet is a multilayer network that hides metadata by mixing it with other users’ data. The hope is that mixing communications will make them harder to identify and monitor.
To elaborate, mixnets create chains, proxy servers or mixes. Each server mixes up data to make it hard to trace. Nym’s Mixnet is a blockchain that uses nodes as servers or mixers.
Nym Mix Nodes
People who run NYM mix nodes receive NYM tokens in payment. A person must put up a NYM bond to become a mix node runner. The Node runner mixes packets of data to ensure privacy. NYM uses a “proof-of-mixing” reward system top pay mix node operators.
They claim NYM can provide for any application, including cryptocurrencies such as Bitcoin (BTC) and stablecoins such as USDD (USDD). Other apps NYM can support include instant messaging, video and e-commerce.
They claim NYM allows third party apps to anonymize (hide) any arbitrary key pairs. Theoretically, this allows users to choose how much of their data they reveal.
Is NYM the Dark Web?
They claim NYM’s mixnet can prevent traffic analysis by organizations capable of monitoring an entire an entire network. NYM arrogantly claims its network can resist traffic analysis by the US National Security Agency (NSA). I am skeptical of this claim because the NSA is the world’s largest surveillance agency with the most advanced technology.
I suspect the NSA analysts know how to beat NYM’s mixnet. or will soon learn how to crack NYM. I think the NSA could crack NYM because it has enormous resources. For example, the NSA gets a sizeable piece of the $72.4 billion national intelligence program. By boasting they can resist NSA analysis, NYM’s creators are daring the NSA’s analysts to analyze their network.
Skeptics will wonder if the NSA or its British counterpart, GCHQ, is behind NYM. To explain, the NSA creates a privacy blockchain and encourages people to use it to see who is trying to hide communications.
Other skeptics will wonder if NYM is an effort to create a darkweb or dark blockchain for criminals and other terrible actors use. Hence, I think NYM will attract the attention of both intelligence and law enforcement agencies.
How NYM (NYM) works
NYM (NYM) works by converting internet traffic into encrypted data packets. They move the encrypted data packets through many mixnodes and mix data to hide it.
Decentralization provides another layer of privacy. They decentralize NYM by running it through many mix nodes. They further decentralize NYM by having nodes all over the world. NYM’s network comprised 451 mix nodes, 240 active nodes, 59 gateways, 30 validators and 47 service providers on 20 March 2023.
In contrast, a virtual private network (VPN) runs through one encrypted server. Hence, a VPN is easy to hack and analyze.
Another popular privacy solution, TOR (the Onion Router), runs through three relays. This makes TOR easy to hack because there are three places to hack.
Hence, they boast NYM can provide network-level privacy cryptocurrency, stablecoins, email, instant messages, video, and other kinds of traffic. Theoretically, NYM could support banking and money transfers.
The NYM Network
They launched the NYM token in 2022. In 2023, they plan to build a secure mixnet and start mixing time to support private internet usage.
Additionally, they plan to launch a decentralized NYM VPN service with partners and offer censor resistant gateways. There will be partnerships with major blockchains and a paid NYM mixnet with anonymous blockchain credentials.
They plan NYM institutional adaption in 2024. However, they do not identify any institutions that will adopt NYM. l The 2024 plans for NYM include enterprise use cases and work with popular apps such as Alphabet’s Google, Signal, and Brave. Other 2024 plans include NYM integration with browsers and operating systems, secure hardware optimization, and stack integration.
The hope is that institutional adoption and integration will allow NYM to scale to millions of users.
What Value Could NYM (NYM) Obtain?
Interestingly, there is a large market for one potential NYM product: virtual private networks (VPNs).
Statista estimates the worldwide VPN market was worth $44.6 billion in 2022. The worldwide VPN market could grow to $77.1 billion in 2026 and shrink to $75.59 billion in 2027, Statista projects.
Around 31% of internet users or 1.6 billion worldwide use VPNs, Surfshark estimates. Those people an average of $3.69 to $10.45 a month for VPN service, Surfshark reports. However, 51.4% of VPN users utilize a free VPN, Surfshark estimates. In contrast, 34.6% of users pay for a VPN.
The largest VPN market is India, where 375.170 million people pay $16.599 billion a year for VPN service, Surfshark calculates. China is the second-largest market, with 293.115 million people paying $12.969 billion a year for VPNs.
Indonesia is the third largest market, with 129.536 million people paying $6.731 billion a year for VPNs. The fourth largest market is the USA, where 74.331 million people pay $3.289 billion a year for VPNs.
Hence, there is a large market for privacy services which NYM plans to offer. I think NYM could make money if it sticks to VPNs and avoids the dark web.
What Value Does NYM Offer?
Mr. Market has some interest in NYM (NYM)? For example, NYM was the 15th most trending cryptocurrency on 21 March 2023.
In contrast, CoinMarketCap gave NYM a 25.29₵ Coin Price and a 268th ranking on 21 March 2023. They also gave NYM a $99.638 million Market Capitalization, a $252.918 million Fully Diluted Market Cap, a $2.541 million 24-Hour Market Volume, and a $2.541 million Centralized Exchange (CEX) Volume on 21 March 2023. They base those numbers on a Circulating Supply of 393.940 million NYM and a Total Supply of one billion NYM.
If you are seeking a cryptocurrency, that could cash in on the demand for privacy. I think NYM is worth examining. Conversely, I think it could be years before NYM makes money because they have not built the VPN yet.