Crypto project Nym Technologies is about to launch a new virtual private network (VPN) prototype that relies on decentralized distributed servers and offers a high level of privacy to its users.
This decentralized VPN, to be called NymVPN, will be available from Q1 2024 and its debut will be accompanied by the participation of Binance Labs and a16z.
The node operators of these mixed networks, who will help disperse the IP identities of the platform’s customers, will be rewarded with NYM tokens for their work.
Let’s see together in detail how NymVPN works and what benefits it brings to the market.
Summary
Crypto: Nym announces the launch of a decentralized server-managed and privacy-oriented VPN
Swiss company Nym Technologies, in collaboration with Binance Labs and a16z, will launch by the end of Q1 2024 a decentralized VPN called NymVPN that specializes in ensuring the highest level of privacy for all users in the crypto world.
For the uninitiated, VPNs are virtual private networks that provide a secure connection to transmit data over public networks and allow users to access the world of the Internet while hiding their geographical location (IP address).
The NymVPN will rely on a large number of servers distributed on blockchain and help individuals mask their IP address under a high standard of cybersecurity.
Unlike centralized VPNs, the one proposed by the Swiss company will hence not use a single server to disperse data across the web, effectively eliminating the presence of a potential central point of failure.
This type of architecture makes it possible to minimize the risk of data leaks, to break down web censorship and surveillance measures while offering the power of privacy to the community.
Online data leaks are unfortunately becoming increasingly common: in the first half of 2022, there were more than 80 million data leaks in the US affecting more than 53 million U.S. residents.
NymVPN arises as a solution built on Nym mixnet, which is a mix of routing protocols that use a chain of proxy servers known as mix to mix messages from multiple senders while hiding the origin.
This facet vaguely echoes the cryptocurrency mixer, which is used by parties who wish to lose track of the on-chain history of their transactions.
Harry Halpin, CEO of Nym Technologies, commented thus on the announcement of the upcoming launch of NymVPN estimated for early 2024:
“We believe that privacy is a fundamental right, and our vision has always been to empower individuals to take full control over their online security. The NymVPN offers just this.
It offers users a tool to take control over their privacy for once, through offering the user both a decentralized VPN and mix-network technologies, to provide an unparalleled level of privacy and security on the internet.
Our goal is to empower individuals around the world, ensuring they have unfettered access to the information and resources they seek, and we have discovered many users can’t use our mixnet due to censorship, so we are releasing a new NymVPN product soon. As the digital landscape evolves, NymVPN will evolve with it, actively developing and implementing innovative methods to circumvent censorship and mass surveillance.”
It should be emphasized that, of course, everyone who helps keep Nym’s decentralized network, which has more than 600 nodes spread across 60 different countries, is not working for free.
In fact, to access the distributed routing service, users will have to pay a fee in Bitcoin or fiat. The proceeds will then be used to buy the NYM token on the market and distribute it in part to node operators.
Even during process of buying the service, Nym leverages Zk technology to keep buyers’ privacy firm.
A Lightpaper detailing all the technical components and operation of the decentralized VPN will be published soon.
Analysis of the crypto NYM: utility and price trends
The crypto NYM is the main cryptographic resource in the Nym Technologies ecosystem, used to reward mixntet node operators who help secure the NymVPN and ensure the privacy of users using it.
In addition to serving as a mere payment currency, NYM takes on a utility related to the governance of the project, where all token holders can vote democratically on proposals that are posted occasionally by the community.
The token holders themselves can decide to staking NYM and delegate voting power to node operators in the decisions of the decentralized group.
However, its overall utility remains quite marginal and fails to meet the expectations of holders, who have seen a continuous decrease in the token price over the past year.
Also caused by an exaggeratedly high supply, NYM has suffered greatly from speculation in the crypto markets, which just a week after listing on the major exchanges in April 2022 began to depreciate the cryptocurrency.
Within 1 year and 5 months, NYM lost more than 93% of its value, seeing trading volumes of the associated trades drop dramatically as well.
It was only last week that the currency showed a sign of a small recovery by registering a +22.85% in the market, with a rally that was also and especially driven by the BTC pump.
Stakeholders in the Swiss Nym Technologies group hope that the upcoming launch of the privacy-oriented decentralized VPN can drive a resurgence in the currency, which currently trades at a price of $0.128, and the entire ecosystem.
At the moment, however, it is difficult to predict whether the private network service will be successful and decisively impact the price of crypto.
Certainly, in the case of a general growth of the altcoin sector and a start to the bull market, NYM will also observe a positive effect on its value.
