Layer-1 blockchain protocol Near has announced a strategic partnership with Nym Technologies, a blockchain security firm, to bolster data privacy and encryption services for users and decentralized applications (DApps) operating within the Near ecosystem.

Nym’s Privacy Infrastructure for Near Protocol

Nym Technologies, renowned for its blockchain-agnostic layer-0 privacy infrastructure, will provide Near with its mixnet tools to encrypt and conceal blockchain traffic and communications within the Near Protocol ecosystem. This integration aims to enhance privacy for users and DApps within the Near ecosystem.

Protecting Off-Chain Metadata Traffic

One of the key features of Nym’s integration is the masking of off-chain metadata traffic, which safeguards transaction data during communication and creates a barrier to prevent malicious actors from de-anonymizing users through IP address access.

Users in the Near ecosystem will enjoy improved security and privacy when accessing decentralized applications (DApps), decentralized finance protocols, and non-fungible tokens.

Near-Nym partnership

Permissionless blockchains often expose transaction data and some off-chain information, including IP addresses and geolocation data, raising concerns about surveillance, targeted attacks, and cybercrime. Nym’s CEO, Harry Halpin, emphasizes the significance of privacy-preserving tools in advancing the Web3 space, stating that weaving privacy into Web3’s fabric is essential for its success.

Nym’s Mixnet for Enhanced Privacy

Moreover, Nym’s mixnet technology protects blockchain traffic by breaking data into encrypted packets sent to “mix nodes” distributed globally. The inclusion of “cover traffic” further obscures the communication system, making metadata analysis significantly more challenging.

Near Foundation’s Emphasis on Privacy

Moreover, Chris Donovan, CEO of the Near Foundation, underscores the importance of Nym’s technology in providing greater privacy to ecosystem participants and aligns with the privacy-enhancing principles of Web3.

He states that privacy is a fundamental human right and also a crucial component of the Web3 vision, which aims to create a more secure, user-centric, and user-empowered web.

Nym Technologies’ $300 Million Fund for Web3 Projects

In a separate initiative, Nym Technologies also launched a $300 million fund to support Web3 projects that focus on building security-focused infrastructure. The fund aims to provide support for wallets, platforms managing private keys, DApps, remote procedure call protocols and open-source Web3 tools and services.

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Tanishi is an established writer in the realm of cryptocurrency and blockchain, renowned for her expertise and insightful analysis. With a deep-rooted passion for the dynamic world of digital finance, Tanishi delivers compelling news and articles that captivate a wide-ranging audience.