Nym Technologies Secures Grant to Enhance ZCash Privacy Infrastructure

Please fol­low and like us:
Pin Share

Nym Tech­nolo­gies has secured a grant from the ZCash Com­mu­ni­ty Grants, extend­ing the meta­da­ta pri­va­cy safe­guards of the Nym mixnet to the Zcash ecosystem.

The Nym mixnet serves as a layer‑0 pri­va­cy infra­struc­ture. It is com­pat­i­ble with any blockchain and can seam­less­ly inte­grate to con­ceal traf­fic, safe­guard pri­va­cy, and enhance the secu­ri­ty of both users and val­ida­tors. By team­ing up with Nym, Zcash joins oth­er Web3 projects such as Mon­ero, Aztec, and Near.

Nym-ZCash

Accord­ing to the announce­ment dis­closed to Cryp­toPota­to, Nym aims to col­lab­o­rate with ZCash’s pri­va­cy infra­struc­ture to offer an end-to-end pro­tect­ed solu­tion pri­va­cy solu­tion for users of the pri­va­cy-focused cryp­to asset, address­ing the exist­ing vul­ner­a­bil­i­ty of data leak­age at the net­work lev­el with­in ZCash.

This ini­tial inte­gra­tion involves incor­po­rat­ing the Nym mixnet into the light client libraries devel­oped by the Elec­tric Coin Com­pa­ny. Such a move will enable devel­op­ers of ZCash wal­lets to have the option to acti­vate the pri­va­cy pro­tec­tions of the mixnet as needed.

The press release stat­ed that the Nym mixnet pre­vents var­i­ous adver­saries, includ­ing gov­ern­ment enti­ties, cor­po­ra­tions, and crim­i­nals, from trac­ing meta­da­ta, unlike oth­er pri­va­cy tech­nolo­gies. In fact, the Meta­da­ta is leaked with every online interaction.

Nym explained that the mixnet achieves this by divid­ing data into equal­ly sized encrypt­ed Sphinx pack­ets and dis­pers­ing them through three hops to ‘mix nodes’ glob­al­ly at ran­dom inter­vals. Addi­tion­al­ly, the mixnet intro­duces dum­my ‘cov­er’ traf­fic to fur­ther obfus­cate mon­i­tor­ing. These com­bined fea­tures make it impos­si­ble for even pow­er­ful adver­saries with a glob­al net­work view to track meta­da­ta patterns.

Com­ment­ing on the devel­op­ment, Josh Swi­hart, the recent­ly onboard­ed CEO of ECC stated,

“I’m extreme­ly pleased to see Nym come to life on the Zcash net­work. Net­work-lev­el pri­va­cy has been a miss­ing piece since Zcash’s incep­tion. This part­ner­ship between these two projects will sig­nif­i­cant­ly deep­en pro­tec­tions for every­day users wish­ing to pro­tect their finan­cial pri­va­cy. It’s fan­tas­tic to see the pri­va­cy ecosys­tem come together.”

Regulatory Uncertainty Weighs on Zcash

Pri­va­cy coins have been a major bone of con­tention with­in the cryp­to indus­try, stem­ming from the foun­da­tion­al prin­ci­ples of pri­va­cy and pseu­do­nymi­ty, con­trast­ed with the grow­ing demand to adhere to glob­al reg­u­la­to­ry norms.

Glob­al reg­u­la­tors believe that these assets could facil­i­tate illic­it activ­i­ties like mon­ey laun­der­ing, ter­ror­ist financ­ing, and eva­sion of eco­nom­ic sanctions.

This has tremen­dous­ly affect­ed Zcash’s native token – ZEC – which failed to recov­er despite a mar­ket-wide resur­gence. Over the past month, ZEC has plunged by around 20% to $20.55 extend­ing its year­ly loss­es to over 56%.

SPECIAL OFFER (Spon­sored)

Binance Free $100 (Exclu­sive): Use this link to reg­is­ter and receive $100 free and 10% off fees on Binance Futures first month (terms).

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.