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  • NYM Nym

    $0.056

    -2.74%

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    Frequently Asked Questions

    • Nym Use Cases

      Nym is a decentralized, open-source, and permissionless infrastructure for privacy-preserving applications. Here are some key use cases:

      • Network Layer Privacy: Nym provides network layer privacy for various digital currencies and applications, ensuring "layer 0 privacy" in transactions and communication. This is achieved through a decentralized mixnet that encrypts and relays internet traffic, obscuring metadata such as IP addresses and traffic patterns.

      • Incentivizing Node Operators: The Nym token (NYM) is used to incentivize node operators to provide high-quality service, ensuring the network's decentralization and sustainability. Users pay in NYM tokens to transmit data through the mixnet, and node operators are rewarded with NYM tokens for their participation.

      • Staking and Delegation: Users can stake NYM tokens to support the network's decentralization and earn rewards. They can also delegate stakes to different nodes, which incentivizes the maintenance of high-quality mix nodes. This process is facilitated through the Nym Wallet, which allows users to manage their tokens and track their staking rewards.

      • Integration with Various Applications: Nym can integrate with various blockchain networks and applications, providing network-level privacy for users. This includes peer-to-peer broadcasts used in transactions, such as Bitcoin, Ethereum, and Zcash.

      • Privacy-Enhanced Communication: Nym tokens grant users trusted access to uncensored and privacy-enhanced internet communication, supporting network operations and promoting a robust and sustainable ecosystem for Nym.

      Last Updated: 12/7/2024 02:33 UTC
    • Pros of Nym

      • Enhanced Privacy: Nym provides network layer privacy for various digital currencies and applications, ensuring "layer 0 privacy" in transactions and communication. This is achieved through a decentralized mixnet that obscures metadata, including IP addresses and traffic patterns.
      • Decentralized Infrastructure: Nym's infrastructure is fully decentralized, preventing any single entity from controlling or exploiting the network. This ensures user privacy and security without relying on trust in intermediaries.
      • Incentivized Participation: The tokenized economy of Nym incentivizes node operators to participate in the mixnet. These operators are rewarded with Nym tokens, which helps ensure the economic sustainability of the network.
      • Open-Source Approach: Nym's software is open-source, allowing for public auditing and peer review. This ensures high standards of security and trustworthiness, and invites contributions from a global community of developers and researchers.
      • Global Reach: Nym boasts over 900 active nodes spread across 86 countries, showcasing its global reach and decentralized nature.

      Cons of Nym

      • Complexity: The technology behind Nym can be complex and may require a certain level of technical understanding to fully utilize its features.
      • Limited Adoption: Compared to more established cryptocurrencies, Nym may have limited adoption and market capitalization, which could affect its liquidity and volatility.
      • Dependence on Node Operators: The effectiveness of Nym's privacy features depends on the participation and performance of node operators. If there are not enough high-quality nodes, the network's privacy could be compromised.
      • Token Supply Limitations: Nym has a capped supply of 1 billion tokens, which could lead to scarcity and potential price volatility if demand increases significantly.
      • Staking Requirements: Users need to stake Nym tokens to participate in the network, which may require a certain level of financial commitment and understanding of staking processes.
      Last Updated: 12/7/2024 02:33 UTC
    • Founders of Nym

      • Harry Halpin: The CEO and founder of Nym, who conceptualized the idea in 2017 after discussing with Dr. Adam Back about enhancing Bitcoin's privacy features.
      • Note: There is no mention of additional founders in the provided sources related to Nym in the context of cryptocurrency. The other sources refer to a different company named Nym, which is involved in medical coding and has different founders and leadership.
      Last Updated: 12/7/2024 02:33 UTC
    • Nym Investors

      Nym is backed by several prominent investors, including:

      • Andreessen Horowitz (a16z): A leading venture capital firm.
      • Polychain Capital: A venture capital firm focused on blockchain and cryptocurrency investments.
      • HashKey Capital: A venture capital firm specializing in blockchain and cryptocurrency investments.
      • Binance Labs: The incubation arm of Binance, a major cryptocurrency exchange.
      • Digital Currency Group (DCG): A global leader in blockchain and cryptocurrency investments.
      • Fenbushi Capital: A venture capital firm focused on blockchain and cryptocurrency investments.
      • 1kx: A venture capital firm specializing in blockchain and cryptocurrency investments.
      • Maven 11 Capital: A venture capital firm focused on blockchain and cryptocurrency investments.
      • Greenfield Capital: A venture capital firm specializing in blockchain and cryptocurrency investments.
      • Eden Block: A venture capital firm focused on blockchain and cryptocurrency investments.
      • NGC Ventures: A venture capital firm specializing in blockchain and cryptocurrency investments.
      • Lemniscap: A venture capital firm focused on blockchain and cryptocurrency investments.

      These investors have contributed to Nym's funding rounds, supporting its development and growth in the cryptocurrency market.

      Last Updated: 12/7/2024 02:33 UTC
    • Halal Status of Nym

      Nym is considered halal by some Islamic finance analyses because it serves a legitimate economic model where value exchanges hands for actual technological services, such as facilitating privacy-preserving communication infrastructure and compensating node operators.

      Key Points:

      • Legitimate Utility: Nym is used for privacy-enhanced communication and data transfer services, creating a valid economic model.
      • Actual Usage: The Nym network has demonstrated real-world adoption with active mixnodes and regular updates to the core infrastructure.
      • Halal Considerations: The focus on providing a service rather than speculative trading aligns with some interpretations of Islamic finance principles.

      Answer: Yes, Nym is considered halal based on its utility and usage.

      Last Updated: 12/7/2024 02:34 UTC

    Description

    #762

    Nym is a blockchain that provides end-to-end privacy for network and application layers by using a mixnet that shuffles and hides internet traffic. Nym also allows users to control their data with anonymous credentials.

    Sector:
    Blockchain:

    Market Data

    Rank: 762
    Volume: 1.5M
    Marketcap: 46M
    Fully Diluted Value: 56M
    Circulating Supply: 81%
    406K 249/796
    123K 12K/12K
    95K 244/419
    73K 2.1K/2.4K
    54K 11K/11K
    53K 2.8K/6.1K
    42K 1.4K/285
    12K 3.4K/3.4K
    2K 1.6K/1.5K