Nym security protocol to launch new wallet version

The Nym team announced the launch of a new wallet version. With it, users will be able to create nodes and delegate assets to other nodes, according to a press release.

“Network participants will pay a fee for using Nym. These funds will be used to reward the owners of the nodes running the network,” the project representatives noted.

They say the more a node is used, the higher the operator’s reward and the faster the Nym network scales.

“In the Nym network, anyone can run a mix node and have good chances of reward. NYM token holders also have the option to delegate assets to mix nodes rather than running them themselves,” the developers explained. “Anyone can scale the network. It does not require additional permission.”

Any user can join and choose how to participate, earning rewards according to the distribution algorithm. Nodes with poor reputation will not receive a reward.

Nodes with good reputations are more often selected to participate in the mixnet and receive rewards at higher rates. Then mixed nodes receive NYM tokens depending on service quality, ensuring the privacy of end users. This mechanism enables scaling and decentralisation of the mixnet.

“The crypto-economy of Nym incentivises privacy: the better the service, the higher the node rewards,” commented Claudia Diaz, Chief Scientist at Nym. “This benefits the entire network by delivering the highest-quality service.”

NYM generated in the Nyx mainnet a few weeks ago. A public token sale on the CoinList platform took place on February 9.

Founded in 2018, Nym provides infrastructure to safeguard personal data privacy. The decentralized open-source platform rewards users for supporting a network that prevents metadata surveillance at the network level (mixnet) and excludes monitoring of authentication and payment credentials.

Earlier, the platform for building dapps with enhanced privacy Aleo attracted $200 million in funding.

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