To make Internet use more personal, Nym Technologies has recruited former US Army intelligence analyst Chelsea Manning, a software user called Tor who released thousands of classified documents in 2011. With a new capital injection worth around $13 million, Nym is preparing to accelerate their blockchain-powered private web process.
As revealed exclusively to Forbes, the Series A funding round will be hosted by Silicon Valley pillar Andreessen Horowitz (a16z Crypto). Other investors include Barry Silbert’s cryptocurrency group Tayssir. Capital, Huobi Ventures, HashKey, Fenbushi Capital and the servers responsible for monitoring transactions on the startup’s network among many others.
Following a $2.5 million seed investment led by Binance’s VC arm and incubator in 2019, and a $6.5 million funding led by Polychain Capital, which closed in July,
Nym’s latest round of fundraising has also shown some good signs. Due to the growing interest in privacy technology. And the whole world is paying attention to this.
Ali Yahya, a partner at Andreessen Horowitz, said:
“…Encryption has become a very important element of today’s Internet use…” andNym sees that privacy as a base for other higher-level solutions…”
The Nym blockchain uses a mixed network, or mixnet, where nodes are awarded together with tokens to resolve and shuffle Internet traffic problems. If necessary, this node can insert dummy packets. to make it harder for opponents to decrypt data, even at the highest level.
Nym CEO Harry Halpin, who worked at the World Wide Web Consortium with web inventor Tim Berners-Lee before founding the company in 2018, says the approach is what he calls “continuation.” “Network Level Privacy” It’s not like using a VPN or the Tor network.
Actually, Nym is not trying to compete directly with Tor. “We recommend people to use the Tor browser.” Halpin said “But for bitcoin and Layer 2 solutions, I think our system is more suitable.” In fact, Nym rewards Node providers with bitcoin. He hopes Nym’s technology can be integrated with protocols such as Lightning, an add-on layer built on the bitcoin network for high-volume micropayments.
Chelsea Manning, who now works closely with customer safety Halpin, told Forbes:
“Didn’t Nym show that? that we have secured the mixnode process at a level that is cost-effective and sufficient for investment.”
Although not all privacy startups use cryptocurrencies. But those who found another fundraising success, such as Halpin, turned out to be in 2017 only able to raise a few thousand dollars for a similar idea thatcan notUse blockchain
By the end of the year, Nym’s network, currently in test mode with around 5,000 nodes and 30 validators, is expected to be fully operational by the end of the year.
notice that This is at least the fifth blockchain-related privacy investment for Andreessen Horowitz. The round’s leading investor from other companies is cloud computing company Oasis Labs, Platform. Private application zero-knowledge Aleo, blockchain and software development company Orchid Labs, and creator of Ethereum’s data infrastructure, Keep.
Before the mainnet launch Nym has begun using funding for new hires. Nym’s co-founder George Danezis has briefly left the project to help design the controversial cryptocurrency Libra for Facebook and the company. Another company he co-founded, Chainspace, was also acquired by the social media giant, bringing Danezis back to Nym in October. Halpin also said that Nym will fund developers. Third person independent next year
last week The team has launched a wallet for node miners where they can use their tokens to join the Nym network. This ensures that the company’s services quality is sufficient for the network and incentivizes miners to work efficiently. in progress But he believes these economic incentives, combined with the mixnet’s potential, will help Nym. “Makes everyone’s privacy possible in the entire world of the internet.”
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