Introduction
NEAR Protocol, a layer 1 protocol, has joined forces with blockchain security firm Nym to offer end-to-end encryption and metadata privacy services within its ecosystem. This collaboration aims to enhance security and protect user privacy across decentralized applications (DApps), DeFi protocols, and NFTs.
Protecting User Data
Nym, known for its blockchain agnostic 'layer 0' privacy infrastructure, will provide its mixnet tools to encrypt and cloak blockchain traffic and communication on the NEAR Protocol. By masking off-chain metadata traffic, this partnership will safeguard transaction data during communication and make it difficult for malicious actors to de-anonymize users through their IP addresses.
Enhancing Privacy in the NEAR Ecosystem
NEAR users will benefit from added privacy and security with Nym's integration. While permissionless blockchains often expose transaction data and some off-chain information, such as IP addresses and geolocation data, Nym's technology will help protect against unwanted surveillance, targeted attacks, and cybercrime.
The Importance of Privacy in Web3
Nym CEO Harry Halpin emphasizes the significance of privacy-preserving tools in the emerging Web3 space. He states, "Only weaving privacy into the fabric of Web3 can ensure its success." With Nym's mixnet, blockchain traffic is protected from detailed analysis through encrypted packets sent to mix nodes around the world. This process includes randomly inserted "cover traffic" to further obscure the communication system, making metadata analysis more challenging.
A Commitment to Privacy
The NEAR Foundation CEO, Chris Donovan, notes that Nym's technology will provide ecosystem participants with greater privacy when using the protocol. He also highlights the importance of privacy as a fundamental human right and a key aspect of the Web3 vision to create a more secure and user-centric web.
Nym's $300 Million Fund
In October 2023, Nym Technologies launched a $300 million fund aimed at supporting Web3 projects focused on building security-focused infrastructure. The fund will initially prioritize wallets and platforms that store private keys, as well as RPC protocols and open-source Web3 tools and services.
