A Privacy Focused Startup Nym Technologies was able to collect $2.5million in a token sale. The seed round of Nym Technologies consists of several firms such as NEO Global Capital, Lemiscap, Edenblock, and various others along with Binance Labs.
As per the managing director of Lemniscap, Roderik van der Graaf says that tokens are not dead. He still hopes that there are things such as properly designed crypto networks in the market.
Harry Halpin, CEO of Nym Technologies stated CoinDesk that the firm is absolutely ready to launch its testnet in the next year. However, he refused to mention which blockchain startup native token will be based on.
Halpin declared it's startups token-centric approach, "The primary thesis is that we can incentivize privacy-enhancing features, If I run a VPN [today] I can get paid but then I have to hold all the financial data of my users."
The main purpose of the project is to "anonymize the world" as Halpin said. Using the software, they want to hide IP addresses of crypto wallets and mobile apps and also hide user's data from the network itself. Bitcoin Expert Amir Taaki is also working on incorporating this ability with his Dark Wallet Project.
Halpin said, “We’re building the protocols and other people will provision the infrastructure. We believe our system should allow users to pay as they want, using fair prices for whatever services people want to provide.”
As per the Nym investor Lasse Clausen of 1kx, the token economics of the new platform is still under development. He said on the basic level there will be a staking token.
Halpin mentioned that the token will be used for fees, to pay node operators and staking for service providers. He stated, “In my opinion, the tokens will, of course, have value. That value will come from its utility and its ability to help other tokens improve their privacy.”
As per the Eden block partner Lior Messika, NYM tokens are mainly coupons for future use of privacy-improved services, like sending a particular number of messages within a messaging service or utilizing a specific capacity of data via a VPN service.
Van der Graaf said about the user's privacy,
“[Nym’s] protocol doesn’t only anonymize at the protocol layer but also the network layer. So that is a major difference compared to something like Tor. They even mix the data packets at the network layer therefore anonymizing metadata such as IP addresses, geolocations, etc. It’s really one step ahead of the solutions that are out there at the moment.”
