In an increasingly digital world, the security and privacy of our data have become crucial issues. Layer 1 blockchains, such as NEAR Protocol, seek to address these challenges by collaborating with blockchain security experts, such as Nym Technologies.
The recent partnership between NEAR Protocol and Nym Technologies aims to strengthen privacy and security in the blockchain ecosystem, offering users greater protection for their data and transactions.
Nym Technologies’ technology, which operates independently on a specific blockchain, provides an additional layer of privacy to NEAR Protocol. This is achieved through mixnet tools that encrypt and hide communication and traffic on the blockchain.
This approach protects transaction data during communication and makes attempts to deanonymize users by accessing their IP addresses difficult.
The collaboration also addresses fundamental concerns related to open-permission blockchains. These blockchains often allow access to transaction data and certain information off-chain, which can open the door to unwanted surveillance, targeted attacks, and cybercrime.
THE INCORPORATION OF NYM TECHNOLOGY INTO THE NEAR ECOSYSTEM OFFERS A SOLUTION
Harry Halpin, CEO of Nym Technologies, highlights the importance of integrating privacy into the fabric of Web3 to ensure its success. Blockchains are inherently transparent, which makes them vulnerable to data exposure. Only by incorporating robust privacy measures can users’ fundamental privacy rights be protected in this new digital paradigm.
In addition to enhancing privacy, this collaboration aims to provide NEAR users with access to decentralized applications (DApps), decentralized finance (DeFi) protocols, and non-fungible tokens (NFTs) with an additional level of security and confidentiality. This strengthens the vision of a more secure, user-centric and empowered Web3 ecosystem.
According to data from CoinMarketCap at the time of writing, this November 1, NEAR Protocol is trading at around $1.35, with impressive strength in its market capitalization, which amounts to $1,331 million, placing it in position #38 by market capitalization.
Although NEAR is far from its all-time high of around $20 per token, the last month has seen an exciting price rally.
During that period, NEAR has seen a significant increase, going from $0.98 to $1.36, demonstrating the growing confidence and enthusiasm around this layer 1 blockchain and its technology, such as the collaboration with Nym Technologies, which reinforces security and privacy in its ecosystem.