NYM Technologies’ Harry Halpin Accuses ZEC and XMR Coins of Privatizing the Blockchain
According to the CEO of NYM Technologies, Monero and Zcash are privatizing the blockchain and the enemy can record their data. Monero is designed to be a privacy coin and it has various features to back this claim.
These features include the ring confidential transactions, ring signature, and the stealth address. These features have garnered it a lot of attention in recent years.
The Blockchain Has Bee Privatized
Harry Halpin accused Monero and Zcash of privatizing the blockchain in a recent Keiser Report edition.
As such, hostile entities can view the data recorded there with ease. To avoid any transactions from becoming visible, the CEO suggested that when you send BTC transactions, it is a P2P broadcast on a network level.
Thus, even with zero knowledge proves and ring signatures like Monero use, the traffic itself can be recorded by any party that is watching the network.
NYM has added Tor, which began as a Navy research project. It helps conceal sensitive data on its network. In Halpin’s opinion, this makes Nym more private than ZCash or Monero.
Halpin said that Tor was a great project if your enemy was a rogue government like that of Venezuela, Iran, or some other nation which does not have full access to the whole internet. It also works great for a rogue company, which can only see a small portion of the internet.
For entities that are able to see the entire internet, there is an older design known as Mixnet. This can help conceal the data in a network. Harry Halpin said that mixnet was used to destroy data patterns by reshuffling it and then changing the timelines during which data was sent. Besides that, mixnet can also send dummy packets of data to confuse anyone snooping on data.
David Stainton introduced mix tech, which is what powers Nym technologies. Besides that, he clarified that Nym would not take grants from the US government. However, it was open–source software that was run by a group of volunteers. He also added that the firm was a no-profit, which did not need incentives to operate.
About Nym Technologies
This privacy-focus startup recently managed to raise $2.5 million via a private token sale. The company was created out of the Binance Labs incubation program in 2018. Halpin, the CEO says the company will launch its testnet in 2020. However, the startup has not revealed on which blockchain its token will run.
According to Halpin, the main thesis of this project is that they can create incentives for features that enhance privacy. In the future, the aim is to anonymize the world using software that can be applied to crypto apps to help mask IPs and user data from the network.
Amir Taaki, a BTC veteran is already working to integrate the capabilities promised by Nym into his Dark Wallet. Halpin added that they would create protocol and people will provide the infrastructure. He said the system would allow users to pay as they wish based on fair prices for any services people wish to offer.