Cosmos Privacy Startup Nym Onboarded Network Validators

The Cosmos privacy startup Nym onboarded network validators and gets one step closer to launching its fully functional mainnet as we are reading further in our latest Cosmos news.

The protocol generated the first block of the blockchain network. The privacy-focused Nym Technologies developed the first block for its Nym mainnet started onboarding validators before the mainnet launch. The Cosmos privacy startup noted that it has welcomed some of the top companies in the network validators including the telecommunications giant Dokia Capital, Swisscom, Nodes.Guru, Chorus One, and others from the community such as Commodum.

The validators will help to maintain the Nym mixnet privacy system that can allegedly defeat the nation-state-level mass surveillance. They do this by providing consensus on the network arrangement for the nodes at any time and public history of the NYM token transactions, in addition, to creating and protecting certificates against double-spending. Speaking on the developments as a Nym validator, Dominic Vincenz at Swisscom said:

“Nym has built a powerful global private network that is both decentralized and incentivized and we are thrilled to partner with Nym and support the development of privacy-enhanced infrastructure and foster new data-ownership centered business models. We are convinced that data privacy is one of the most important factors for decentralized open networks to succeed.”

Nym revealed that the development team enabled smart contract uploads to the Cosmos-based blockchain dubbed NYX as a general-purpose smart contract blockchain. Per the announcement, NYX is expected to provide the users with cost-effective and near-instant transactions that have a smart contract order execution speed of 10,000 transactions per second. The multi-use case design combined with the Cosmos Web Assembly-based smart contract environment CosmWasm, and the powerful set of validators will enable it to meet the high computation requirements of the platform. The CTO of Nym Technologies Dave Hrycyszyn noted:

“We are pleased that our technical and partnership decisions over the past year are paying off and that in addition to our privacy mixnet, we can now offer a powerful general-purpose smart contract blockchain! This is a step in the direction to allow us to extend Coconut functionality, meaning application layer privacy, to an entire developer ecosystem.“

Excited to announce our partnership with Swisscom – old guard of networking who clearly understands the future of networks: decentralized with privacy first.

With Nym "Swisscom is underlining its mission to partner with the most ambitious projects…"
💥https://t.co/8qPKVfud59 pic.twitter.com/8thBou180n

— Nym (@nymproject) January 20, 2022

The launch of the Nyx mainnet will only mark the start of incentivized global privacy mixnet and the NYM token will allow people to access the mixnet and run nodes in the network but also get rewarded. The company announced that it raised $13 million in the third investment round led by a16z.