Privacy-focused Nym Technologies unveiled new code this week for its decentralized identity system. It's slated for testnet launch this fall.
On Tuesday at the Web3 Summit in Berlin, Nym CEO Harry Halpin said the technology represents "the next generation of privacy infrastructure" not just for blockchains but for the entire web. Indeed, one of the key features of the Nym network, according to Halpin, is that it is blockchain-agnostic.
“We’re open-sourcing our implementation, which has [built-in] communication with the ethereum blockchain,” said Halpin. “We’re allowing the value of particular tokens from the ethereum blockchain to be transformed into Nym credentials.”
If successful, the move could bring Nym's data-masking features to privacy-minded users of virtually any blockchain platform in the world.
“The briefest way to describe what Nym does with Coconut-enabled credentialing is it allows there to be a decentralized, privacy-preserving version of Facebook Connect,” said Halpin.
Outside of Nym’s interoperability with the ethereum blockchain, Halpin noted the code, written in the programming language Go, leverages a novel cryptographic signature scheme called Coconut.
“The novel thing about Coconut is that it provides privacy and decentralization that no other signature scheme provided thus far,” said Nym's lead developer, Jedrzej Stuczynski, adding:
Coconut, according to Halpin, was originally developed by blockchain startup Chainspace before it was acquired in February by Facebook. Former employees of Chainspace who left before the Facebook acquisition – such as Chainspace co-founder Dave Hrycyszyn – have now joined Nym to help build its identity platform.
In addition, former investors in Chainspace such as Lemniscap and KR1 contributed to Nym’s private token sale in May, which raised $2.5 million.
“[Nym] ended up in the center of our venn diagram in terms of what technology we wanted to support,” said KR1 CEO George McDonaugh, adding:
Nym Technologies CEO Harry Halpin speaks at Web3 Summit 2019 (photo by Christine Kim for CoinDesk)
Correction: Nym CEO Harry Halpin clarified lead developer Jedrzej Stuczynski studied under Chainspace co-founder George Danezis, but did not work for Chainspace directly.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.