Introducing The NYM Token

Published on: 02.02.2022

The NYM token now exists on mainnet and is officially approved for a public launch! The token is an essential component to the Nym decentralised privacy mixnet, enabling users to pay for their use, and mix node operators across the world to be compensated for running the global privacy network.

Nym Project is pleased to announce that the total supply of one billion NYM tokens have been generated on the decentralized mainnet Nyx chain. The Swiss utility token prospectus (first of its kind in Switzerland!) has been approved ahead of the CoinList token sale and is listed on BX Swiss. The initial distribution and lock-up schedule is out, and there is a date for a public offering of 75 million NYM on CoinList.

The aim of Nym is to ensure privacy by addressing two major problems of the internet today:

  • the technical problem whereby the core internet protocols were simply not built with privacy in mind;
  • and the economic problem, where today’s digital platforms and infrastructures have surveillance at the centre of their business models.

The first problem is solved with the mixnet — a decentralized privacy network that delivers privacy to end-users by mixing their packets. The second problem is solved with the NYM token, which facilitates decentralization while incentivizing mix nodes to provide a high quality of service, ensuring that the mixnet can scale according to demand.

When users pay for using the network for privacy, or apps pay on behalf of their users, some fees go to reward the nodes that operate the network. These fees are taken in or converted to NYM in order to prevent the network from being subject to the volatility of any other underlying asset. Thus, the more usage, the more NYM tokens are available for rewarding nodes and scaling the mixnet to match demand.

Thus the NYM tokenomics is intended to economically incentivise people to provide privacy, rather than surveillance. Not only that, the crypto-economics has been designed and engineered to incentivise good privacy protections: the better the service in terms of mixing packets, the better the reputation of a mix node in NYM will be in the overall infrastructure. In essence, NYM serves a ‘reputation’ token for mix networks.

ABOUT NYM
Nym’s mission is to establish privacy as a default for online communications. Only then can people and organizations make meaningful and secure decisions about what, when and with whom they want to share data.

 Nym wallet // Prospectus // Whitepaper

Twitter // Telegram // Newsletter

RESOURCES
Medium

Market Stats:
BTC Dominance: 54.25%(+0.52%/24h)
ETH Dominance: 15.33%(-0.09%/24h)
Defi Market Cap: $81.6B(-2.89%/24h)
Total Market Cap: $2273.24B(+0.36%/24h)
Total Trading Volume 24h: $70.51B(+6.03%/24h)
ETH Market Cap: $348.34B
Defi to ETH Ratio: 23.42%
Defi Dominance: 3.42%
Altcoin Market Cap: $1039.94B
Altcoin Volume 24h: $44.58B
Total Cryptocurrencies: 29720
Active Cryptocurrencies: 9949
Active Market Pairs: 82034
Active Exchanges: 765
Total Exchanges: 8528
BTC: 62617.49$(0.03%/1H)
ETH: 2900.15$(-0.44%/1H)
AVAX: 32.82$(-0.4%/1H)
BNB: 567.92$(-0.01%/1H)
MATIC: 0.66$(-0.63%/1H)
FTM: 0.66$(0.37%/1H)
ADA: 0.43$(-0.23%/1H)
DOT: 6.61$(-0.34%/1H)
UNI: 6.87$(-0.43%/1H)
CAKE: 2.49$(-0.17%/1H)
SUSHI: 1.02$(-0.31%/1H)
ONE: 0.02$(-0.18%/1H)