Nym Technologies Mainnet Officially Generates First Blockchain Block

Privacy infrastructure startup Nym Technologies has successfully generated the first block for its Nym mainnet — Nyx. As per the information gathered by CoinQuora, the Nym team is now onboarding validators such as Dokia Capital, a16z-backed Figment, Chorus One, Swisscom, Nodes.Guru and Commodum. These Nym validators will maintain the mixnet privacy system of the network.

Swisscom Fintech Innovation Manager Dominic Vincenz, explained,

Nym has built a powerful global privacy 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.

Meanwhile, the networks development team has enabled smart contract uploads to Nym’s Cosmos blockchain. This technology created by the team provides cost-effective and lightning fast transactions with smart contract execution up to 10,000 transactions per second.

Furthermore, the collaboration of CosmWasm, a Web Assembly-based smart contract environment on Cosmos with Nym’s powerful set of validators creates a robust, general-purpose smart contract blockchain that will integrate Coconut privacy features. Nym CTO, Dave Hrycyszyn said,

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.

On the other hand, Nym has generated the mixnet token NYM, which will enable people to use the mixnet, run mix nodes in the network and get rewarded.