A privacy-focused crypto company called Nym Technologies has recently unveiled its newest piece of code. According to the company, the testnet of its decentralized identity system will be ready for its official launch in the upcoming months.
The CEO of the company, Harry Halpin, affirmed at the latest Web3 Summit, which was held in Berlin, that this technology will become a milestone for the next generation of privacy software. He’s ambitious, affirming that not only they will use it for the blockchain world but that the solution also will be used in the whole web.
Halpin affirmed that the project is open-source and that it is based on the Ethereum technology. Part of the idea is that the company wants to allow particular tokens on the ETH platform to be transformed into NYM. This, the CEO believes, would bring the privacy solutions to basically all crypto platforms.
The program was built using the programming language Go and the Coconut cryptographic scheme. According to the CEO, Coconut is currently the best privacy signature scheme in the market, which is mainly why it was chosen to be the backbone of the project.
Another part of the reason is because Coconut was created by Chainspace and several employees from there have migrated to the company.
Nym Technologies Wants To Rival Facebook
It is not an exaggeration to affirm that this is a massively ambitious project. The CEO wants his software to match Facebook Connect, the single login app developed by Facebook. He believes that the users should have their data on their hands, so facing Facebook and taking its place in the market is a must.
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