TL;DR
- Nym has received a $150,000 grant to integrate its mixnet technology with Zcash, in partnership with Electric Coin Company.
- Integrating the mixnet involves embedding this technology into lightweight client libraries developed by Electric Coin Company.
- This collaboration aims to enhance privacy protections in Zcash, a cryptocurrency known for its optional privacy features.
The Nym project has been awarded a $150,000 grant to integrate its mixnet technology with the cryptocurrency Zcash, in collaboration with Electric Coin Company. This initiative seeks to address one of the most persistent challenges in the realm of digital financial transactions: user metadata leakage.
Integrating Nym’s mixnet into Zcash involves embedding this technology into lightweight client libraries developed by Electric Coin Company. This will enable Zcash wallet developers to implement Nym’s privacy features optionally. Additionally, the $150,000 grant from the community supports this integration effort.
📢 It's official – Nym will be integrating its mixnet with Zcash!
💰 Through a grant, Nym will work to solve data leakage at the network layer that is currently undefended by Zcash. pic.twitter.com/UYrjp00PVD
— Nym (@nymproject) February 13, 2024
The significance of this collaboration lies in enhancing privacy protections in Zcash, a cryptocurrency known for its optional privacy features. Despite the “auto-shielding” function, which automatically moves funds from a transparent to a shielded address. Nym points out that metadata associated with user transactions is still traceable.
Nym Aims to End Users’ Private Information Leakage During Transactions
Electric Coin Company CEO Josh Swihart has expressed satisfaction with Nym’s arrival on the Zcash network. Highlighting that network-level privacy has been a missing piece from the start. This integration represents a significant step towards improving privacy in cryptocurrency transactions.
Nym has underscored the widespread risk of metadata leakage in all online interactions, and its mixnet is presented as a solution to protect such data against surveillance. While traditional privacy tools like VPN and Tor exist, Nym argues that its solution offers a more comprehensive and effective approach to safeguarding user privacy in transactions.
This collaboration represents a joint effort to improve privacy and security in the cryptocurrency ecosystem. With the integration of Nym’s mixnet technology. Zcash is expected to offer even more privacy options for its users. Thus strengthening its position as one of the leading privacy-focused cryptocurrencies.
