KuCoin AMA With NYM (NYM) — A Revolutionary Gaming Ecosystem Transforming Blockchain Entertainment
Dear KuCoin Users,
Time: December 13, 2024, 12:00 PM - 01:14 PM (UTC)
KuCoin hosted an AMA (Ask-Me-Anything) session featuring Jaya Brekke, the Chief Strategy Officer of Nym, in the KuCoin Exchange Group.
Official Website: https://nymtech.net/
Whitepaper: https://nymtech.net/nym-whitepaper.pdf
Q&A from KuCoin to Nym
Q: What is NYM?
Jaya: Nym is DePIN for secure traffic routing in the age of AI. It is the first network to offer a Noise Generating Mixnet (NGM), a powerful new anonymous traffic routing protocol. We founded the project because it was clear there was a design flaw at the heart of the internet - which would become very serious with the rise of AI and that is exposed traffic patterns! The Nym network secures traffic in transit - enabling better, more secure and more sovereign AI
Q: What is a NGM?
Jaya: A Noise Generating Mixnet (NGM) is a powerful new technology for securely routing any internet traffic in the age of AI. The rise of AI has made it clear that the internet, at its core, is not secure. Even when traffic is encrypted, the patterns of traffic are still fully visible. NGMs are the only solution to this problem of malicious traffic analysis! And so far, Nym is the only NGM that has graduated from research and is market-ready
Q: What are the use-cases for Nym?
Jaya: NGM makes it so everyone’s traffic cannot be analyzed and used by fraudsters, hackers, and malicious actors to perform a variety of attacks. The Nym network is general purpose and can be used for many different use-cases. For example: Decentralized AI but also Securing crypto wallets more generally.
Nym protects people’s tokens, NFTs and digital assets by securing traffic between your wallet and blockchain. Without Nym, this traffic is exposed and can leak your IP address and other personal and sensitive information that can be used for attacks, theft and fraud. The network can also solve many problems for blockchain consensus.
Nym protects the integrity of blockchain consensus by securing traffic between validators. This can prevent MEV attacks, DOS attacks on validators as well as selective disclosure attacks that might otherwise lead to manipulation of chain data and finally, Nym extends beyond the world of web3 to also secure regular messaging apps like Telegram as well as email or browsing. So there is very large potential market for NGMs.
Q: What does the NYM token do?
Jaya: The NYM token powers the Nym network. It is the incentive layer for network operators and also ensures that the network is decentralized and operates at a high quality and stakers help here too! Stakers can improve network performance and security by staking on top quality Nym nodes and earn a share of rewards and finally, NYM tokens are used to pay for the actual NGM services. So as adoption increases, so does demand for the token, and so does the rewards for operators and stakers. The NYM token is designed to make sure that everyone wins from good quality of service and real world adoption!
Q: What are the ways to use Nym?
Jaya: If you are an individual you can simply get the Nym app to start benefiting from the secure routing offered by the Nym network. The app allows people to choose between two network modes:
1. a dVPN - optimized for browsing and streaming;
2. Anonymous mode (a 5-hop NGM) - optimized for anonymity, good for messaging, crypto transactions, email, and other activities that can tolerate high latency
We also have enterprise users:
For companies seeking to offer superior security and integrity to their customers, the Nym network can be used as a general purpose secure routing network
Nym can be integrated directly with applications and services to secure the integrity of users and systems by providing secure routing for any app, blockchain, or service
Q: Who uses Nym?
Jaya: Nym is currently integrating with Celestia. and we have integrations with Zzcash, Aztec, Electrum Wallet, Blockstream Green and are about to scale into the emerging Decentralized AI ecosystem. The network has both consumer and enterprise users. On the consumer side, people can use Nym for full stack protection by downloading the NymVPN - the only VPN app to offer an NGM mode.
Q: Why is noise important for the age of AI?
Jaya: AI is basically very powerful pattern recognition. When it comes to internet traffic, even when you encrypt your content, your traffic patterns are still exposed. In the age of AI, traffic patterns are increasingly vulnerable to traffic analysis. Noise provides a cover for your traffic so it becomes untraceable.
That means when you visit a website, send a message or make a transaction, you can rest assured that only your intended recipient knows what you are doing! And this has applications for the AI industry itself - when you want to share compute resources or data, you don't want that to leak to competitors or attackers. So the AI industry also needs noise to protect their models.
Q: Can the network scale?
Jaya: I am glad you asked that question. The Nym network is built to scale! The network is organised in five layers that each can scale horizontally as demand grows each packet takes different routes through these layers, making them untraceable. We are an incredibly ambitious project and our technical design matches that: Our ambition is for the Nym network to become the preferred secure routing network for the entire internet.
Free-Ask from the KuCoin Community to NYM
Q: Can you provide details about any security audits conducted on your project? How do you prioritize and address potential vulnerabilities to ensure the safety of users' funds and data?
Jaya: Absolutely, that is a very important question, especially for a project like ours that is all about securing networks! We have had three audits done:
- Cure53
- JP Aumasson
- OAK
But we go further than audits: we are also fully open source and transparent and will be running a bug-bounty early next year. Trust is our core competitive advantage.
Q: Everyone thought about long term goal but I want to ask what's your goal in the Q1 of 2025? Also Can you share the roadmap with us.
Jaya: Thanks for the question! Our immediate goal for Q1 in 2025 is to grow our user base for the Nym app and secure additional partnerships. Network features we will be focusing on are:
- Post quantum resilience
- Censorship resistance to serve more customers
- Split-tunneling for better UX and more efficient network
Q: Do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness?
Jaya: We have an overall fixed supply of 1bn. We are not burning tokens, but we have just been conducting a token buy-back in order to address an oversupply in the market. This buy-back will be used to grow the ecosystem!
Q: How will you attract non-crypto-natives to your ecosystem? In addition, how do you strike a balance between technology development and token value enhancement?
Jaya: Thanks for the question! This is where Nym really stands out:
- Because our user-facing app is a VPN, it is easy to understand and very attractive for non-crypto people
- So our app becomes the onboarding to the token and ecosystem more generally.
That means we can do something most Web3 companies too often fail at (attract normal users) AND offer something most Web2 companies can't offer (all the benefits of decentralization)!
Q: How does the delegation process work in Nym, and what benefits do stakeholders receive from delegating their NYM tokens?
Jaya: If you hold NYM tokens, you can stake on Nym nodes and earn a share of their rewards. Stakers should delegate stake to high performing Nym nodes in order to maximise earnings. This increases the chances of a node being selected in the next round of the network (every hour) to provide a service and earn rewards. So staking helps the quality of the network and provides an opportunity for the community to get involved and earn.
Things to look out for when choosing a node to stake on:
- performance score (should be 90% or above)
- stake saturation (if it is saturated you will only get low rewards)
- location of the node
You can check nodes and their performance here.
KuCoin Post AMA Activity — NYM
🎁 Participate in the Nym AMA quiz now for a chance to win 88.00 NYM.
The form will remain open for five days from publishing this AMA recap
Nym AMA - NYM Giveaway Section
KuCoin and Nym have prepared a total of 17,500 NYM to give away to AMA participants.
1. Pre-AMA activity: 6,940 NYM
2. Free-ask section: 420 NYM
3. Flash mini-game: 3,540 NYM
4. Post-AMA quiz: 6,600 NYM
Sign up for a KuCoin account if you haven’t done so yet, and ensure you complete your KYC verification to be eligible for the rewards.