Privacy-focused Nym Technologies unveiled new code this week for its decentralized identity system. It’s slated for testnet launch this fall.
On Tuesday at the Web3 Summit in Berlin, Nym CEO Harry Halpin said the technology represents “the next generation of privacy infrastructure” not just for blockchains but for the entire web. Indeed, one of the key features of the Nym network, according to Halpin, is that it is blockchain-agnostic.
“We’re open-sourcing our implementation, which has [built-in] communication with the ethereum blockchain,” said Halpin. “We’re allowing the value of particular tokens from the ethereum blockchain to be transformed into Nym credentials.”
If successful, the move could bring Nym’s data-masking features to privacy-minded users of virtually any blockchain platform in the world.
“The briefest way to describe what Nym does with Coconut-enabled credentialing is it allows there to be a decentralized, privacy-preserving version of Facebook Connect,” said Halpin.
Outside of Nym’s interoperability with the ethereum blockchain, Halpin noted the code, written in the programming language Go, leverages a novel cryptographic signature scheme called Coconut.
“The novel thing about Coconut is that it provides privacy and decentralization that no other signature scheme provided thus far,” said Nym’s lead developer, Jedrzej Stuczynski, adding:
“You can transform your [identity] credentials into something that is valid and perfectly able to use but in no way linkable back to what you already have.”
Coconut, according to Halpin,