HomeTodays NewsMonero and Zcash are ‘privatizing the blockchain,’ claims Nym Technologies’ Harry Halpin
Monero and Zcash are ‘privatizing the blockchain,’ claims Nym Technologies’ Harry Halpin
May 22, 2019
Monero, the privacy coin, and its fundamental features – ring signature, ring confidential transactions, and stealth addresses, have received a lot of attention in the past. However, in a recent edition of the Keiser Report, Nym Technologies’ CEO, Harry Halpin, said that Monero and Zcash were basically “privatizing the blockchain” itself and the sensitive data can be easily viewed by fraudulent entities. To prevent network-level transactions to become visible to a third party entity like a well-funded company, the CEO said,
“When you want to send a Bitcoin transaction you’re doing a peer-to-peer broadcast on the network level so even if you use like zero knowledge proves and you use ring signatures like Monero or whatever it is on the chain itself that peer-to-peer traffic is actually capturable/recordable by any enemy who is watching the network”
Tor, which started out as a Navy research project, has been added to Nym as a solution to conceal sensitive data on its platform, which according to Halpin, makes Nym better than Monero and ZCash. He added,
“Tor is like a really great product if your enemy is like the government of Venezuela the government of Iran some government which can’t see the entire internet or some company which can only see a small portion of the internet”
In light of the ability of some entities to be able to monitor the entire internet, an older design called the mix networking or “mixnet” can help conceal exposure of network data, he said. The CEO added that mix networking destroys the pattern of the data sent, first by reshuffling it, then by manipulating the timelines data sent and lastly, by sending “dummy packets” of data.
Mix tech that powers Nym technologies was introduced by developer David Stainton.
Further, he also clarified that Nym does not take grants from the US government, but is an open-sourced software ran by volunteers. He added that the firm is non-profit and does not take incentives.