Crypto Asset NYM to Fuel Test of Tokenized Facebook Login Alternative

Privacy-focused Nym Technologies unveiled new code this week for its decentralized identity system.

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.

One of the key features of the Nym network, according to Halpin, is that it is blockchain-agnostic.

"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.

Halpin believes Nym can rival Facebook, and its single login application, Facebook Connect, to place user data privacy back into the hands of users.

"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.

Former employees of Chainspace who left before the Facebook acquisition - such as Stuczynski and former Chainspace co-founder Dave Hrycyszyn - have now joined Nym to help build its identity platform.

It's not only Chainspace's technical team that has migrated to Nym Technologies.