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In a world thats now being heavily influenced by digitalization, the need for enhanced internet privacy has become paramount. NYM, a groundbreaking mixnet, has emerged as a beacon of hope, offering powerful privacy protections for everyday users by encrypting and mixing internet traffic. At the heart of this revolutionary mixnet lies the NYM token, an integral part of the networks tokenomics and cross-chain functionality.

According to the developer, NYM tokens are the native utility tokens of the Nym mixnet, a decentralized network that safeguards user privacy by obfuscating internet traffic. Acting as the backbone of the mixnet, these serve a multifaceted purpose: enabling users to access the mixnet, measuring node reputation, and rewarding the privacy infrastructure operators.

With a total supply capped at 1 billion units, NYM tokens are not all in circulation yet, as different vesting instruments release tranches of tokens starting from the advent of the Nyx chain in early 2022.

Fueling the mixnets tokenomics and operations, the Nyx blockchain is a layer-1 blockchain built on Cosmos SDK, providing the necessary foundation for the smart contracts that govern the mixnets node topology, staking and rewarding of nodes, and peer-to-peer transactions. Written in Rust and compiled into WebAssembly, the Nyx blockchain operates as the heart of the Nym mixnet, ensuring seamless and secure privacy protections for its users.

The team behind NYM tokens releases quarterly tokenomics updates to adapt to the evolving network dynamics. As more of them enter circulation, the mixnets tokenomic parameters change, particularly affecting the stake saturation points for mix nodes.

The regular update mechanism ensures a robust and adaptive network that continues to provide top-notch privacy services.

Rather than relying on a simple Ethereum smart contract for minting ERC20 tokens, NYM tokens are stored on the Nyx Cosmos chain. However, to enable broader accessibility, they are also available on the Ethereum chain as ERC-20 tokens.

Meanwhile, the permissionless Gravity Bridge, a Cosmos native blockchain, plays a pivotal role in facilitating seamless asset bridging between the Ethereum and Cosmos ecosystems.

Gravity Bridge operates on two sides, with Gravity.sol serving as the Solidity contract responsible for handling and releasing funds on the Ethereum side. Notably, Gravity.sol is designed to be transparent, audited by three independent teams, and non-upgradable, ensuring a secure and trustworthy bridge for cross-chain transactions. It does not require any trusted parties, further enhancing its reliability.

Gravity Bridge facilitates the seamless transfer of NYM tokens between the Nyx Cosmos chain and the Ethereum chain. When users wish to convert native NYM tokens to ERC-20 NYM tokens or vice versa, they interact with the Gravity.sol contract, which initiates the token swap process.

This feature ensures that the circulating supply of the cryptocurrency remains consistent across all chains, with a maximum of 1 billion tokens in circulation at any given time.

NYM tokens have emerged as a transformative force in the quest for online privacy, fueling the revolutionary Nym mixnet that encrypts and mixes internet traffic to protect users. Operating on the Nyx blockchain and bridging with Ethereum via Gravity Bridge, these offer a seamless cross-chain experience while ensuring user privacy and security.

Giancarlo is an economist and researcher by profession. Prior to his addition to Blockzeits dynamic team, he was handling several crypto projects for both the government and private sectors as a Project Manager of a consultancy firm.

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Unveiling NYM Tokens And Their Cross-Chain Features - Blockzeit