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Privacy startup Nym brings in outside backers for $300 million developer fund
(www.theblockcrypto.com)
this post was submitted on 02 May 2022
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Privacy
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Can't wait until it inevitably ends up on https://web3isgoinggreat.com/ ๐
Can you at least read their whitepaper and make a fully informed decision instead of hoping for their downfall
I've read through dozens of white-papers of "revolutionary" blockchain-based tech startups, all promising to solve Very Important Problems, none actually solving such problems. But sure, let's start here:
This is "privacy for the rich" model. Unsurprisingly: poor people can't push the token to the moon! And looking at their website it is clear they focus more on hyping the token than on actual privacy.
Speaking of their website, this privacy-focused project done clearly by people that care a lot about digital human rights and want to fight surveillance capitalism directly includes on their website stuff from
fonts.google.com,googleapis.com,youtube.com,play.google.com,doubleclick.net. Looks legit to me!It's fascinating how they talk down Tor ("because Tor does not add timing obfuscation or cover traffic to obscure the traffic patterns in circuits"), but fail to mention i2p which solves these issues without the need for bollockschain tokens. Makes sense โ Nym seems to basically be i2p with a blockchain token bolted onto it so that it can become an investment vehicle.
So either they did not know about i2p, an important and reasonably well known project which has been around for almost 20 years and is very clearly in the same problem space, or they intentionally decided not to mention it because it would make them look bad. Take your pick: are they ignorant, or disingenuous? Either is a great trait for a project that aims at protecting privacy from the NSA, no less.
On a general level, it is safe to assume any blockchain-based project that offers any kind of token and is in any way monetizable is (at best) a solution in search of a problem, or (at worst) a scam, often Ponzi-shaped, until clearly proven otherwise.
I mean, even the most basic promise of Ethereum smart contracts โ that smart contracts are binding, transactions are not going to be reverted, and nobody controls the whole network โ flew right out the window just because DAO smart contract had a bug and somebody exploited it; and we can't have that, can we, if people are meant to invest in this, eh?
Privacy and decentralization are too important subjects to be used by cryptobros in their money extraction schemes.
If you think my opinion was not well informed, think again.