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Private Blockchain, Identification

NYM

NYM - authentication service with the focus on privacy

Rating: 3.8

Official contacts
Location: Switzerland
Web-resources:   Website
Social networks:
Product source tracking: N/A
Details Description Risks Full analysis Team

Detailed review

Stage of product development
Ready mixnet from Kryptik (the project's partner). Wallet supporting currencies on the mimblewimble and other private currencies. Authentification system is on development.


Token description
ICO date
TBA
Token price
N/A
Platform
Binance Launchpad
Blockchain
N/A
Token distribution date
N/A
Consensus method
PoS
Escrow
N/A
ICO currencies
USD , EUR
Bounty camping
N/A
Markets
N/A
Token functions
Payment for authentication and reward for nodes
Risks
MARKET

- The product may become niche on market with the scalability obstacles

- Free centralized services may be more user-friendly for users

- unclear business plan

 

PRODUCT

- the service may lose the competition with free centralized services, being non-free and slower

- the roadmap is unavailable

BUSINESS MODEL

- unclear adoptability on platforms with free authentication.

- unclear token specification

FINANCES

- no financial metrics available

- it is unclear, whether Binance participate in equity or not

TEAM

- it is unclear who will develop the project, and who will just support

Full analysis
Market

The authentication market is narrow and some strong competitors from the blockchain market also exist - Civic, Selfkey, Thekey, Traceto. The history of these projects indicates that it is still difficult to integrate such decentralized solutions on the centralized platform. We see a large potential in the darknet, as authentification there without disclosing personalities is in need.

Also, we think that the project must focus on user-friendliness. If the project reaches the goal of building the Tor with cryptographic economical incentives - the chance of success with the team's background significantly increase.

Product

Being quite a niche from the description, the project still looks strong. It appears as a decentralized alternative to Google and Facebook connect authentication services. But for now, we leave the rank "3", as no MVP is available.

User control it private data and may pass authentication with some costs in NYM tokens. The blockchain proves the identity with not disclosing the personal info. The mixnet (already developed) enables it with the multi-layer encryption. 

The project has plans for further steps to the wider network of the decentralized data flow on the private basis - here the great potencial is hidden.

Business model

The model looks reasonable and may perfectly release the authentication service. But we see much more potential in launching a wider network combining private currencies and decentralized web.

Finances

Being a project from the Binance accelerator program, it is likely that the tokensale (if it will happen) will be on the Binance Launchpad. Also, it is likely that 1kx invested in NYM. Financial metrics are unknown.

Team

The team has unclear structure and responsibilities but has strong members. It's not clear how advisors and Kryptik are affiliated with the team.

Advisors are: George Danezis (the distinguished specialist in crypto networks and the darkweb), Harry Halpin (Senior Research Scientist at Inria and Socio-technical Systems Research Center at MIT, worked at World Wide Web) and Aggelos Kiayias (Chief Scientist at IOHK, Chair in Cyber Security and Privacy at University of Edinburgh, lot's of work on cryptography, some evidence of working on 0x).

Kryptik: Elijah Sparrow (CEO Kryptik, strong papers on cryptography are found), David Stainton (Panoramix, strong experience and some relevant projects done).

The team: Annie Banasik (software development on Goldman Saches, Deutsche Bank, cybersecurity in PwC and blockchain development in Indorse), Jedrzej Stuczynski (good github since 2015, worker under CoconutGo and papers), Amir Taaki (strong blockchain developer with the page on Wikipedia)

In general, the team seems to be strong to get the project done. The team reputation ensures that all the prototypes and additional data are just not-public and may be presented to in the future.

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