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NEAR Protocol (NEAR) soaring after Nym partnership ahead of NEARCON23

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on Nov 1, 2023
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  • NEAR token price has hit a daily high of $1.481 after a 14% price jump.
  • The hike in price came after NNear Protocol announced partnering with Nym Technologies.
  • The collaboration secures user data on Near blockchain using Nym's mixnet.

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In a recent turn of events, NEAR Protocol (NEAR) has seen a remarkable 14% surge in its price, following an exciting partnership announcement with Nym Technologies.

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The collaboration will focus on privacy and security, which is aligned with the increasing demand for enhanced data protection.

NEAR price chart

Nym partnership to enhance NEAR Protocol privacy

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Nym Technologies is a privacy infrastructure project supported by prominent entities like Binance Labs and Andreessen Horowitz (a16z). The crux of this partnership revolves around the integration of Nym’s mixnet into the Near ecosystem, ushering in enhanced privacy and security features.

The Nym mixnet is a chain-agnostic layer-0 privacy infrastructure, making it adaptable to any blockchain. With this integration, Near blockchain users can enjoy enhanced privacy when engaging with NFTs, DeFi, and dApps. The traditional transparency of public permissionless blockchains often exposes transaction data to anyone interested, including sensitive off-chain information like IP addresses and geolocation data. The collaboration aims to mitigate these vulnerabilities.

The partnership’s primary objective is to protect the privacy of all traffic on the Near blockchain. It achieves this by obscuring off-chain metadata traffic, ensuring the safe transit of transaction data, and rendering it significantly harder for malicious actors to “de-anonymize” users using their public IP addresses.

The upcoming Nearcon23 conference

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As if the partnership news wasn’t enough, the Near Foundation is gearing up for its annual conference, Nearcon23, set to take place in Lisbon next week. This event promises to be a platform for showcasing Near’s latest developments and initiatives.

This substantial boost in NEAR token price is indicative of the market’s enthusiasm for the integration of privacy features into blockchain ecosystems, which have become increasingly important in the rapidly evolving cryptocurrency space.

With Near Protocol’s commitment to enhancing user privacy, coupled with its growing ecosystem, the future looks promising for NEAR, and the upcoming Nearcon conference is expected to provide even more insights into their progress.

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