Nym Technologies joins Liquid Federation to boost Bitcoin layer-2 privacy and security
Web3 privacy-focused infrastructure provider Nym Technologies has joined Liquid Federation to support the growing Bitcoin layer-2 ecosystem, according to an April 18 statement shared with CryptoSlate.
The Liquid Federation is a group of crypto-native organizations, including exchanges, trading desks, and developers, that perform vital tasks for the premier Bitcoin sidechain, Liquid Network.
Enhancing privacy
As part of its engagement, Nym Technologies assumes a crucial role as one of the 15 dispersed functionary node operators for Liquid Network.
These specialized nodes, housed in tamper-proof Hardware Security Modules (HSMs), are crucial in managing the Liquid Networks core infrastructure and transactions. This includes proposing and signing blocks, overseeing the two-way Bitcoin peg, and safeguarding the networks BTC reserves through a distributed multi-signature wallet.
Meanwhile, the collaboration between Nym, the Liquid Federation, and Blockstream, the Liquids technical provider, signifies the first step towards a broader vision.
As per the official statement, the partnership aims to integrate Liquid functionality into the Nym mixnet, bolstering transaction confidentiality during transit and elevating privacy standards for Bitcoin layer-2 users.
Nyms mixnet is a foundational privacy infrastructure at layer-0, adaptable to any blockchain and adept at concealing traffic, fortifying privacy, and enhancing security for users and validators alike.
Dr. Adam Back, CEO and co-founder of Blockstream, said:
Liquids Confidential Transactions, which rely on homomorphic encryption, are designed to keep transaction details confidential while protecting the networks integrity and security. Nyms decision to become a Liquid functionary underscores our shared commitment to enhancing privacy within the Bitcoin layer-2 ecosystem
Harry Halpin, CEO of Nym Technologies, expressed excitement about Nyms closer collaboration with Liquid and Blockstream following years of diligent development.
Notably, the partnership coincides with the impending fourth Bitcoin halving event, which would reduce block rewards to 3.25 BTC.
The post Nym Technologies joins Liquid Federation to boost Bitcoin layer-2 privacy and security appeared first on CryptoSlate.
Text source: CryptoSlate
