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NYM to build privacy-centric NFT platform using new coconut credential technology
NFTs, Non-fungible tokens, are one of the most well-known phenomena in the mainstream but are ridden with privacy concerns that few in the industry are paying attention to. The metadata created when artists and collectors mint, and transact NFTs can be harvested and used to create a profile, as well as a geo-location.
According to defipulse, “NFT transaction volume has grown more than 100 times over the last six months”
Neuralink Partnership
Neuralink is working with NYM to facilitate “think transactions”. These are transactions that only require you to think about the transaction and think of the word “SEND” and then the NFT can be sent. If you want to mint an NFT you simply think “MINT” and the contract is triggered. Testing is being done using NFTs first before “cold hard crypto” but given the recent spike in NFTs prices maybe the testing should be done using bitcoin.
Why does Neuralink need privacy technology for NFTs?
To protect the outside world from your most inner thoughts Neuralink is creating a privacy layer using the NYM Mixnet and Coconut Credential scheme. This will allow seamless brain communication with the NFT platform without leaking any metadata about your thoughts. Musk commented, "the only way to protect your thoughts while using Neuralink is to obfuscate the metadata of the thought itself". Not only will your thoughts be protected but you will be able to mint, buy, sell and transfer NFTs completely anonymously. Neuralink is creating an NFT ID system based on NFTs that includes privacy protections.
The popular use of “IPFS” Interplanetary File System is one crutch in leaking powerful network-level metadata. Most files on IPFS only have a few seeds, by sending pings to the seeding IP addresses and cross-referencing with the minting address of the NFT the IP, the geolocation of the NFT artist or minter can be determined with 94.5 % probability. Most NFT users use centralized smart contracts, meaning they do not deploy their own smart contract nor have custody of the admin keys of the minting contract. Most users use centralized platforms such as opensea, rarible, superrare, or knonwnorgin. Although the custody of the NFT tokens, they do control the smart contracts used to mint and buy and sell NFT on the platform. This means that an advisory needs only to watch a few smart contracts and gather the metadata that is leaked from them.
Artists that create work that would otherwise be censored are at risk of being hunted down by repressive regimes, or by companies that hire blockchain analytics companies to pinpoint their location.
“We have seen a recent upsurge in blockchain analytics requests involving NFTs” Sahra Schmidt - Link Analytics
Artists using VPNs to hide their IP at risk
Even artists that have been using NFT minting platforms and marketplaces via Virtual Private Network connection are at risk of leaking metadata. Global adversaries such as repressive government organizations as well as companies that wish to stifle artistic parody of their brands can use harvested metadata to target artists and collectors. NYM has a new technology that can solve these issues.
NFT hidden in Coconuts
Coconut Credentials are the name of a new technology that will give NFT users a new level of privacy. Combined with the NYM Mixnet it will remove all network-level metadata and make it much harder to track down NFT users.
Banksy to release the first-ever Privacy NFT
The artist Banksy is set to be the first to mint an NFT on the new privacy-enhanced platform. This will be the first time ever that network-level privacy is used in conjunction with NFT minting. Banksy will reportedly donate all funds raised from the sale of the NFT to the EFF.