Nym, a firm that builds privacy infrastructure, has started bringing anonymous credentials technology to the Cosmos ecosystem. Cosmos is a completely decentralized network of independent and parallel blockchains.
As blockchain is very well known for its transparency, privacy comes as a big concern here. The anonymous credentials that Nym is bringing will help the users maintain their privacy. They will be able to shield their information as it will introduce a really strong layer of security.
Nym Credentials Will be Permanently Accessible
Harry Haplin, CEO at Nym technologies has said that the previous credentials were dependent on the central authorities in order to issue the credentials. Even if the credentials are anonymous, there will be a need for a central authority to be online. He also said that these new credentials on the cosmos ecosystem will be permanently accessible unlike centralized credentials.
Anonymous credentials could be seen as a way to obtain certain credentials without even sacrificing their privacy. Here the user will be able to provide their exact age or claim their age to be above 18 even without telling their birthdays. This could be seen as a difference that the users will experience here regarding their privacy.
Anonymous Credentials Are Built on Coconut
The anonymous credentials of Nym are built on Coconut, which is a selective credential disclosure scheme. This has been built by George Danezis who is a co-founder of the firm. It is also specified that there will be a need for KYC and AML in order to verify the identity of the user. However, they are not required to give any additional or unnecessary information and this could be seen as a big advantage of these anonymous credentials. It is also believed that with these credentials, there will be a better balance between the regulatory requirements and the demand for privacy by the users.