NymConnect provides a seamless, one-click interface for connecting to the Nym mixnet, with the primary objective of enhancing the confidentiality of your interactions with applications and websites. It offers robust protection by safeguarding your traffic from potential observers, including the very application or site you are using.
When you connect through NymConnect, your communications undergo a multi-layered encryption process before being transmitted through a gateway and the Nym mixnet. The mixnet employs a clever technique of blending your traffic with cover traffic and introducing micro delays. This ingenious approach effectively thwarts any attempts by observers to trace or analyze your communications, ensuring the privacy and security of your data. Furthermore, it shields your IP address from being exposed.
With NymConnect, you can enjoy a heightened level of confidentiality while accessing websites and applications, empowering you to maintain control over your online privacy.
In today’s application, you will discover how to access and trade on Uniswap while preserving your privacy. Please note that this application only works on PC.
A decentralized exchange (DEX) is a cryptocurrency exchange that does not rely on a central authority to hold user funds or facilitate trades. Instead, DEXs use smart contracts to automate the trading process and allow users to trade directly with each other.
DEXs offer a number of advantages over centralized exchanges (CEX), including:
Decentralization: DEXs are not subject to the control of any single entity, making them more resistant to fraud and manipulation.
Transparency: The code for DEXs is open-source, so anyone can inspect it to ensure that it is fair and secure.
Liquidity: DEXs are becoming increasingly liquid, as more and more users are using them to trade cryptocurrencies.
Cost-efficiency: DEXs typically charge lower fees than centralized exchanges.
However, DEXs also have some disadvantages, including:
Complexity: DEXs can be more complex to use than centralized exchanges.
Liquidity: Some DEXs may have lower liquidity than centralized exchanges, which can make it difficult to buy or sell certain cryptocurrencies.
Security: DEXs are still a relatively new technology, and there have been some security breaches in the past
There are three main types of decentralized exchanges (DEXs):
Automated market makers (AMMs): AMMs use liquidity pools to facilitate trades. Liquidity pools are made up of tokens that are deposited by users. When a user wants to trade a token, they take tokens from one liquidity pool and add them to another liquidity pool. The price of the token is determined by the ratio of tokens in the two liquidity pools.
Order book DEXs: Order book DEXs work similarly to traditional centralized exchanges. Users place orders to buy or sell tokens, and the exchange matches those orders. Order book DEXs typically have lower liquidity than AMM DEXs, but they offer more control over the price of the trade.
DEX aggregators: DEX aggregators aggregate liquidity from multiple DEXs. This means that users can get the best price for their trades by using a DEX aggregator. DEX aggregators typically charge a fee for their services.
In this tutorial, you will be able to use the Uniswap automated market maker via NymConnect.
In future, we will provide access to the main exchange platforms. If you have any further questions, please do not hesitate to contact the No Trust Verify team.
What are the privacy issues facing DEXs?
Decentralized exchanges (DEXs) are designed to be more private than centralized exchanges. However, there are still some privacy problems associated with DEXs.
One of the main privacy problems with DEXs is that they require users to connect their wallets to the exchange in order to trade. This means that the exchange can see the addresses of the wallets that are being used, as well as the amount of cryptocurrency that is being traded.
Another privacy problem with DEXs is that they often use smart contracts to facilitate trades. Smart contracts are open-source, which means that anyone can view the code. This means that it is possible for someone to track the transactions that are taking place on a DEX, even if the users are using pseudonymous wallets.
Finally, DEXs are still a relatively new technology, and there have been some security breaches in the past. If a DEX is hacked, then the personal information of its users could be exposed.
Those are general risks related to DEXs which aren’t fully addressed nor mitigated by mixnet use.
Why use NymConnect to access DEXs ?
Using NymConnect encrypts your traffic, making it harder to track your activity and find out if you are accessing DEXs, thus protecting your digital presence. In addition to this, in order to guarantee maximum confidentiality, we recommend that you use a new wallet for each transaction.
For a comparative understanding between the Nym network and other privacy tools, you can refer to this link.
1st step :
You need to download NymConnect via the following link : https://nymtech.net/download/nymconnect
2nd step :
Open NymConnect, and click on the drop-down menu at the top left of the screen. Select Settings, then turn ON.
Copy & Paste the following Service Provider :
3rd step :
You must now configure your browser to use the proxy:
Configuration Brave/ Chrome
In order to be able to “divert” your connection on tradeogre to the mixnet you need to install an extension called Proxy SwitchOmega to configure a proxy (socks5).
First of all, install the SwitchOmega Proxy extension and go to the bar and open the installed extensions.
Click in the SwitchyOmega extension icon, then select Options.
Then click on “proxy” and add this one:
Protocol : SOCKS5 / Server : 127.0.0.1/ Port : 1080
Then click on Apply changes.
After applying changes, on Brave toolbar select the proxy your created :
The configuration of this browser is quite simple since the proxies are native.
Go to Settings :
Then, in the general settings, scroll down to Network Settings and click on Settings.
Then you just have to fill in the fields as follows:
This will allow traffic to be redirected to the mixnet. All other traffic will still go through your own connection.
4th step :
All you have to do is launch NymConnect and connect to Uniswap.