nahmii is an Ethereum-based scaling and interoperability protocol built by hubii, a Norwegian startup that started life as a successful content aggregator, working with some of the world’s largest telcos to distribute local news. After moving into blockchain in 2017, they recognised the need for a commercial-grade blockchain scaling solution.
The result: nahmii – the first commercially-viable blockchain protocol capable of tackling some of the greatest challenges in the blockchain space.
NII is the native token of the nahmii ecosystem, required to maintain network integrity and function. Holders are rewarded and have the potential to increase their earnings by participating in network voting.
The scalability issue
Blockchains offer unrivalled decentralisation and security, but these features have traditionally come at the cost of performance.
Neither Bitcoin nor Ethereum can handle more than 15 transactions per second, making them unsuitable for most commercial applications. Both blockchains also have expensive and unpredictable transaction fees, high latency and delayed finality. When this technology is applied commercially, these issues become even more prevalent.
nahmii moves the majority of transactions off-chain, away from the slower base layer. The main blockchain is still used to secure the protocol. This gives users the best of both worlds: blockchain-level security and decentralisation combined with the performance of a traditional database.
With nahmii, blockchains can now scale to meet the needs of commercial use cases. The protocol offers practically limitless horizontal scaling; each wallet connected to nahmii can make a minimum of 15 transactions per second with no limit to the number of connections.
Users know exactly how much their transactions will cost in advance thanks to nahmii’s low fixed fees. Transactions within nahmii are also much faster than their on-chain equivalents, with minimal latency and instant finality.
Transaction fees within nahmii play a key role in securing the protocol, with almost all of the fees going to holders of nahmii’s NII token based on the proportion of the token supply held.
Only NII tokens are accepted for staking into nahmii’s innovative patent-pending Data Availability Oracle, which monitors the security of the protocol. Token holders have the opportunity to receive significant rewards for participating in the Oracle, which involves voting to reach consensus to maintain network integrity.
The nahmii protocol is compatible with any smart contract-enabled blockchain. Currently live on Ethereum, nahmii will be ported to Bitcoin using RSK in early-2020. Once nahmii is established as a bridge between Ethereum and Bitcoin, the team will port nahmii to other platforms.
Interoperability between blockchains is just one of nahmii’s unique features. Built with developers in mind, the protocol includes various tools (CLI, SDK, APIs) to make building on nahmii as seamless as possible.
NFTs for gaming
One of the most popular activities in gaming is collecting digital assets, like cosmetics, cards, weapons and Pokemon. Blockchain offers gamers the chance to truly own their digital assets for the first time. Tokens can be created to represent in-game assets, then stored on the blockchain. Unique tokens of this type are known as non-fungible tokens (NFTs).
Given that the market for in-game collectibles is already huge, NFTs can potentially capture a significant amount of value. The concept of collectible digital tokens on a blockchain is not new. In late-2017 the Ethereum network was overloaded by CryptoKitties. For the first time, this kind of game can grow beyond the limitations of Ethereum.
Blockchain and NFTs are the future of collectible digital assets, made possible by nahmii’s scalable blockchain technology.
The nahmii protocol will be governed by the nahmii Foundation, a group of leading companies who will control 20% of NII tokens. The Foundation will have a range of responsibilities including:
- Monitoring and securing the protocol.
- Setting transaction fees.
- Guiding future development.
- Promoting nahmii.
- Demonstrating possible use cases.
- Building products on nahmii.
- Overall governance of the protocol.
The first Foundation member has already signed up and will be announced shortly.
From financial services to gaming, supply chain management and IoT, any commercial product built on blockchain can benefit from nahmii. For the first time, businesses can realise the potential of scalable blockchain technology: lower costs, faster transactions and vastly improved security. This will only be possible through nahmii’s combination of predictable fees, low latency, instant finality and horizontal scaling; which will soon also act as an interoperability bridge between blockchains.
This content is not financial advice and should not form the basis of any financial investment decisions nor be seen as a recommendation to buy or sell any good or product. Trading cryptocurrency is complex and comes with a high risk of losing money, particularly if you trade on leverage. You should carefully consider whether trading cryptocurrencies is right for you and take the time to learn how trading works and decide how much money you are prepared to lose.
Providing liquidity for the crypto economy.