Today is an exciting day for hubii and for you, our loyal community of token holders. We are proud to announce the date for the first nahmii airdrop (known as the ‘airdriip’), 1st December 2018, with the qualifying period for the first airdriip starting from 1st November 2018.
In this post we’re going to take you through how to register for the airdriip, what nahmii is and how the tokens work. As explained previously, nahmii will be a tokenised protocol but there will be no token sale. Instead, we’re distributing the tokens over a period of ten years through 120 monthly airdrops.
Next week we will also publish a walkthrough of how ETH holders can register for the airdriip (HBT holders don’t need to do anything, they will be registered automatically) and a detailed FAQ.
The First Ethereum Scaling Solution
Let’s begin with a quick explanation of what nahmii is and who it is for. nahmii is a second layer scaling solution for the Ethereum blockchain, developed by hubii. Unlike the Ethereum mainchain, nahmii has predictable fees, low latency, instant transaction finality and highly scalable throughput. Using nahmii, companies can build commercial-scale blockchain applications for the first time. Companies can also leverage hubii’s wallet manager and decentralised exchange product, hubii core.
Interestingly, hubii did not set out to build a scaling solution. Following our ICO in 2017, we initially planned to build our content marketplace using one of the many scaling products in development at the time. Very quickly however, we realised that these projects were a long way from deployment and that we could build our own superior solution much faster. The result is nahmii, the first commercially-focused Ethereum scaling solution, complete with a suite of intuitive developer tools like the CLI and SDK. nahmii has been in testing since June and we have opened various Github repositories including for the CLI and SDK, you can access them here.
What are NII Tokens?
The nahmii protocol will be tokenised through NII tokens, however there will be no token sale. NII tokens play an important role in the security of nahmii (explained in more detail in the nahmii white paper) and token holders will receive all of the revenue from the protocol. NII tokens will be distributed through monthly airdrops, called airdriips to match nahmii and hubii’s branding, which will run for ten years. In total there will be 120 billion NII tokens, with 1 billion tokens per monthly airdriip. All airdriips will be made using nahmii; this will showcase the power of the protocol and avoid expensive on-chain fees.
Who is Eligible for the Airdriip?
Each monthly airdriip will follow the token split set out below:
- 50% proportionally to HBT token holders (the token from our original ICO in 2017)
- 20% proportionally to ETH holders that register or deposit into hubii core
- 20% to a strategic growth fund
- 10% to key partners in the project
The allocations for HBT and ETH holders will be determined using ‘balance-blocks’, a fair way of assessing token holdings which calculates the balance of tokens in a wallet over time. There will be a minimum balance-block requirement to be eligible for the airdriip. This point and the concept of balance-blocks are explained in more detail in a previous blog post here.
Information for HBT Token Holders
hubii recognises the continued importance of HBT token holders, who will receive 50% of all NII tokens during the airdriips. HBT token holders do not need to do anything to qualify for the airdriip, except hold their HBT in an Ethereum address that they control.
After the first accumulation period ends on 30th November 2018, qualifying HBT token holders will receive the airdriip tokens in their nahmii (i.e. off-chain) balance on 1st December 2018. The easiest way to access these tokens after this date is using hubii core: simply download the software, register your Ethereum address and you will see both your on-chain HBT and off-chain NII balances.
This will also be addressed in a FAQ document, which will be made available before the airdriip begins next week.
Information for ETH Token Holders
ETH token holders can also participate in the nahmii airdriip, with 20% of NII tokens going to ETH holders who register using hubii core. The registration system within hubii core will be deployed next week and we will explain how ETH holders can register in a separate blog post.
ETH holders are not limited to one Ethereum address and may register as many as they want within hubii core. Once an Ethereum address is registered in this way, it will remain registered and continue to receive airdriiped tokens.
After the first accumulation period ends on 30th November 2018, qualifying ETH token holders will receive the airdriip tokens in their nahmii (i.e. off-chain) balance on 1st December 2018. The easiest way to access these tokens after this date is using hubii core: simply download the software, register your Ethereum address and you will see both your on-chain ETH and off-chain NII balances.
This will also be addressed in a FAQ document, which will be made available before the airdriip begins next week.
Summary
We will publish a second blog post next week before the first qualifying period begins to explain more about the airdriip alongside a FAQ. For now, it was most important that we kept our promise to you; we told the community that they would have plenty of warning to move their tokens into the right addresses ahead of the first airdriip. You now have one week before the accumulation period begins on 1st November.
The first airdriip represents a huge milestone in the development of nahmii and hubii’s wider ecosystem of products. We anticipate that the monthly airdriips will drive development of the platform and grow the community exponentially. This is huge opportunity for everyone involved in nahmii; we have built the very first commercially focused Ethereum scaling platform and you will all share in the revenue and tokenised rewards. Get ready for some very exciting times ahead!
