nahmii Phase 1 Deployment and First Airdriips Complete
The hubii team have been working hard at the start of 2019 and we’re delighted to begin the new year with a big announcement: Phase 1 of nahmii’s deployment to the public mainnet has been completed successfully.
Users can now deposit into nahmii and view their off-chain balances in hubii core. This is important because of our second major announcement: payments of nahmii’s NII tokens from both December and January’s airdriips have been delivered to eligible accounts. Importantly, the distribution of tokens was handled entirely off-chain; demonstrating nahmii’s fully functional payment engine. Payments within nahmii will be available to the public as part of the Phase 2 deployment in February, followed by Phase 3 settlement and withdrawals in early March. Additional functionality, including the distributed exchange and trades within nahmii, will arrive as part of Phase 4 later in the year.
The first Ethereum scaling solution
The nahmii project was the result of a clear market need; Ethereum represents arguably the most promising blockchain ecosystem but the infrastructure suffers from serious performance issues. The Ethereum base layer is both slow and unpredictably expensive, a terrible combination for a commercial platform. Our goal with nahmii is solve these problems by moving the majority of transactions off-chain while retaining trustlessness, with the Ethereum network used only for account management and security monitoring. With nahmii, Ethereum’s performance issues are solved; nahmii offers radically improved transaction throughput, predictably small fees, ultra low latency and near-instant transaction finality.
Following launch, nahmii will enter a period of public beta testing during which different aspects of the protocol will be brought online. As seen with the airdriip distribution, nahmii’s Phase 1 deployment includes a working payment engine; however, payments will not be enabled for public use until Phase 2 in February. Phase 3 will follow in March, which will include the full settlement and withdrawal process. The smart contracts for these functions have already been tested across 8 deployments on the Ropsten testnet. They are therefore ready for deployment to mainnet in the near future, where more testing will take place. Further deployment phases will introduce additional functionality, such as trades and hubii’s distributed exchange built on nahmii. Trading will arrive as part of Phase 4 deployment later in the year.
Today also marks the release of hubii core v0.9.1, which includes the ability to view nahmii (i.e. off-chain) balances and transactions. hubii core now also features new alerts to show your connection status (including whether you are on the test or main network), the option to rearrange wallets in the main display and various settings for automatic ‘fast’, ‘average’ and ‘slow’ gas calculations.
The ability to make nahmii payments within hubii core will be enabled alongside nahmii’s Phase 2 deployment.
Airdriip 1 and Airdriip 2
The nahmii NII tokens from both airdriip 1 and airdriip 2 have now been delivered to user’s nahmii balances, which can be checked using hubii core. These airdriips are the first and second of 120 monthly airdriips, during which a total of 120 billion NII tokens will be airdriipped to eligible accounts. The distribution of tokens is split between HBT holders, registered ETH holders, key partners and a growth fund — more information is available here in the airdriip FAQ.
The first airdriip was due to take place on 1st December 2018, with the second on 1st January 2019. Instead, they were run on 23rd and 24th January respectively. Eligibility for the airdriip is based on the accumulation of ‘balance-blocks’, a measure of both how many qualifying tokens are held in an account and also how long they have been kept there. The calculation method is explained in the FAQ, with the calculation results for Airdriip 1 and 2 published in public GitHub repository here. Please note that there have been some small changes to the calculations for Airdriip 1 to reflect additional ETH address registrations. There are 1000 NII tokens remaining in the distribution account, which is to meet the minimum balance requirement discussed in the whitepaper. These tokens were taken from the growth fund and not any public allocation.
Remember: your airdriipped NII tokens have been delivered to your off-chain nahmii balance. You can view your nahmii balance using hubii core.
A Major Milestone
Today marks a major milestone for hubii and the wider crypto-community. With Phase 1 of nahmii’s deployment, the hubii team have delivered the first Ethereum scaling solution and the first ever off-chain airdriips. Even better, nahmii launches alongside an upgraded hubii core — our feature rich crypto asset manager — and a full suite of developer tools, including the CLI and SDK.
For too long blockchain technology has offered promise instead of performance, with marketing prized above marketable products. That time is coming to an end; the industry now has companies like hubii delivering commercial-grade infrastructure backed by experienced engineers.
The future of blockchain scaling has arrived: nahmii is here.