Scaling Solution nahmii Partners with Norwegian Crypto Exchange, NBX
nahmii, a layer two blockchain scaling solution, built to make Ethereum suitable for commercial use has announced the first member of its governing foundation.
The nahmii Foundation is an organisation that has been set up to drive adoption of the protocol, and to foster innovation and development on the platform.
It will play a key role in the governance of nahmii, and its day-to-day operations; for example, it will set transaction fees. The Foundation will also control 20 percent of nahmii’s NII token.
Who are NBX?
NBX, or the Norwegian Block Exchange, is a pioneering Norwegian cryptocurrency exchange and payments platform that has been developed to make using digital assets a seamless, streamlined experience.
Since its inception, the company has been working with Norwegian, the world’s biggest low-cost airline, to provide payment processing services, in addition to providing the airline’s customers with CashPoints — which are used in Norwegian’s loyalty program — every time they trade with NBX.
Stig Aleksander Kjos-Mathison, Managing Director of NBX, said they were excited to be a founding member of the nahmii Foundation, and by the vision of nahmii’s creators, hubii AS.
“Our aim is to make cryptocurrency a part of daily life, which isn’t possible without innovations to the scalability and speed of blockchain transactions. What hubii have built makes the Ethereum network viable for the kind of volume needed for crypto trading and, even more importantly, accepting and settling payments. The potential for commercial application is finally realizable.
We look forward to helping hubii realize their — and our — shared vision, and making nahmii a success.”
Jacobo Toll-Messia, CEO of hubii AS, said that NBX was the first partner to join the nahmii foundation, but news would be released soon on other partners the company has lined up.
“We’re delighted to welcome NBX to the nahmii Foundation. They are a forward-looking, pioneering business that is already making some impressive connections.”
nahmii solves the problem of transaction speed on the Ethereum network.
Currently transactions on Ethereum are hobbled by speeds of just 15 transactions per second, making Ethreum completely unsuitable for large-scale, or even small-scale, commercial use.
nahmii fixes that by moving transactions away from the main chain to a second network that sits on top of the main Ethereum chain, in a similar way that the Lightning Network sits on top of the Bitcoin network.
Doing this allows nahmii to process transactions much more quickly, and means it is theoretically able to process a limitless number of transactions at the same time, making it faster than the current Visa network.
You can find out more about nahmii, and the foundation here: https://www.nahmii.io
About hubii AS
hubii AS started life as a successful content aggregator, working with some of the world’s largest telcos and phone manufacturers to distribute local news from hundreds of media outlets. Through their partnerships with Telenor, TCL Alcatel and Panasonic, they saw that the current model of content production, distribution and monetisation is fundamentally broken.
In 2017, they moved to incorporate blockchain technology into their existing business, with the intention to build a fairer platform for creators, distributors and consumers. The plan required a blockchain that could handle thousands of transactions each second, with minimal latency and low fees. When they realised the proposed scaling solutions for Ethereum were unable to meet their needs, they decided to build their own: nahmii, the first commercially-focused Ethereum scaling solution.