Revolutionary Scaling Solution ‘nahmii’ Now Live on Mainnet
In a landmark development for both hubii and wider Ethereum community, our revolutionary scaling solution ‘nahmii’ is now live on the public mainnet. Today’s deployment enables the full account settlement and withdrawal process, which will also allow users to withdraw their nahmii (NII) tokens from the continuing monthly airdriips.
The nahmii v1 deployment was broken down into three ‘Phases’, each enabling different features. Phase 1 in January introduced deposits and balance checking, with Phase 2 in February bringing payments online. Phase 3 therefore completes the full end-to-end cycle for payments: users can deposit ERC-20 tokens into nahmii, send and receive payments, settle their account and withdraw.
Importantly, today’s release does not mark the end of nahmii’s development. While the performance of the system meets the promised 15 transactions per second per wallet, we have big plans for scaling nahmii’s performance further. Similarly, nahmii has been designed to accommodate a wide range of transaction types; we will soon turn our attention to a nahmii-based trading platform, which will include a suite of exchange features.
Deploying nahmii is just the first step in creating a broad ecosystem of products built on the protocol. We have designed nahmii with developers in mind; nahmii launches with a feature-rich SDK, CLI and full set of APIs already in place. Similarly, we want everyone to be able to enjoy nahmii: our reference front-end software, hubii core, integrates seamlessly with nahmii to make digital asset management simple and user friendly.
So what makes nahmii special?
The nahmii protocol is designed to fix the four main issues facing Ethereum today: capacity, cost, latency and finality. By moving the majority of transactions away from the slower Ethereum base-layer onto a much faster second-layer, nahmii brings commercially-viable performance to blockchain technology for the first time.
Our protocol combines the best features of Ethereum — smart contracts, decentralisation, security — with lightning-fast performance. The Ethereum network is used for processing deposits and security oversight, with nahmii handling everything else. All payments within nahmii generate a public receipt, which can be submitted as proof in the event of any fraud. Importantly, nahmii is non-custodial: users do not deposit their funds with hubii, but instead deposit into a smart contract which protects their funds even if the operator of nahmii is compromised.
So how does nahmii compare to Ethereum? Let’s take a look at the four main categories:
Capacity: Ethereum can process a theoretical maximum of around 15 transactions per second across the whole network. With nahmii, we aim to provide the same level of performance for each wallet. Early test results show that we have reached this goal, but this is just the start. Further improvements are already planned for nahmii, which will take total network performance to truly unprecedented levels for any blockchain scaling solution.
Fees: The Ethereum network charges variable fees, which are unpredictable and prone to significant jumps during busy periods. With nahmii, we have set all fees to a standard 0.1% to begin with; however, we will soon introduce a revised fee structure with much lower charges (particularly for large payments). Unpredictable payment charges introduce unnecessary risk for businesses, while large minimum payment fees prevent certain business models — like micropayments — entirely. These problems are solved by nahmii.
Latency: Latency is an often overlooked issue for blockchain systems and scaling solutions. Ethereum bundles transactions into blocks, with a new block added every 15 seconds. Presuming that your transaction is included in the block currently being processed, the network has an average latency of 7.5 seconds. This is eliminated with nahmii, where the primary cause of latency is the connection speed of the user — not the slow speed of the network.
Finality: Transactions on Ethereum have probabilistic finality; in other words, there is a risk that a transaction will be rejected even after it appears in a confirmed block. This makes Ethereum a poor choice for commercial payments, as users must wait for multiple block confirmations before a transaction is considered effectively final. We have solved this problem with nahmii; when a user sees their transaction receipt, signed by the operator, they can be confident that it is final.
The nahmii protocol is tokenised, with token holders receiving the vast majority of the revenue from transaction fees. There are a total of 120 billion nahmii tokens (NII), which are released in batches of 1 billion NII each month. Tokens are currently distributed by monthly airdrop as follows:
- 50% to HBT holders (hubii’s original token from their 2017 token sale)
- 20% to ETH holders who register for the airdriip using hubii core
- 20% to the nahmii Foundation (nahmii’s governance layer)
- 10% to key partners
We have already held a total of 5 monthly ‘airdriips’, all of which have been run through nahmii. The airdriips are an excellent showcase for our protocol, including how much cheaper it is to process thousands of transactions using nahmii versus the Ethereum base-layer. You can check your off-chain nahmii balance, including NII tokens, using hubii core.
More details about the on-going nahmii airdriip can be found in the nahmii FAQ here.
What’s next for the team?
From design to deployment, the development of nahmii has taken less than a year. While other companies have spent huge sums delivering very little, hubii’s expert team have built something genuinely transformative in record time and with far fewer resources. We have broken various other records along the way; to the best of our knowledge, nahmii is by far the largest Ethereum deployment ever seen.
The hubii team are proud to push the boundaries of what is possible with blockchain technology. In addition to developing nahmii, we have also delivered a series of internal products which will help future development on the protocol. Our ‘Challenge Bot’ will monitor nahmii, checking settlement attempts and automatically submitting fraud proofs to the smart contracts if required. Our nahmii mini-cluster now allows developers and the sales team to carry a ‘mini-nahmii’ with them, allowing for customised demonstrations and easy testing. When combined with hubii core, nahmii’s CLI, SDK and APIs, we believe that hubii’s team have delivered more tangible value than any other company in the blockchain space.
Alongside the continuing airdriips, the team will now concentrate on building nahmii’s trading and exchange functions. At the same time, we are working on a new website and updated roadmap which should arrive shortly.
Today is a red letter day for hubii and blockchain enthusiasts: nahmii has arrived.