What Is Nahmii (NII)?
Nahmii is an interoperable layer-2 scaling protocol on the Ethereumblockchain for instant transactions, lower fees, and commercial readiness. Interoperability means the ability to exchange information and resources between different computer systems, especially on different machines. The project is one of the few ones that aims to make a commercially viable scaling solution for Ethereum. Built around Nahmii Virtual machine(NVM), the project Nahmii aims to make transactions on Ethereum affordable and easily accessible to users.
As per its whitepaper, Nahmii seeks to resolve some of the major challenges faced by Ethereum blockchain for commercially relevant scaling:
Low throughput:The key goal of all scaling solutions is to enable more transactions per second. Using horizontal scaling, Nahmii has no limit to the number of transactions per second. Here, Horizontal scaling means adding more machines to the resource pool to scale users' data with more resources.
High, unpredictable fees: Fees provide general viability to all use cases, including micro-transactions. This fee is essential for managing and planning the costs of a product. Nahmii's fees are generally low and have no variability. Further, there are no surprise charges. Fees are always known before any transaction.
Delayed finality:Finality is required for financial applications to eliminate execution risk. Transactions on Nahmii have instant finality. The state-channel architecture of Nahmii removes the need to have a base layer to achieve finality.
NII is the native token of Nahmii, which serves as a utility function for transactions, payments, and transfers. The token NII is also used to reward token holders by staking. By connecting the Metamask crypto walletwith Nahmii, users can store, transfer or transact with NII tokens.
Nahmii 1.0 supports smart contracts for payments. The project Nahmii has a decentralized oracle that verifies data availability using these smart contracts. Therefore, Nahmii's architecture prevents fraud at all levels, thereby securing transactions and user funds. Further, the Nahmii 2.0 added full EVM (Ethereum Virtual Machine) functionality enabling smart contracts. The Ethereum Virtual Machine (EVM) is a software platform for developers to create decentralized applications (Dapps) on Ethereum. This upgraded version of Nahmii provides generalized smart contract support and full composability of the Ethereum network. As a result with Nahmii, the builders can create unique and powerful new products like blockchain-based games, etc.
History of Nahmii (NII)
The whitepaper on Nahmii was released on July 7, 2021. The Nahmii team involves Jacobo as CEO (Chief Executive Officer), Mark as COO (Chief Operating Officer), and Jens Ivar as CTO (Chief Technical Officer). Nahmii had a total supply of 120 billion NII tokens.