BERGEN, Norway--(BUSINESS WIRE)--Nahmii has launched the first layer 2 Ethereum scaling solution capable of achieving true commercial viability with a baseline of top-tier performance, instant finality and low, predictable fees.
“We are truly thankful to the community of developers who provided their feedback throughout the development of Nahmii 2.0, and we are proud of the state-of-the-art scaling solution we are launching today,” said Jacobo Toll-Messia, CEO of Nahmii AS. “This version of Nahmii empowers developers of generalized smart contract-based applications to build solutions with the performance and customizations required at institutional scale.”
Nahmii 2.0 builds on the previous payments-only version of the platform, to support generalized smart contracts and offers unique capabilities which enable institutional use cases. Nahmii is distinguished from other layer 2 platforms due to its unmatched transaction speeds, instant finality and composability that supports individual use cases seamlessly:
- Instant Finality. A major limitation faced by other scaling solutions is the delays between transactions done on their protocols and finality, when a transaction becomes irreversible. In contrast, Nahmii’s “state pool” technology combines the instant finality of state channels and the pooled security of other layer 2s to generate transactions that are instantly final and secured by Ethereum. Further, Nahmii alone offers transaction speeds with low latency on par with centralized servers--the holy grail of layer 2 scaling solutions. No other layer 2 can credibly make that claim.
- Low and Predictable Fees. One of the key limitations of Ethereum is the unpredictable and prohibitively expensive transaction fees which severely limit its ability to be the base layer for the decentralized web. With Nahmii, developers can leverage the security of Ethereum without the surprise charges. On Nahmii, fees are always known before any transaction takes place.
- Composability. Another essential distinction in Nahmii’s favor is optionality for dApp developers to incorporate third-party tools that can provide bespoke functionality for building exactly what they need while taking advantage of Nahmii’s fundamental strengths. For example, a financial institution that is required to comply with KYC/AML rules can include those features while still taking advantage of the unmatched cost structure, speed to finality and security of Nahmii.
In the current round, Nahmii has raised $8M led by DARMA Partners, the general partner for DARMA Capital, an investment fund managed by Ethereum veterans Andrew Keys and James Slazas. Other Nahmii investors include Aligned Capital, CMT Digital, Delta Fund, Fourth Revolution Capital and Quantstamp.
“The team at DARMA Capital has long believed that the backbone of Web3 will be built in large part on Ethereum. We’ve been looking for a solution that could marry the performance of centralized servers with the security of the blockchain,” said Andrew Keys, Managing Partner of DARMA Capital and ConsenSys veteran. “In Nahmii, we’ve found the best of both worlds. We look forward to continuing to be a partner and helping them build the next generation of the Internet.”
About Nahmii
Nahmii is a revolutionary layer 2 scaling protocol for the Ethereum blockchain which provides throughput, low latency, instant finality and predictable fees that are unmatched by other scaling solutions. In addition to its top tier performance, Nahmii is also uniquely capable of addressing institutional use cases by enabling developers to comply with KYC/AML and other regulatory requirements on demand. Nahmii comes with a complete suite of development tools and is fully compatible with the Ethereum Virtual Machine, shortening the learning curve for onboarding developers and making it easy to port existing contracts from Ethereum. In 2018, Nahmii 1.0 was the first layer 2 payment network on top of Ethereum. The Nahmii team previously worked on Bitcoin’s lightning network and Plasma as well as a content distribution platform that served 50 million users per day.
About DARMA Capital
Established by veterans of ConsenSys, Digital Asset Risk Management Advisors (“DARMA”) Capital is a Commodity Trading Advisor and Commodity Pool Operator (CTA/CPO) registered with the CFTC. The fund structure mirrors traditional institutional investment funds; it is a Cayman/Delaware Master/Feeder fund with an investment advisory company based in Puerto Rico. DARMA’s service partners include RSM (5th Largest US firm) for Audit, Duff & Phelps for compliance, Balance, BitGo and Coinbase (retaining Lloyds of London Insurance policies) for custody, and Theorem Fund Services for fund administration. The DARMA team has extensive experience both in capital markets and blockchain. DARMA’s investment in Nahmii is separate from the pool activities or activities that fall under NFA jurisdiction.
