Over years, the need of parallel processing and decentralisation has been on the rise.
Technologies like blockchains and secure multi-party computation (SPMC) have developed to solve these issues.
Blockchain enables a common ledger to be shared across decentralized networks
SMPC is built for processing and computation within a trustless environment
Let’s talk about the principles of SMPC:
Information-Theoretic Security (ITS) based - a security that is cryptoanalytically unbreakable
Distributed computation between trustless nodes
But the major issue of SMPC is that of scalability due to internode-messaging, which takes A LOT of time to process.
Nillion is created by combining the strength of SPMC and Blockchains, enabling a cutting-edge (non-blockchain, non-traditional SMPC) network that can deliver decentralised computing to blockchains and developers at speeds that are nearly client-server fast.
Nillion is redefining the landscape of decentralized networks.
Unlike traditional blockchains, Nillion takes a novel approach that allows nodes to collaborate beyond the constraints of a blockchain.
It aims to create a decentralized ecosystem that empowers developers, users, and businesses.
Let’s dive into the key aspects of this innovative project:
Instead of relying on a linear chain of blocks, Nillion leverages a technology known as Secure Multi-Party Computation (SMPC).
At the heart of Nillion’s innovation lies the concept of Nil Message Compute, it allows for the implementation of a decentralized, private, performant, ITS, and versatile public network.
Nil Message Compute paves the way for decentralized processing, storage, and data handling.
It serves both existing blockchains and acts as a native public utility.
With Nil Message Compute, Nillion enables off-chain computation.
Nodes collaborate securely, performing complex tasks without relying solely on a blockchain.
Nillion promotes interoperability between different ledgers.
It bridges gaps, allowing seamless communication across decentralized networks.
The Nillion network will be developed in three phases:
Phase 1: Will comprise the development of a secure, public network for the storage and use of private information
Phase 2: Will focus on the development of a Meta Layer that enables the Nillion Network to enhance and connect different blockchains, thus providing interoperability and cross-chain computation solutions.
Phase 3: Will be the implementation of the final vision of Nillion – the secure processing layer
What could be the different applications and use cases ?
Interaction with centralised wallets:
One iteration of using the authentication services would be the integration of this private key storage solution within a crypto wallet
The wallet would then be able to sign transactions on behalf of the user without needing the private key to be held on a device or centralized server
Storing official documents:
Nillion’s infrastructure can be used to store documents such as identity documents, deeds, wills, titles, contracts, and agreements.
Individuals will be able to link these documents to a set of decentralized authentication factors, whereby only the individual will be able to access or edit the contents.
Furthermore, official purchasing documents such as deeds or other entitlements could be transferred between parties without the need for an intermediary
Similarly, businesses can store data such as customer 42 data, secret formulas, trade secrets, and any other intellectual property
Private smart contracts on public blockchains:
One key use case is the enabling of decentralized private smart contract compute and a secure execution environment for public blockchains
Here’s an example:
The user writes the smart contract in Solidity.
The user sends it to Nillion for execution.
The user also sends a hashed version of the inputs to Nillion’s smart contract in Ethereum.
The smart contract is executed in Nillion with full confidentiality.
Interoperability:
Nillion will enable blockchain interoperability solutions to allow for the transmission of assets, events, and data.
Advanced cross-chain solutions become possible when built on NMC-enabled interoperability schemes.
Multi-Party Programs running in the Meta Layer could be used to link complex systems that span chains and protocols, providing support for
bridges
liquidity aggregators
cross-chain decentralized exchanges
A unified multi-chain wallet with ITS authentication:
Nillion enables a true multi-chain wallet by allowing a user to securely store all the private keys from different blockchain wallets in a single, completely decentralized, Nillion account or wallet
The keys are kept in particalized form so that an attacker would have to compromise an unfeasibly large proportion of all Nillion nodes in order to piece them back together.
Gated NFT metadata and content:
The privacy and granular control of access to secure information enabled by Nillion’s design unlocks the next generation of use cases for NFTs on any chain.
When tokens point to data hosted in the network, Nillion can offer tools to gate access to the metadata or underlying content, providing minters and owners the ability to decide who can see or interact with their property
DAO tools:
DAO tools represent another use case that takes advantage of the Nillion Network’s privacy features.
NMC can support decentralized anonymous voting through the creation of a voting core service.
The network can also help DAOs manage private information.
The NIL Token:
The NIL token will be Nillion’s native utility token. NIL will initially be implemented using Ethereum’s ERC-20 standard.
NIL tokens will be used to:
Access the network and use various Nillion services.
Align economic incentives and node cooperation through staking.
Incentivize nodes to maintain high performance and uptime.
NIL tokens will also play a key role in the governance of the network through the Nillion Decentralized Autonomous Organization (nilDAO).
Who is behind Nillion?
The team behind Nillion have founded several billion-dollar crypto and non-crypto companies together, including two of the top 100 cryptocurrencies.
Chief Scientist Dr. Miguel de Vega is the Inventor of NMC and has authored over 30 patents in the fields of machine learning, data optimization and mathematics.
CTO Conrad Whelan was the Founding Engineer of Uber.
Head of Cryptography Dr. Elizabeth Quaglia is a senior lecturer at Royal Holloway, University of London, one of the world’s leading cryptography institutions.
CEO Alex Page is a seasoned ex-Goldman Sachs investment banker.
Director of Crypto Tristan Litré was previously CTO of a DeFi platform and is an avid crypto-native DAO contributor.
Chief Business Officer Slava Rubin was the Co-Founder and CEO of Indiegogo.
CMO Andrew Masanto previously started Hedera Hashgraph and Reserve.
Please check out the the relevant links to learn more about the project:
Website: https://nillion.com/
Whitepaper: https://nillion.docsend.com/view/7bkgvzagr6ifhwrc
X: https://twitter.com/nillionnetwork
