What is Nillion (NIL)? What Does it Do?

Nillion (NIL) is a secure computation network for high-value, sensitive, and private data, aiming to decentralize trust. Nillion (NIL) aims to decentralize security, much like other blockchain systems. Let’s take a closer look at what Nillion (NIL) is and how it works.

What is Nillion (NIL)? What Does It Do?

Nillion is a decentralized data storage and computation network that provides developers with a suite of tools to build powerful, innovative applications. Its modular and flexible architecture leverages the latest cryptographic techniques to not only ensure more secure workflows but also unlock new opportunities.

Early developers in the Nillion community are creating tools in areas such as private predictive AI, secure storage and computation solutions for the healthcare sector, secure storage of sensitive data like credentials, and secure workflows for commercial data.

What is Blind Computation?

When sensitive data is encrypted and stored, traditional methods for performing operations on the data involve decrypting it, processing it, and then re-encrypting it. This “decrypt-process-re-encrypt” cycle exposes the data to the operators of the computation infrastructure. Blind computation allows data to be processed without decrypting it, ensuring that it remains inaccessible to the operators of the computation infrastructure.

Click here to get project’s white-paper.

What are Blind Modules?

Nillion leverages privacy-enhancing technologies (PETs) such as secure multi-party computation (MPC) and homomorphic encryption (HE) to enable blind computation. Each blind module packages one or more PETs in a developer-friendly way, making these capabilities accessible to a broader audience.

What are the Use Cases of Nillion (NIL)?

• Secure Storage: With SecretVault, data can be securely stored through a RESTful interface. Homomorphic encryption and MPC provide decentralized and robust data protection.
• Data Analytics: SecretDataAnalytics supports large-scale analysis on encrypted data using MPC and homomorphic encryption.
• Signing: Nillion Signatures offers distributed signing operations with MPC, without requiring a trusted third party.
• RAG: Integrated with PETs, RAG ensures that data always remains encrypted while utilizing the power of AI.

Nillion Network Architecture

The Nillion Network consists of two main components:

• Petnet: Ensures data is stored and processed using privacy-enhancing technologies (PETs) while remaining encrypted.
• nilChain: Manages payments and incentivizes network participation

Petnet

• Developers can cluster nodes according to their chosen PET.
• Offers secure data storage and processing capabilities.
• Interactions with nodes can be made through SDKs.
• Runs PETs using Blind Modules.

nilChain

• A blockchain built on the Cosmos SDK.
• Manages rewards, economic collateral, and governance.
• Provides cluster coordination, but does not offer a smart contract execution environment.

What Can You Do with Nillion?

• Create encrypted databases and run secure queries.
• Perform digital signing operations without sharing private keys.
• Run AI models in a secure environment to protect your data.
• Manage data analysis and processing securely and in a decentralized manner.

Click here to get project’s X account.

Nillion (NIL) Tokenomics

$NIL is the native token of the Nillion network and plays a central role in the network’s security, governance, and long-term objectives. The core functions of the $NIL token include:

• Coordination Services:
  $NIL is used to access network resources, perform transactions, and settle usage fees across the network.

• Blind Computation:
  Developers and users leverage $NIL to access privacy-preserving storage and computation services for their applications.

• Staking:
  Token holders stake $NIL to support network security and earn rewards. Validators bond their tokens to validate transactions and computations to secure the network.

• Governance:
  $NIL token holders are eligible to participate in decentralized governance, proposing and voting on critical network decisions. This includes protocol upgrades, network parameters, resource allocation, and community grant initiatives.

The $NIL token contributes to the long-term growth and security of the Nillion network, enabling participants to make important decisions regarding the network’s future.

$NIL Distribution Allocation

The total supply of $NIL will be 1,000,000,000 at genesis, with an initial circulating supply of 19.52%. $NIL will be distributed across the following categories:

• Ecosystem and R&D (29%): Used to support ecosystem growth, including developer and builder grants, validator incentives, and network expansion efforts.
• Community (20%): Allocated to the community and users through incentive programs, grants, and other initiatives.
• Protocol Development (10%): Reserved for ongoing research, protocol development, and funding operations to ensure the network’s long-term growth and sustainability.
• Early Backers (21%): Allocated to token buyers in the Pre-Seed, Seed, and 2024 fundraising rounds.
• Core Contributors (20%): Allocated to early team members and advisors for their contributions to the network’s development.

NIL Distribution Schedule

Initially, $NIL tokens will be distributed and unlocked through airdrop and community round participants.

Nillion Founding Team

Nillion was co-founded by Andrew Masanto, Miguel de Vega, Alexander Page, and Andrew Yeoh.

Andrew Masanto, co-founder of Hedera Hashgraph, met Dr. Miguel de Vega in 2018. In 2022, Dr. de Vega shared an innovation breakthrough related to securing private data. Andrew invited his long-time friends and former investment bankers, Alexander Page and Andrew Yeoh, to shape the technology into what is now the Nillion protocol.

The project has attracted leading tech experts, including Uber’s Founding Engineer Conrad Whelan, Indiegogo’s Founder Slava Rubin, Coinbase General Counsel Lindsay Danas Cohen, Nike’s Head of Innovation Partnerships Mark McDermott, and several other high-profile team members and advisors.

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