What is the origin of Grayscale’s newly registered NII trust?

According to the official website of the State of Delaware, the digital currency asset management company Grayscale Investment has newly registered the Ethereum expansion plan Nahmii token NII Trust (GRAYSCALE NAHMI TRUST (NII) LLC).

Come to the August 18 Nahmii project today.

Nahmii is an Ethereum Layer 2 expansion protocol launched by Microsoft and the blockchain startup Hubii, and will support cross-chain expansion. It is developed by Hubii, and Microsoft Azure provides cloud support. It aims to increase the throughput of the public chain network and enable transactions. “Nearly zero delay” to achieve “instant settlement”, while controlling transaction costs (currently a fixed fee of 0.1%, the fee structure will be revised later, and the fee is much lower, especially for large payments). Specific application scenarios include enhanced game applications, Internet of Things devices, online transactions, content distribution, etc.

In addition, Nahmii is non-custodial: users will not deposit their funds in hubii, but in smart contracts, which can protect their funds even if the operator of nahmii is compromised.

Nahmii will be deployed to Ethereum’s main network in four phases starting in December 2018. The agreement has been fully online since March 2019, and includes functions such as deposits, payments, settlements, and withdrawals.

Next, Nahmii will introduce State Pools (patent pending technology), which can provide partners and third parties with tools to easily build solutions on Ethereum on a large scale.

NII is the native token of nahmii. There are 120 billion NIIs in total, and 1 billion NIIs are distributed every month and distributed according to the following proportions:

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50% issued to HBT (Hubii platform tokens) holders

20% will be sold or airdropped under the supervision of the foundation

20% controlled by the nahmii foundation

10% to major partners

According to Nahmii’s official page, Nahmii partners include Microsoft, ConsenSys, Liquid, etc.

According to OKLink data, as of 16:00 today, the number of transactions of Grayscale’s newly registered trust product NII tokens on Ethereum in the past 24 hours was 1,358, an increase of 126% from the previous month. Among them, the largest transaction amount is 31.79 million NII transferred from the starting address of 0xcc8, which is the second largest holding address of NII tokens; currently 94.12% of NII tokens are held by the top three holding addresses of NII .

However, investors should note that Grayscale CEO has stated that a registered trust entity does not mean that the corresponding product will be launched, and users are requested to invest carefully.

Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.