Nillion Plunges! Is This the End? 😱

What to know:

Nillion’s native token NIL, having the audacity to actually exist, promptly demonstrated its understanding of gravity with a 12% drop after being unleashed upon the world by major exchanges, including Bithumb. One wonders if it tripped. 🤔
Nillion, in a fit of technological wizardry, employs a ‘blind computing’ approach. Think of it as playing hide-and-seek with data. The data is always there, you just can’t see it. Very useful for those who like their secrets kept secret, especially when it comes to high-value data storage and computation.
Apparently, this ‘blind computing’ is the key to the AI boom. Which is slightly terrifying. Are we handing over the reins to a bunch of algorithms that can’t even see straight? 🤖
The NIL token, bless its little digital heart, is the governance cryptocurrency of Nillion. It’s used to pay network fees for blind computation and payments, because even in the digital world, nothing is truly free. It’s also designed to drive demand as usage scales. So, basically, it’s banking on people actually using it. Good luck with that. 🤞

Private computation and storage network Nillion, or as it’s more affectionately known, the “blind computer,” stumbled blinking into the light on Monday, unleashing its mainnet and native token NIL upon an unsuspecting world.

However, in a move that surprised absolutely nobody, the token’s market capitalization promptly took a nosedive, dropping 12% in the first 24 hours. This, despite continued listing by major exchanges, including South Korea’s Bithumb, and the general optimism of the analyst community, who, let’s face it, are optimistic about everything. Probably because they’re paid to be. 🙄

NIL, in its infinite wisdom, debuted with a total supply of 1 billion tokens, of which a generous 19.52% (or 195.15 million, for those who like counting) were airdropped to the community on the first day. This resulted in an at-inception market capitalization of just over $165 million. One can only imagine the paperwork involved.

Since then, its market value has plummeted (a technical term, I assure you) 12% to a measly $144.93 million. The token is currently changing hands at 74 cents on major exchanges, such as Binance, Gate.io, MEXC, Bitget, and others. Because apparently, there are others. All of this is according to data source Coingecko, which sounds like a particularly unpleasant breakfast cereal.

Earlier on Tuesday, Bithumb, one of the largest crypto exchanges in the altcoin-savvy South Korea, announced the listing of the NIL-Korean won pair on its platform. This is presumably good news for someone, somewhere. Probably not NIL.

Nillion’s blind computing

Nillion, in its grand design, is a decentralized platform designed to support private, high-value data storage and computation. It works in the same way as blockchains decentralize transactions, only with more smoke, mirrors, and possibly a small rubber chicken.

But here’s the catch, and there’s always a catch, isn’t there? Unlike blockchains, which are all about transparent ledgers (transparency being a highly overrated virtue, if you ask me), Nillion uses Nil Message Compute (NMC), which allows computations on encrypted data without exposing (decrypting) it. This ensures that no single node or party has access to sensitive data. Because, you know, secrets. Everyone loves secrets. 🤫

The network’s architecture combines a Coordination Layer called nilChain and Petnet, because every good technological breakthrough needs a catchy name. Petnet, apparently, uses privacy-enhancing technologies like multi-party computation, fully homomorphic encryption, and trusted execution environments to deliver data security. It all sounds terribly complicated, and frankly, a little bit exhausting.

This so-called blind computing starkly contrasts traditional methods that require decryption before processing. This exposes sensitive data, such as personal health/finance information, to security threats and misuse. It’s like leaving your front door wide open and then being surprised when someone walks in and steals your cutlery. 🍴

Pivotal for AI boom

Nillion boldly strides into the persistent challenge of data privacy and trust issues in sectors like artificial intelligence (AI) – personal assistants and Healthcare AIs – private order books in decentralized finance and many more. Because apparently, we haven’t learned our lesson about trusting computers with anything important.

“Nillion is tackling AI’s biggest hurdle: trust. By weaving together cutting-edge privacy tech into a seamless backbone for AI, Nillion has the potential to become as fundamental to AI as SSL is to the web. If Nillion can make it as easy to use as it is powerful, they’ll be powering the next wave of AI adoption,” declared Yau Teng Yan, founder and chief evangelist at research firm Chain of Thought. One can only assume that Chain of Thought employs a dedicated ‘Chief Evangelist,’ which sounds like a job title straight out of a science fiction novel.

“The privacy revolution is just beginning,” Yan added, ominously.

Bullish tokenomics

The NIL token, bless its cotton socks, is the governance cryptocurrency used to pay network fees for blind computation and payments across Nillion’s Coordination Layer and Petnet. It secures the network through staking and participation in the on-chain governance module. In other words, it’s the digital equivalent of pocket change.

“NIL’s token economics is designed for adoption. NIL will power the network, securing operations while driving burn-based demand as usage scales,” Yan noted. Which is a fancy way of saying “we hope people will actually use this thing.” Let’s see if it goes up in flames. 🔥

2025-03-25 09:45

What to know:

Nillion’s blind computing

Pivotal for AI boom

Bullish tokenomics

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