According to a report by a cryptocurrency and blockchain focus news outlet Cointelegraph on Aug. 16, Nahmii onboarded the Norwegian Block Exchange (NBX) being the first member of its governing association.
Being created by Hubii, nahmii is reportedly designed to resolve the issues with transaction speed on the Ethereum network, which manages only 15 transactions per second. It "makes Ethereum unsuitable for large-scale commercial deployment," as noted in the report.
Giving a breakdown of its principle, nahmii said:
“Nahmii fixes that by moving transactions away from the main chain to a second network that sits on top of the main Ethereum chain. Doing this allows nahmii to process transactions much more quickly, and means it is theoretically able to process a limitless number of transactions at the same time.”
In its plan of their upcoming IEO, Nahmii's parent company, Hubii CEO Jacobo Toll-Messia told the news outlet that: "The upcoming IEO on Liquid will help us to provide nahmii with awareness, improve the distribution of the number of token holders which is key to the security of the protocol and increase the commercial adoption of the protocol"
The report also says that the company have announced initial coin offering back in 2017, which boxing champion, Floyd Mayweather Jr. was one among its promoters. This is part of the issues that brought Mayweather to the eye of U.S Security and Exchange Commission.
NBX being a member of nahmii’s governing association will partake in managing the project’s day-to-day operations in the area of setting transaction fees and control 20% of nahmii’s native NII token.
Toll-Messia in a statement focused on the partnership told the news outlet:
"We have built nahmii for real use cases that exist and we look forward to a long and fruitful partnership with NBX. We welcome them to the Foundation, as they are uniquely poised to make use of nahmii today."