Nahmii has launched a Layer 2 Ethereum scaling solution capable of achieving true commercial viability with a baseline of top-tier performance, instant finality and low, predictable fees, the company said this week.
“We are truly thankful to the community of developers who provided their feedback throughout the development of Nahmii 2.0, and we are proud of the state-of-the-art scaling solution we are launching today,” said Jacobo Toll-Messia, CEO of Nahmii AS. “This version of Nahmii empowers developers of generalized smart contract-based applications to build solutions with the performance and customizations required at institutional scale.”
Nahmii 2.0 builds on the previous payments-only version of the platform, to support generalized smart contracts and offer capabilities supportive of institutional use cases.
A major limitation faced by other scaling solutions are the delays between transactions done on their protocols and finality, when a transaction becomes irreversible. In contrast, Nahmii’s “state pool” technology combines the instant finality of state channels and the pooled security of other Layer 2s to generate transactions that are instantly final and secured by Ethereum. Nahmii also offers transaction speeds with low latency on par with centralized servers.
“It’s the Holy Grail of Layer 2 scaling solutions,” Nahmii said in a release. “No other Layer 2 can credibly make that claim.”
One of the key limitations of Ethereum is the unpredictable and prohibitively expensive transaction fees which severely limit its ability to be the base layer for the decentralized web. With Nahmii, developers can leverage the security of Ethereum without the surprise charges. On Nahmii, fees are always known before any transaction takes place.
Another essential distinction in Nahmii’s favor is the option for dApp developers to incorporate third-party tools.
In the current round, Nahmii has raised $8M led by DARMA Partners, the general partner for DARMA Capital, an investment fund managed by Ethereum veterans Andrew Keys and James Slazas. Other Nahmii investors include Aligned Capital, Delta Fund, Fourth Revolution Capital and Quantstamp.
“The team at DARMA Capital has long believed that the backbone of Web3 will be built in large part on Ethereum. We’ve been looking for a solution that could marry the performance of centralized servers with the security of the blockchain,” said Andrew Keys, managing partner of DARMA Capital and ConsenSys veteran. “In Nahmii, we’ve found the best of both worlds. We look forward to continuing to be a partner and helping them build the next generation of the Internet.”