nahmii, a layer-2 scaling solution designed to revolutionise the speed of transactions made across the Ethereum network, has announced a landmark partnership with NEO, the global blockchain giant which is working to build the smart economy.
The move brings the NEO and Ethereum projects closer together, and with plans to port nahmii to the Bitcoin network too, this will help increase interoperability.
nahmii is expected to arrive on the NEO blockchain in 2020, bringing with it benefits including increased throughput, lower fees and faster transactions.
hubii, the creators of nahmii, say the scaling solution can theoretically handle a limitless amount of transactions at the same time.
nahmii is a layer-2 scaling solution for blockchains. It performs a function similar to the Lightning Network’s scaling solution, which sits atop the Bitcoin blockchain and aims to improve transaction speeds.
Live on Ethereum since December 2018, it works by using smart contracts to manage transactions.
nahmii moves the majority of transactions off-chain to a much faster second layer. The solution is portable and can be adapted, through development work, to suit other smart contract-enabled blockchains.
Once live on NEO, nahmii will allow for frictionless atomic swaps between Ethereum and NEO and their respective tokens.
As well as delivering interoperability, nahmii will improve NEO’s performance.
Jacobo Toll-Messia, the CEO of hubii, said he was delighted to be working with NEO to deliver blockchain interoperability at scale.
“Through nahmii, NEO users will enjoy unrivalled performance and connectivity bringing NEO and Ethereum together seamlessly for the first time. Developers across multiple platforms, NEO, Ethereum and Bitcoin, will soon be able to use a single interface to build products on many blockchains. This is the future of interoperability and it starts with nahmii,” he said.
Sarah Song, Ecosystem Growth Manager of NEO Global Development, said: “The porting of nahmii smart contracts to NEO will help NEO to improve its scalability and interoperability, which is a big plus to the development of massive adoption on NEO. We look forward to the successful go-live of nahmii’s solution on NEO.”
What is clear is that as NEO grows, nahmii is in a strong position to help improve its performance, as well as making transactions between different blockchains a reality.