Nillionnetwork - a breakthrough in technology?
Nillion is a deep technology infrastructure project. The startup aims to provide a new internet infrastructure for securing storage and data computation.
Nillion is a decentralized computing platform that uses a unique security model. Nillion allows decentralized network nodes to operate in a unique, non-blockchain way known as Secure Multi-Party Computation (SMPC), which is based on a new cryptographic primitive called Nil Message Compute (NMC) to store and process information at a near-centralized level.
Nillion allows for very fast computations of secured data and storage of that data that you can’t do with the blockchain. We look at it as opening up an entirely new universe of web3 use cases that expands the ecosystem significantly.”
It opens up a whole new universe of options for using web3, which greatly expands the ecosystem!
Nillion will be able to run the first decentralized public SMPC network without permissions at scale. It’s decentralized storage and computation, while eliminating the possibility of losing your private keys or not being able to retrieve your NFTs, because Nillion will allow us to access them very easily and securely in the cloud.
Nillion provides absolute privacy in terms of data storage and processing in any web3 environment.
The mission of the NILLION project is to create an unhackable, decentralized network using information security technology that can store, use and compute sensitive information without ever having the underlying data to meet the needs of the industry.
The network will:
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Render both computational encryption and centralized storage of private data obsolete;
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Fundamentally change the way information is stored and processed;
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Serve as a Meta Layer that provides new and additional functionality to existing blockchains;
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Enable a host of new real-world applications on its native public network.
For example, when blockchain is used in scenarios such as Mobile CrowdSourcing (MCS) or Internet of Things (IoT), direct privacy leakage due to transaction exposure becomes a crucial issue. By analyzing transaction graphs, adversaries could obtain a correlation between transaction addresses and infer a user’s real identity from public blockchain data.
The NFT industry could also benefit from private or gated decentralized data, as public NFT metadata has previously led to the undermining of mint and reveal processes. Additionally, the lack of provably private, randomized metadata forces users to trust teams not to leak or maliciously trade on hidden information for their own advantage. There has been speculation that many large NFT drops have fallen prey to metadata manipulation or insider trading, such as the allegations surrounding the recent high-profile Mekaverse launch. In contrast, all data on the Nillion Network is transformed via a masking and secret sharing function, which is mathematically proven to be ITS, before it is distributed over the network. It is therefore impossible to leak information, as what is stored in the network contains no trace of the original data. This addresses the issues in the MCS, IoT, and NFT examples presented above and provides a novel solution for the secure management of private data on a public network. Moreover, unlike a hash function, transformed data on Nillion has no pseudonymous identifier that leaks information, and it is mathematically provable that no amount of computing power could discover the underlying data (unlike inverting a hash). These properties mean that Nillion natively handles private data in a GDPR compliant way, enabling a range of decentralized regulatory and compliance tools.
Difficult? Here's a simple example: a dealer can decide to store their fingerprint template in compute only mode. This would mean that the dealer can use Nillion to match their fingerprint against this template without it being possible for anyone to reconstruct their biometric information.
When asked how decentralization without blockchains was possible, Nillion CEO Alex Page explained:
“The nodes can store the particles or run computations with the fragments of data without sending messages between themselves, and return the results to the desired end-point for reconstruction (without relying on trusted hardware),” Page explained to Cointelegraph. “Throughout the whole process, nodes are blind to whatever they are processing, yet are able to run computations at speeds that in many cases are significantly faster than its predecessor technology, [multi-party computation, or MPC].”
“Traditional MPC systems typically require messaging between the nodes, which dramatically slows down computation speeds. NMC has removed this throttle allowing for scalable fast computation. The result is a decentralized, non-blockchain network of nodes which can run secure, private computations extremely efficiently that opens up new, non-blockchain use cases. “
What the Nillion network does is convert data into particles that can be processed by ITS, making encryption obsolete and hacking impossible. At the same time, it provides auditing functions for its private computing, which means that data and processes can be audited but need not be exposed.
Nillion ensures data integrity against login attacks using advanced multifactor authentication (MFA), and against backdoor attacks using the NMC reconstruction mechanism. The NMC reconstruction mechanism discards invalid particles or fractions sent to result nodes by NMC nodes during a backdoor attack, and ignores missing particles or fractions during result reconstruction as long as at least T + 1 valid particles and fractions exist.
The startup was founded in November 2021 and until then had been operating at an early stage with more than 40 employees and no pre-funding. Founders include former employees of Uber, Indiegogo and Hedera Hashgraph, as well as executives from Coinbase and Nike.
The group's early work indicates that it will have a token in the future. The Nillion native token (NIL) will initially be implemented using Ethereum’s ERC-20 standard. If users want to store, transfer, or compute their data, they will have to hold and pay NIL tokens.
Future uses of Project NILLION will also target cryptocurrency users for multi-source wallet encryption, businesses, governments and consumers in relevant B2C, B2B and B2G business models.
In the short term, Nillion plans to focus on building out and supporting real use cases while launching its network alongside its initial suite of products.
I highlight the main advantages:
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Ultra-fast decentralized processing
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Secure processing of private data in public blockchains
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Superior compatibility combined with extraordinary scalability
The project is very interesting, I will follow and cover it. Look forward to more articles and threads. NILLION ONE LOVE
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