Binance is proud to announce the 65th project on Binance Launchpool, which is Nillion (NIL), a decentralized network that leverages blind computation to enable secure data processing and storage while preserving privacy.
What is Nillion (NIL)?
Nillion (NIL) is a decentralized network designed to enhance data privacy and security by enabling computation on encrypted data without the need to decrypt it first. This approach, known as 'blind computation,' allows for the processing of sensitive information while keeping it confidential.
Background and Objectives
In today's digital era, personal data is often vulnerable to breaches and misuse. Nillion aims to address the limitations of traditional technology where data must be decrypted before processing, which can open security gaps. With Nillion, sensitive data can be processed securely across various fields such as AI, healthcare, and financial services without revealing critical details, thus balancing privacy and utility.
Key Features of Nillion
1. Blind Computation: Nillion uses advanced cryptographic techniques to allow computation on obscured data, ensuring that even though calculations and processing occur, the original data remains hidden. This can be likened to solving a puzzle with your eyes closed—you get the answer without ever seeing the pieces.
2. Decentralized Trust: By decentralizing trust, Nillion addresses privacy challenges in the AI era. It leverages Privacy-Enhancing Technologies (PETs), particularly Multi-Party Computation (MPC), allowing users to securely store high-value data on Nillion's peer-to-peer network and enabling computations to be performed on the obscured data itself.
3. Nil Message Compute (NMC): Nillion introduces Nil Message Compute (NMC), an innovation that facilitates efficient and secure multi-party computation. This technology enables complex calculations on encrypted data without compromising privacy.
4. Scalability: Nillion is designed to handle greater demand as it grows, offering two ways to enhance capacity:
Vertical Scalability: Increasing the power of existing nodes or clusters by, for example, upgrading their hardware so they can process more data faster.
Horizontal Scalability: Adding more nodes or clusters to the network, increasing overall capacity and the number of tasks that can be handled simultaneously.
A key advantage of Nillion is its independence from a 'global state' (a central record of everything happening on the network). Without this bottleneck, it’s easier to scale horizontally, making the system highly efficient and capable of supporting massive growth.
Key Use Cases of Nillion
Personal AI: Training and inferring AI models on encrypted data for applications such as healthcare, ensuring that sensitive information remains private.
Decentralized Trading: Using blind computation to maintain the confidentiality of trade orders, reducing risks such as front-running and data manipulation.
Identity Management: Enables secure digital identity verification without revealing personal details for safer login and authentication.
Secure Data Aggregation: Collecting data securely from IoT devices, agricultural sensors, and supply chains to enhance efficiency while protecting proprietary information.
Secure Messaging Against Quantum Threats: Providing robust communication solutions resistant to quantum threats, ideal for finance and healthcare.
Healthcare Service Analysis: Facilitating collaborative processing of medical data across various institutions, promoting innovative research and better patient outcomes without privacy breaches.
Nillion (NIL) Token and Its Functions
NIL is the native utility token of the Nillion network that serves to:
Securing the Network: Token holders can stake NIL to help secure the Coordination Layer. This staking mechanism, which follows a delegated proof-of-stake model, also provides voting rights in network governance.
Resource Management: Transactions on Nillion's Coordination Layer—such as initiating blind computation requests—require NIL tokens. This ensures that network resources are used efficiently.
Reward Mechanism: Nodes participating in secure data processing and storage are rewarded with NIL tokens, creating a strong incentive structure.
Governance: Holders have the right to vote on important network proposals and changes, ensuring that the project remains decentralized and community-driven.
For more information about Nillion (NIL), click here.
How to acquire Nillion (NIL) tokens through Binance Launchpool
1. Create and Verify Your Binance Account: Ensure you have an account on Binance and have completed the identity verification process. Without verification, you cannot participate in Launchpool.
2. Fund Balance with BNB, FDUSD, or USDC: Deposit BNB, FDUSD, or USDC tokens into your Binance wallet. These tokens will be used for staking on Launchpool.
3. Access Binance Launchpool: Log in to your Binance account, then navigate to the [Launchpool] section on the platform.
4. Choose a Pool for Staking: Select the staking pool that corresponds to the tokens you hold (BNB, FDUSD, or USDC). The reward allocation for each pool is:
BNB Pool: 28,000,000 NIL (80% of total).
FDUSD Pool: 3,500,000 NIL (10% of total).
USDC Pool: 3,500,000 NIL (10% of total).
5. Stake Tokens: Lock your tokens in the selected pool. There is no maximum staking amount limit; however, there is a reward limit per hour:
BNB Pool: Maximum 38,888 NIL per hour.
FDUSD and USDC Pool: Maximum 4,861 NIL per hour.
6. Claim Your Rewards: NIL rewards will be calculated hourly and can be claimed at any time during the staking period. If not claimed, rewards will be automatically transferred to your spot wallet within 90 minutes after the staking period ends.
7. Staking Period: The staking period for Nillion (NIL) lasts for three days, from March 21, 2025, at 00:00 UTC to March 23, 2025, at 23:59 UTC.
8. Listing and Trading of NIL: After the staking period ends, NIL will officially be listed on Binance and can be traded starting March 24, 2025, at 13:00 UTC with trading pairs such as NIL/USDT, NIL/BNB, NIL/FDUSD, NIL/USDC, and NIL/TRY.
Make sure to monitor official announcements from Binance for the latest information and further details.