What is Nillion (NIL)?
Nillion is a decentralized network designed for private computation and data storage, utilizing Privacy-Enhancing Technologies (PETs). It allows computations and storage to be conducted while maintaining data privacy, making it suitable for applications such as encrypted databases, privacy-focused artificial intelligence, and secure digital solutions.
The network’s native utility token, NIL, is used for multiple purposes. It facilitates payments for network fees related to blind computation and transactions within the Coordination Layer and Petnet. It also supports network security through staking and enables participation in on-chain governance.
NIL provides access to several Nillion services. One of these is nilDB, an encrypted database where data is divided across multiple nodes, allowing computations to be performed without decrypting the information. Another key service is nilAI, which includes various AI-focused privacy technologies such as the AI Virtual Machine (AIVM), nada-AI, and nilTEE. Additionally, the network offers nilVM, a virtual machine that simplifies AI and web3 program development by allowing developers to use Python and JavaScript.
Nillion was co-founded by Andrew Masanto, Miguel de Vega, Alexander Page, and Andrew Yeoh. Masanto, who also co-founded Hedera Hashgraph, first met de Vega in 2018. In 2022, de Vega introduced a breakthrough innovation related to secure private data, leading to the development of the Nillion protocol. Masanto then collaborated with Page and Yeoh, both of whom have backgrounds in investment banking, to build and expand the project.
The circulating supply of NILLION tokens is 195.15M NIL at the time of writing. NIL is listed on Binance for trade and purchase. The live price of NIL is updated in real-time on Binance.