Nillion’s native token NIL has recorded a 12% drop in market value within the first 24 hours of its launch, despite being hosted by major exchanges like Bithumb.

Key Points:

• Nillion employs a ‘blind computing’ methodology that facilitates calculations on encrypted data without revealing it.
• This approach is especially beneficial for secure storage and computation of sensitive information.
• Analysts highlight the importance of blind computing in supporting the AI boom.

Market Overview:

Nillion initiated its mainnet alongside the NIL token on Monday. However, its market capitalization has decreased to $144.93 million from an initial valuation of just over $165 million. The token is currently priced at 74 cents on exchanges including Binance, Gate.io, and MEXC.

Earlier this week, Bithumb announced the introduction of the NIL-KRW trading pair.

Nillion aims to tackle the challenges of data privacy prevalent in sectors like artificial intelligence (AI) and decentralized finance, distinguishing itself from traditional blockchain technologies by using Nil Message Compute (NMC), which maintains data confidentiality while performing computations.

Conclusion:

“Nillion is addressing the significant trust issue in AI,” according to Yau Teng Yan, emphasizing its potential to revolutionize the sector as a foundational resource similar to how SSL serves the web. The future of privacy-centric technologies looks promising, with the NIL token leading the way.