Imagine a blockchain that has it all. From Decentralized Exchanges to Indexes and Oracles. Aiming to create a user and developer friendly space. This is where Nibiru comes in!
Nibiru, also known by the market ticker NIBI, is a layer-1 blockchain ecosystem that specialises in speedy, user-friendly smart contracts in the Web3 space.
Nibiru claims to provide superior throughput and unparalleled security for its users, all while providing an ecosystem that seemingly has it all, from DeFi exchanges to Indexes, and Oracles.
But what exactly is Nibiru, and how does it work?
Today, we find out.
What is Nibiru?
Nibiru was seemingly created by multiple co-founders, which include Arjun Sethi, Unique Divine, Kevin Yang, Boris Revsin, Ailbhe Dempsey, and Jonathan Gimeno.
Though, depending on the source you use, that list does vary but these are likely some of the more important people during the early stages of development.
The project started its foundations in 2022, with the project’s mainnet blockchain going live in 2024.
Nibiru calls itself an easy-to-use blockchain and promises to pave the way for mainstream adoption via its “unified Super Chain.”
According to Nibiru, this unified Super Chain will solve the scalability challenges faced by other blockchain networks through their high throughput and parallel optimistic execution.
Just so we’re on the same page, high throughput refers to a network’s capacity to process a number of transactions within a certain timeframe, and parallel optimistic execution refers to the ability to process and execute multiple transactions simultaneously rather than consecutively.
Nibiru has stylised itself as a “Super Chain”, which basically refers to an ecosystem that provides multiple services.
In the case of Nibiru, this refers to its broad suite of developer tools that it can provide developers for a quick set-up and execution of their apps and smart contracts.
This suite of tools includes Web3 Software Development Kits, the Nibi-Indexer, and Nibi-Oracle.
Of these, the Web3 SDKs come in modern programming languages like TypeScript, Golang, Python, and Rust making it more easily accessible to developers.
The Nibi-Indexer allows for reliable on-chain data for analysing smart contracts and transactions, and the Nibi-Oracle allows validators to actively participate in the oracle consensus voting to integrate off-chain data onto the blockchain.
In short, it’s an all-in-one package, similar to platforms like Ethereum. But that leads us to the question, how does Nibiru work?
How does Nibiru work?
Nibiru is a Proof-of-Stake platform that emerged on the Cosmos network.
This means Nibiru was built using the Cosmos SDK, a developer kit which comes with ready-to-use parts and libraries that enable rapid blockchain and application deployment.
It also utilises the Tendermint consensus mechanism and has the Inter-Blockchain Communication, or IBC, Protocol enabled which allows it to communicate with all other networks on Cosmos’ network of independent blockchains.
At its core, Nibiru provides a searchable index of blockchain data which can easily be queried and studied, allowing Web3 projects to better understand the user’s needs and preferences.
In addition to this, it also provides an Oracle Module to enable off-chain data that allows its smart contracts to function quickly and at scale.
Consequently, the Nibiru network can process up to 40,000 transactions a second.
For reference, both Bitcoin and Ethereum have, at best, double-digit transactions per second, which should give you some idea of the level of scale Nibiru is working towards.
All of which ultimately translates to being a tempting blockchain for both developers and users. But, that leads us to the question, what makes Nibiru unique?
What Makes Nibiru Unique?
Perhaps rather than asking what makes Nibiru unique, it would be best to ask “what does Nibiru improve on?”, as the platform itself isn’t necessarily unique, but where it does show its uniqueness is in its execution by building upon what has come before it to provide, what they believe, will be a superior product to all other competitors on the market.
A good example of this would be the “Super Chain” I mentioned earlier, a concept designed to overcome the issue of isolated blockchain ecosystems which ultimately hinder the wider Web3 adoption and provide a more cumbersome experience for the end users.
Ultimately, Nibiru’s solution integrates a variety of functions, such as decentralised oracles, exchanges, stablecoins, data indexing, and smart contract royalties all rolled into a single, user and developer-friendly platform.
Or to summarise, Nibiru aims to streamline the user and developer experience, which it hopes will lead to a wider adoption of Web3 platforms and technologies.
NIBI Tokenomics
Like most Proof-of-Stake projects, Nibiru’s NIBI token can be used for all the classics like payments, staking, and governance.
In total, there will only ever be 1.5 billion NIBI tokens, which are vested and released slowly over an 8-year period.
By the end of this period, the distribution will have been split as follows:
60% towards the community, 15% towards core and team contributors, 9% towards their seed-round investors, 8% to their post-seed investors, and a final 8% towards the public sale.
Notably, the Core and Team plus Investors, both seed and post-seed, have 0% allocated to them at the Token Generation Event, or TGE, and will have to wait before receiving any of their allocations.
Although a blockchain explorer for the Nibiru network exists, it currently cannot be used to wallet watch for whales.
However, given the blockchain’s mainnet has only gone live recently, there is always a chance this will be added in later.
Nibiru isn’t necessarily the most unique blockchain platform, as it offers a lot of concepts that have existed for some time.
Though, what makes it a unique proposition is the way it has fine-tuned those concepts into its own layer-1 blockchain platform with high throughput and scalability in mind.
By offering users and developers more of what they want and need, such as a low-cost, high throughput network, there is a good chance Nibiru’s best days still lay ahead.
Though, as always, nothing is ever guaranteed in crypto, and for that to become a reality, it will require excellent leadership from the top as well as the ability to adapt to any problems that could be discovered now the platform has gone live and is in the hands of the wider public.
How to create a NIBI wallet
Step 1: Visit https://www.keplr.app/ If you already have a Keplr wallet, skip to step 4
Step 2: Download and install Keplr wallet from your mobile app store or your browser
Step 3: Open Keplr and create a new wallet or import an existing one
Step4: Visit https://app.nibiru.fi/ and connect your Keplr wallet
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