|Thanks for the questions and information provided.|
There have been two major hacking incidents in the crypto world these days.
Close to $800 million has been siphoned out of Solana and Nomad.
Many of you are asking if this could happen in NIM’s infrastructure and ecosystems.
It can not!
|Background Solana has been hacked More than 8000 wallets with more than 600m$ were hacked today! |
There appears to be a broad Solana vulnerability that is taking money from victims across the ecosystem. Since private keys are being compromised, there is an assumption in the community that this has been in the works for some months. The attack is still ongoing.
The Nomad bridge has been hacked Hackers yanked almost $200 million in crypto from Nomad, a so-called blockchain bridge. Blockchain bridges allow users to transfer tokens from one network to another. They’ve become a prime target for hackers seeking to swindle investors out of millions.
|Networks are not created equal. The NIM services are not built the same way as all of the other blockchain-related technologies. They are all built by values that still regulate and govern the financial world. Like it or not, fiat rules (if you plan to pay bills, pay the rent, have debt and eat, that is).|
In contrast, NIM’s services are built around the fact that the Internet, as we know it, is supported by content. Content has to be created to be enjoyed, and the creators need to get paid for their work.
NIM’s services are built to support the creators and, in doing so, create an ecosystem that supports the value of content like music. The retail service providers selling this content (Spotify, Facebook, Youtube, etc) are paying for it and making sure creators can live upon their creativity.
For network services like Solana and Nomad, mathematic formulas and algorithms implemented in smart contracts and code snippets govern the potential of profit.
This makes them vulnerable to being hacked, and as a hack’s reward is potentially huge, it’s worth the effort!
In NIM’s services and ecosystem, the transfer of Royalty payments is done in a closed circuit system always backed by fiat. You can not receive royalty tokens without being a creator or holder of copyrights. Consequently, there is no public access since NIM keeps all content-related transactions in a permissioned private network.
Besides, in NIM’s ecosystem, the real value in the tokens CREATIVES and NIMPI is back by the flow of royalties. No other currencies have that backing (including fiat). It is hard to change (hack) assets based on intrinsic values while much easier with assets based on mathematics, promises, and hype…
When NIM’s tokens like CREATIVES and NIMPI are exchanged and traded in 3rd parties services, there is a risk that the 3rd party’s service is hacked.
Unfortunately, that’s outside NIM’s area of influence.
Hope this answers your questions.