Summary
Nimiq (NIM) has gained over 100% in the last 7 days and over 1200% in last 90 days, passing from ranking 300+ in coin market cap to 130, seeming to be headed in the top 100. In this post I explain in simple words what is Nimiq and why it is a project that can make a big impact in the crypto world.
What is Nimiq
Nimiq is a decentralized, censorship resistant payment protocol that is native to the web. Said like that sounds like a word salad, but let's look a bit more in detail to what are my 4 favorite features about Nimiq.
What makes Nimiq special
Nimiq runs on its own blockchain
Nimiq might be inspired to Bitcoin but it is very different from it. Bitcoin blockchain at the moment allows 3-7 transactions. Nimiq makes use of its own blockchain, at moment of writing, called Nimiq 1.0. After the update to Nimiq 2.0, forecasted to be launched by the end of 2020 it will be possible to process 1000+ transactions per second. Therefore no problem for scalability and goodbye to long waiting times like when transferring funds to the Bitcoin or Ethereum network.
You can run a Nimiq node directly from your browser
It takes 30 seconds to sign-up to the Nimiq website, create an account with a wallet address (with free 1 NIM welcome bonus) and start mining directly from your browser. Doing like that it is not only possible to earn NIM but also to guarantee even more decentralization. Link below to sign-up:
- Click "create account"
- Choose your cryptographic avatar
- Enter your password
- You've created your account and wallet address to start earning NIM.
- You username credential are stored in your browser by a cryptographic .png file, which can be exported, if needed.
- Your cryptographic avatar is unique to your address, so it is useful when checking wallet address for transactions.
To start web mining click the link below:
- Click "Let's go" and select a Nimiq address
- Select a mining pool and start mining immediately to earn more NIM.
With the web browser you can start mining in a few second, but there is a faster way for mining. In the screenshot above in the top right corner there is the icon "mine faster". This starts the download of the program to start mining outside of your browser and earn more NIM.
Nimiq will soon allow direct Atomic Swaps from Fiat to Crypto
Nimiq will make possible to treat fiat exactly like crypto. Thanks to its OASIS protocol and alliance with the German bank Ten31, it will be possible to purchase crypto from Euros (as first), US Dollars directly through the Fastspot interface on the Nimiq website at 1% fees. The purchasable crypto will be NIM, BTC and ETH to start with possible extension to other crypto.
This will completely cut out the middle man (i.e. banks) make the purchase of crypto with fiat direct (no KYC required), fast and easy, opening the doors for potential mass adoption even to people who are not very IT savvy.
OASIS will also allow the merchants to accept crypto like NIM or BTC, while receiving fiat in their bank accounts.
The launch of OASIS is forecasted for Q3 2020.
Everything is done through the use of HTLC (Hash Time Locked Contracts). For more technical details about the protocol click the link below:
PS: The fees collected will be stored in a vault used by the Nimiq foundation to keep developing the network.
Nimiq 2.0 consensus mechanism will move to Proof of Stake (PoS)
With the adoption of "Albatross" hardfork Nimiq will move to PoS, allowing its holder to earn staking rewards with the NIM they hold in their portfolio.
The launch of the "Albatross" testnet is foreseen by Q3 2020. More details will be published on the Nimiq website in the coming weeks. To have a look at the complete roadmap I have provided the link below:
Nimiq blockchain supports DApps
It is possible to build on top of Nimiq blockchain. Many DApps are already available at the link that I have provided below and more come available every day.
Conclusions
The Nimiq team is delivering as promised, keeping the schedule and deploying a lot of feature that can be groundbreaking to the crypto environment. The foundation is very active as can be seen from their Github. The Nimiq community is also growing and starting to spread the voice about what can be the new crypto gem emerging after the pandemic.
Besides, if there is one crypto that is REALLY trying to be bring Satoshi's vision to the next level, i.e. BEING MONEY, this is NIM.
If you want to follow the project you can subscribe to their Telegram channel or Twitter, of which I have provided link below.
https://t.me/joinchat/AAAAAEJW-ozFwo7Er9jpHw
You can get NIM at the exchanges in the link below.
https://www.nimiq.com/exchanges/
If you want to have a complete review about Nimiq I also attach a video of my choice: the very well made (in my opinion) YouTube video of Coinbureau channel, one of my favorite channels.
Disclaimer: The topics in the article are pure representation of the opinions of the writer and do not constitute any form of financial advice. Investing is risky and you should consult your financial advisor before taking any position in any asset(s) described in this article.
