There are so many cryptocurrencies out there today, and it can be hard to figure out what is undervalued or a good opportunity. I recently discovered Nimiq, but when I tried to search for Nimiq on Publish0x, I only found a handful of articles. In this article I am going to take a closer look at Nimiq and find out what it's all about.
First things first, what is Nimiq?
Nimiq is a decentralized non profit payment protocol that is designed for the web. It is also developed to be censorship resistant, with its own ecosystem of apps. It uses the Nim cryptocurrency to facillitate payments.
Anyone with an up to date browser can use Nimiq. The main goal of the network is to reach mass adoption, by being the most accessible and easy to use cryptocurrency. It can be used by people with almost zero knowledge of cryptocurrency, but on the other hand developers can develop their own apps on the Nimiq protocol.
The cryptocurrency can be mined in your browser without needing to install or configure anything, and will soon transfer over to a proof of stake model. Since the project is browser based it is cross-device compatible, removing the costly need to develop software for different operating systems.
By building the project in the web browser, Nimiq is able to achieve superior security. Web browsers are some of the most heavily audited and tested pieces of software. This makes the project also future proof, as web browers have become ubiquitous, even in developing countries.
With other blockchains your browser would need to connect to a node in order to access the network, but with Nimiq your browser is a node in the network!
Instead of using a typical login and password, Nimiq uses a login file. After you create your account, you will receive your login file, which is basically an image that you use to access your account. You can still login with your recovery phrase if you lose the file.
The company has recently aquired a stake in the German WEG bank as a part of Nimiq OASIS (Open Asset Swap Interaction Scheme). Nimiq plans to disrupt stablecoins, over-the-counter (OTC) and crypto payment processing markets by enabling an open, simple and fast way to exchange value between crypto and fiat systems. Nimiq is one of the few cryptocurrencies to have such a partnership and this makes Nimiq a project to watch in the coming years!
Besides this the Nimiq team is very tech focused and is actively working on the Nimiq blockchain as can be seen from their roadmap!
The Nimiq Mainnet was launched on April 14, 2018, which makes the project still very young, and even more impressive considering how much they have already achieved within that time! I think Nimiq has a lot of potential and will be on my watchlist from now on, especially with their staking feature coming in 2021.
So far in the last year Nimiq has seen an increase in trading activity, but the price still remains quite low. This in my opinion makes Nimiq a hidden gem!
Thank you for checking out my article, and what do you think about Nimiq?