Nimiq is a decentralized blockchain platform that uses the Ethereum network to power its own ecosystem. It offers a unique set of features and has been gaining traction in recent months.
Nimiq is a decentralized platform that uses blockchain technology to create, distribute, and trade digital content. The coin has been on the market for over three years now and it has seen some very positive developments since its release.
Tom Alford is a British actor. contributed to this article. 24 November 2018
Anyone who is acquainted with cryptocurrencies knows that getting into the market in the first place is quite difficult. This is a significant impediment to crypto’s acceptance as a form of digital money. Nimiq is a project aimed at addressing this issue by making it simple for the ordinary internet user to get, store, and utilize the Nimiq cryptocurrency. If you believe that making crypto more user-friendly is essential for adoption, keep reading to learn more about the Nimiq project.
What Is Nimiq and How Does It Work?
Nimiq is a payment system that includes an ecosystem of applications built by the Nimiq team and community. The aim of this app ecosystem is to expand the payment system’s capabilities and reach. It covers everything from giving users a simple and secure way to store and send NIM to developing a NIM checkout process for merchants, desktop and web mining apps, Twitch tip bots, faucets that allow people to try out NIM for free, apps that allow people to transact NIM with just an email, and everything in between.
The NIM coin is the Nimiq payment system’s native token, and the goal is for it to be used as digital currency. Other cryptocurrencies, such as Bitcoin, Litecoin, and a slew of others, share this ultimate aim. However, there is currently no cryptocurrency that can be called genuine digital cash. The reason for this is because not many businesses accept it, making it almost difficult to purchase everything you need using cryptocurrency. This is understandable; adoption takes time, and it will most likely take longer than many people anticipate.
Many cryptocurrencies are designed to be used as electronic money. The differences between them are in how the technology is designed for adoption, the benefits that the payment system provides to users, and the various approaches to the adoption issue that these cryptos take. The Nimiq ecosystem seeks to make it as easy as possible for users to swap fiat money for NIM, transact it for a minimal cost throughout the payment ecosystem, and convert NIM back to fiat. In a nutshell, Nimiq aims to make cryptocurrencies as easy as possible.
What Makes Nimiq So Special?
From a technological standpoint, Nimiq is unique in that it is the first browser-based blockchain. This implies that huge downloads aren’t required to use NIM, and the crypto may be used in places with limited access to the internet. What’s the big deal about this? In fact, mobile device internet access is currently greater than laptop or desktop device internet access. In contrast to other devices, the usage of mobile phones to access the internet is rapidly increasing.
wearesocial.com is the source of this information.
The worldwide increase of mobile data consumption reflects the development of internet access through mobile phones.
wearesocial.com is the source of this information.
With these developments in mind, it’s clear that any cryptocurrency that really wants to be utilized as digital payment has to be mobile-friendly. Even in the United Kingdom, a third of the population suffers from inadequate mobile data coverage, with many individuals needing to walk outside to obtain a decent 3G signal. Because Nimiq is browser-based, it requires less data transfers and no big downloads to utilize it (these can commonly be over 25MB). As a consequence, NIM is easier, more convenient, and faster to use in low-connectivity regions.
When we consider that a rising number of new internet users only have mobile devices, and that many of these new users are from poor countries, these trends become even more significant. Poor 3G service is prevalent in these regions, and a browser-based blockchain may have a significant accessibility advantage over other cryptos under these conditions.
The fact that 45 percent of the world’s population still does not have access to the internet is astounding. If crypto is really accepted and used as digital currency, there may be a rising use case for browser-based blockchains as more people get online through mobile devices and only have access to a slow connection.
wearesocial.com is the source of this information.
What Are The Project’s Values?
Nimiq is a developer-focused initiative with experience in blockchain, cryptography, user experience, and interfaces. Nimiq, unlike many other cryptocurrency initiatives, does not promote NIM. Nimiq, on the other hand, prefers to adopt a developer-centric strategy, focusing the bulk of their efforts on technology and community. Nimiq understands that generating buzz without a product is unlikely to result in a long-term crypto initiative.
Nimiq is also committed to charity and social/environmental improvement. This may be observed in their attempts to raise funds for charities and their support of research funding. The project is also one of the few to provide a transparency report detailing how project money are used. We believe that this is a technique that should be standard in the cryptocurrency industry, and it’s nice to see a crypto project be so forthright with its community.
That’s not all; Nimiq is also seeking to support community projects financially. Many individuals have excellent ideas and wish to play an active role in the development of crypto ecosystems. The issue is that making these concepts a reality requires funding. The Nimiq Community Project Funding program is an excellent illustration of the team’s commitment to fostering creativity in their community and ensuring that this talent contributes to the ecosystem’s overall value.
These efforts are uncommon, but they have helped Nimiq attract some of the most active crypto community members.
The Payment Ecosystem of Nimiq
New applications are constantly being released by the Nimiq team and community in order to improve the Nimiq payment system. Because NIM is a browser-based blockchain, most applications do not need installation or time-consuming downloads. So far, the ecosystem consists of:
- Nimiq Safe – Send, receive, and manage your NIM balances in a secure manner.
- Miners are those who work underground. Do you want to mine on the web or on your computer? There’s an app for it on Nimiq.
- The Nimiq Shop — Used to demonstrate the NIM checkout process in order to promote merchant adoption.
- Allow your followers to tip you in NIM on Twitch, Discord, and Reddit using tip bots.
- Content Monetization – monetise content using a WordPress mining plugin and URL shortener with an embedded miner.
- Easy Accessibility and Usability – PayNIM allows you to send and receive NIM with only an email address.
- Trade – To exchange NIM for Ethereum, use the decentralized Nimex exchange.
- Project Nimizuela is a charitable initiative in Venezuela aimed towards increasing NIM awareness.
- Are you old enough to remember Tamagotchis, Nimipet? Nimiq, on the other hand, has their own digital pet game based on NIM.
“Nimiq is surrounded by a strong philanthropic mentality, it will always be open-source and community-driven,” says the company.
NIM and NET Tokens
During Nimiq’s 2017 fundraising efforts, the NET token was created. The previous ERC-20 NET token was phased down and the new NIM token was activated after the Nimiq main net was released in April 2018.
Unactivated NET tokens were locked following the deadline for NET holders to activate their NIM on November 30, 2018. (due to the NET token smart contract being terminated).
NIM’s Advantages and Disadvantages
Pros
- Cryptocurrency adoption has a problem: it’s too complex for too many people. Nimiq has a very user-friendly payment mechanism. You may think of Nimiq as the Apple of bitcoin payment systems, because to its commitment to simplicity and excellent UX.
- Accessibility is excellent. Because NIM is browser-based, it reduces the hurdles to adoption by allowing people with weak connection to utilize it.
- The Nimiq faucet shows how simple it is to get up and running using NIM. In less than 30 seconds, most new users have their wallet set up and ready to go.
- The project has slipped under the radar, owing to Nimiq’s refusal to participate in hype marketing and concentrate on the technology. The project has a robust development network and a devoted fanbase.
- The squad seems to have a lot of potential. AppGuard was created by Philip von Styp-Rekowsky, and it went on to win a German IT security award and get two million downloads. We suggest that you have a look around the squad and evaluate the talent for yourself.
- The project’s plan for 2019 is jam-packed with activities, including, crucially, merchant solutions for the ecosystem. In 2020, easy NIM-fiat swaps are also in the cards.
- NIM’s transaction costs are very minimal, costing less than one penny each transaction.
- Nimiq is one of the few projects that has made an effort to be transparent. TotalCrypto applauds this transparency and hopes that many other projects will follow suit.
Cons:
- Some believe that in order to thrive in crypto, strong marketing techniques are needed. NIM wants to disprove this.
- It’s one thing to create a payment mechanism. Adoption of the system, on the other hand, is a different story. Nimiq must yet demonstrate their capacity to establish solid relationships and enroll merchants on a large scale.
- If the initiative goes unnoticed for an extended period of time, it may fade into obscurity.
Final Thoughts
It’s worth keeping a watch on Nimiq, the first browser-based blockchain. It has the potential to become one of the most widely used payment methods in the crypto world, thanks to its sleek user experience and simple accessibility. However, it remains to be seen if the ecosystem will ever be finished and whether Nimiq will be able to achieve the acceptance it seeks. For the time being, we believe Nimiq is one of the most promising under-the-radar initiatives, and they are definitely worth keeping an eye on.
The author has NIM in their portfolio and is paid by Nimiq in a long-term independent consultancy role. This post is not intended to provide financial advice. Always do independent research.
Do you know what to read about Nimiq in your home language if you speak French? To learn more about Nimiq, visit our colleagues at Cryptoast.
Resources
We’ve included a collection of useful NIM coin resources below.
? NIM Coin Cryptocurrency Wallets that are the safest
To keep your NIM as secure as possible, use a hardware wallet. Nimiq, fortunately, has a partnership with Ledger, one of the most popular hardware wallets on the market.
What Are the Best Free Wallets?
Looking for the finest NIM wallet for free? You’re safe with the Nimiq Safe.
The NIM’s Best Crypto Tracking App
Useful Websites
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DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
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Author Biography
Tom Alford
Tom is a cryptocurrency specialist and investor from Edinburgh, Scotland, who has worked in the industry for over 5 years. He graduated from the University of Nottingham with an MA in diplomacy and a BA in politics, providing him a solid grasp of the social and political ramifications of cryptocurrencies. He is a big supporter of the future use of blockchain technology and believes in long-term initiatives above short-term profits. Tom may be reached at [email protected].
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
The safe nimiq is a cryptocurrency with the goal of creating an economy that is decentralized and trustless. It is built on top of the Ethereum blockchain.
Frequently Asked Questions
Is nimiq coin a good investment?
Nimiq coin is a good investment.
What does nimiq coin do?
Nimiq is a decentralized platform for content creators and consumers. Its a new type of social media that rewards users with the currency they spend on it.
How much is nimiq worth?
Nimiq is currently worth $0.002365 USD per token.
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