Nimiq (NIM) project review, contest on KuCoinPlay!

Andreas Bor
Nov 14, 2019 · 4 min read

Nimiq (NIM) is available on KuCoin. Supported trading pairs include NIM / BTC and NIM / ETH.

Nimiq is launching a contest on KuCoinPlay! From 18:00 on November 14, 2019, to 18:00 on November 29, 2019 (UTC+8), Nimiq will be giving away 3,000,000 NIM to 500 of the top participants on KuCoinPlay. Campaign Dates: 18:00 on November 14, 2019, to 18:00 on November 29, 2019 (UTC+8), Contest Link: https://kucoinplay.com/nimiq-contest-2-3m

Nimiq is an open source decentralized peer-to-peer payment protocol for the world wide web. By offering browser access, Nimiq seeks to reduce entry barriers and, therefore, increase blockchain adoption for new user communities that may be barred from friction with the use of bitcoins and other cryptocurrencies. Nimiq was created from the ground up to remove and overcome barriers to entry that block the widespread adoption of blockchain technology. Nimiq will always remain open source and community driven.

Nimiq has a single vision: to bring blockchain adoption to the mainstream. It aims to achieve this by developing a payment protocol that is much easier to use for new market participants than for existing platforms.

Nimiq was written in Javascript ES6, so it works completely in a web browser without the need for synchronization with the host. Users can store and exchange NIM tokens using only their browser or mobile device. The entire platform is designed for ease of use. So much so that even the same crypto noob could start working without even hearing such terms as a wallet, P2P network or cryptography.

Users can also easily mine NIM tokens using only their web browser (more on this below). The entire installation is designed in such a way as to avoid the use of any special software, that is, it is lightweight and can work on any computer, even on a mobile device.

How does Nimiq work?

It is incredibly simple — everything is done through the browser. You just go to the Nimiq homepage and within a few minutes you can create an account that will allow you to send or receive your first NIM payments. Alternatively, you can start mining your browser.

Nimiq is one of the few projects that you can develop using only the processor. In keeping with the project’s mission to be as easy to use as possible, noob miners can even start using browser-based mining. This is available as an option from the project home page.

More experienced miners can download the node.js client and become the main browser. Since trunk miners provide a higher hash rate than browser miners, there are more rewards for a trunk browser. However, the project supports browser-based mining as part of its vision to remain accessible to the masses.

There are a total of 21 billion NIMs, of which 12 percent, or 2.5 billion, were released in the genesis block. The rest are to be mined.

Team

NIM has begun its life as a NET token, an ERC-20 token. Nimiq initially launched NET to launch an ICO, which successfully raised $ 10 million in June and July 2017. The Nimiq network started operating in April 2018, when holders of NET tokens could exchange for NIM tokens.

Since the launch of the main network, the team has focused on developing the system, including improving the internal and external interfaces, as well as marketing and community building. The team officially deactivated the NET smart contract in December, when at that time more than 80 percent of the available NIM tokens were activated.

Nimiq was created by Robin Linus and Philip von Stip Rekowski. The site currently lists 18 other team members playing various roles. The team has at its disposal blockchain, software development and marketing skills. There are several PhDs in relevant areas of computer science, such as cryptography and engineering. It should be noted that there were differences between one of the founders and the rest of the team. This has been resolved in accordance with this update. The team is international with the German majority and has held together tightly since 2017.

Competitors

Nimiq occupies a rather specific niche in the crypto markets. In terms of ease of use, instant cryptocurrency, it is comparable to Dash. However, Dash started out as a fork of Bitcoin, so it cannot boast of the simplicity of NIM.

There are other Javascript-based projects, such as Ark or Lisk, but they are looking for opportunities for wider use than just payments. Nimiq seems to be the only one in its niche working on Javascript-based simplicity for a clean browser-based payment solution.

NIM

NIM is a symbol of the Nimiq Mainnet blockchain. A total of 2.52 billion NIMs out of a total of 21 billion NIMs were created in the Genesis block during the launch of Mainnet. The minimum unit of NIM is called Luna, and 100,000 Luna is equal to 1 NIM.

Andreas Bor

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