And then there was only NIM
NET Token “Life” has ended
After keeping the activation process open far beyond its original schedule and even extending its grace period, the end has come. As made abundantly clear well in advance through Nimiq’s public communication channels and Press Releases, the last chance to activate NIM from NET was by November 30, 3PM GMT.
As of today, the Smart Contract for the NET ERC20 Token has been disabled. So it is time to say goodbye to NET and let NIM shine in the spotlight.
What is “disabled”?
The rules that govern the NET Tokens are written in a Smart Contract on the Ethereum Blockchain. And there is one rule that halts all movement capabilities of the token, making it impossible to create new transactions. Once this rule is triggered, the contract remains in this disabled state.
What does this mean for NIM holders?
It means there is only NIM. For NIM holders this deadline doesn’t change much really. Well, nothing but that Nimiq can let go of the old activation button and replacing it with the all-new onboarding experience button on nimiq.com. Nimiq, the team and the community altogether, can now focus solely on the evolution of the Nimiq protocol and increasing the adoption of NIM. Go NIM!
What are the final statistics?
From the total 10'500'000 NET, a total of 80.5% was used to activate corresponding NIM. This means a total of 2'049'026.6096758 NET were not used by their holders to activate 204'902'660.96758 NIM.
So what is going to happen with the unactivated NIM?
NIM that has not been activated will remain untouched for an amount of time to ensure that possible disputes of NET holders can be resolved. The amount of time is yet to be decided by the legal counsel. In any case, remaining NIM would exclusively be committed to supporting the Nimiq project and when it comes to such decision it will transparently be shared with the community. The Nimiq Foundation is bound by its purpose to use funds to support the Nimiq protocol development, Nimiq Ecosystem, and its community. For special inquiries re NET (only!) contact: netinquiry @ nimiq.com.
A lot of exciting plans for NIM! Besides getting integrated with Changelly for a smooth purchase of NIM with USD and EUR (as well as several popular Cryptocurrencies), the Nimiq team is currently working on:
- Upgrading the Nimiq Keyguard to a mature second version that includes an evolved Keyfile, usability improvements, 3rd party access, etc.
- Releasing an open source alpha version of the Nimiq checkout process showcased in the Nimiq Webshop.
- Writing front-end documentation and tutorials for attracting more web developers and making sure Nimiq’s current dev community stays happy :3.
- Finishing up the first Rust implementation of a Nimiq Full Node.
- Redesigning the Safe, the main website, and combine them to create a further improved onboarding experience for new users.
So, stay tuned. There are a number of additional opportunities in the pipeline.
Long live the NIM!
DISCLAIMER: None of the statements must be viewed as an endorsement or recommendation for Nimiq, any cryptocurrency, or investment product. Neither the information, nor any opinion contained herein constitutes a solicitation or offer by the creators or participants to buy or sell any securities or other financial instruments or provide any investment advice or service.