Attention all NET Holders
It has been an intense ride and now the time has come to get a real taste of the quickly approaching Nimiq Mainnet launch! For all holders of NET the Nimiq Activation Tool provides the key to activating your Nimiq (NIM) for NET and securing your NIM amount in the Nimiq Blockchain Genesis Block.
NOTE: We expect the cut-off date for the Genesis Block some time in the next couple of weeks [Update: Cut-off for inclusion of activated NIM in the Genesis Block was March 31; NIM activated from NET now, will be manually processed after Mainnet Launch]. For potential KYC process bottleneck reasons we strongly advise you to not delay your NIM activation.
Please read this entire post very CAREFULLY before using the Activation Tool
- NEVER trust any links sent in emails or shared online in social media or chat channels or on sites that could be well engineered to look like Nimiq.
- Completely avoid that risk by first going to https://nimiq.com as single point of entry (manually enter “https://nimiq.com” in the address bar of your browser window). The only other trusted sources of information are our Medium Blog https://medium.com/nimiq-network and our Twitter https://twitter.com/nimiq (both reliably linked on our Website) against which you should validate any calls for action.
- Our official communication will always ask you to first go to https://nimiq.com and describe where to go from there to perform a certain action.
- NET are Ethereum based tokens and their nature is to be used to activate NIM, the tokens of the Nimiq Blockchain. The rate of NIM Activation for NET is 1 NET = 100 NIM.
- As mentioned in our blog post Roadmap to Mainnet, an important component of the Activation Process will be the requirement to pass KYC. Based on the changing regulatory environment, our legal counsel has driven us to require this KYC process (anticipated in the NET Creation Terms). This goes along with the same restrictions regarding sanction lists, politically exposed persons, as well as restrictions for certain jurisdictions (ie. USA) as previously experienced during the NET Contribution Process. Please read the detailed NIM Activation Terms for more details.
Step By Step
The only source for the Activation Tool is https://nimiq.com.
- Go to the “Tools” menu and select “Activate NIM for NET Holders” to proceed.
- Review the activation process and data privacy terms you are presented. After agreeing, you will be asked to submit your personal information for validation with one of our two KYC providers. Please avoid using a Hotmail or Outlook email address, some users have reported problems using those emails providers.
- Following data submission you will receive an email with a link to start the identify verification process. Please have your valid passport in hand before starting. Depending on nationality you will be redirected to one of the following two links:
- Upon successful completion of your identify verification you will receive an email providing you with a personalized link to your Nimiq Dashboard that looks like this:
ACCOUNT SECURITY & Nimiq Dashboard
The Nimiq Dashboard is your portal to creating your Nimiq Account. It will ask you to securely store your account access information as part of the account creation process. It will only ask you to do this once so make sure you store it wisely:
- Account Access File: The access file is an encrypted version of your account private key (for an analogy of what a private key represents see the Wiki entry on Bitcoin Private Keys). Do not share this file.
- Account Access File Password: The access file is encrypted using your password. Your password can NOT be changed. NEVER share your password. Keep your password safe and well separated from the access file. Anyone who can get to your Account Access File and Password can also get to your NIM (!).
- 24 Word Recovery Passphrase: The purpose of the Mnemonic Phrase is to be used as a last resort recovery method in case you forget your password and/or access file. The passphrase can NOT be changed. NEVER share your passphrase and do not save it on your computer or copy/paste it into an email, address book, note or other digital document. Anyone who can get to your Passphrase can also get to your NIM (!). Best practice is to write down the words on a piece of paper and keep one or more physical copies in a physically secure place (“cold-storage”).
Again, be prepared and plan where you will store this information before you enter the process.
Select ‘Create Account’ and you will be presented with options for your Identicon. You can ‘Generate New’ if you want to see a new set of choices. Select your Identicon and you’ll see the Account Number. “Confirm” to continue.
Account Access File
For security reasons, the private key to controlling your account is not presented in clear text but in an Account Access File encrypted with your password. For immediate proof, you will be required to test your access file by uploading it and re-entering your password. Your password can NOT be changed. NEVER share your password. Keep your password safe and well separated from the access file. Do not share this file. Anyone who can get to your Account Access File and Password can also get to your NIM (!).
24 Word Recovery Passphrase
This passphrase serves as your ONLY recovery method in case you loose your password and/or access file. Because of this we can’t stress enough how important it is for you to write the words down and store them in a secure place. Anyone who can get to your Passphrase can also get to your NIM (!). The order of words does matter. To verify that you took note of your passphrase you will be asked identify a selection of the words and their position in the order.
4. Ethereum Address for NET
After validating and storing all your access data, the tool will derive a unique Ethereum address that is specific to the Nimiq Account you just created. After sending your NET to this specific Ethereum address, the corresponding balance of NIM will show in the corresponding Nimiq account.
You can use such Ethereum address multiple times to send NET and activate corresponding additional NIM in the corresponding Nimiq account.
The countdown is on and Mainnet is approaching quickly. At some point soon (expected in the next couple of weeks) we will take a snapshot of the Ethereum Blockchain to determine account balances for the Nimiq Genesis Block. To secure your spot in the one and only Genesis Block we strongly advise you to activate NIM for your NET as soon as possible, thereby also avoiding potential delays and manual procedures for later activations.
We hope you have an easy an exciting journey from NET to NIM.
See you on the Mainnet!
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.