Nimiq has brought blockchain to the mainstream. Nimiq is a decentralized open source peer to peer payment protocol mainly for the World Wide Web. By offering a browser-based access, Nimiq projects to lower barriers to entry, search and therefore promote blockchain adoption, for communities of new users who may be perplexed by the friction of using bitcoin, ethereum and other cryptocurrencies.

Like I mentioned earlier, Nimiq has a unique and distinct vision which is to bring blockchain adoption to the mainstream. It focuses on achieving this through the development of a payment protocol that is easier to use for new market entrants.

Nimiq was originally written in Javascript ES6, so it runs completely in a web browser with absolutely no need to synchronize to a node. Users can exchange and store Nim Tokens using their mobile device or a browser. This platform is designed for ease of use, that even a total crypto noob or new user could get up and running without ever having heard most common crypto terms such as Peer to Peer network, cryptography or wallet.

Users can also easily mine NIM tokens, using their web browser. The whole system is designed to avoid implementation of any special software, meaning it’s lightweight and operates on any machine, even a mobile device.

HOW DOES NIMIQ WORK

It is absolutely simple and easy to use, literally everything is done via the browser. You simply go to the Nimiq homepage, and within minutes you can create an account which will aid you access to send or receive your first NIM payments.

HOW TO MINE NIMIQ

Nimiq is among the few projects you can mine using only a CPU. In correspondence with the target of the project to be the most simple and easy to use, noob miners or new users can get started using browser-based mining. This option is accessible on the homepage of the project.

Cognizant miners can download the node.js client and automatically become a backbone browser, this is good because backbone miners deliver quite a higher hash rate than browser miners, and the rewards are somewhat larger for a backbone browser. However, the project maintains a browser-based mining as a faction of its core vision to remain accessible to everyone.

You can also calculate the block reward for mining NIM using this formula;

blockReward = (Total Supply – circulating Supply) >>>>k

where k = 22.

This will stay alongside with block number 48,692,960 when the block reward will be fixed at 0.4 NIM.

You can either mine NIM alone or you can join a mining pool. A list of active mining pools is available on the project site.

NIMIQ COIN SUPPLY

A total supply of 21 billion NIM is available, of which 2.5 billion 12% were released at the genesis block. The remainder is mineable using the formula shown above.

TRADING HISTORY

The NIM token is somewhat new practically launched when the mainnet went live in 2018. There were several spikes in price; one was at the very start of September, and another two at the end of October and November.

The September and October spikes appear to coincide with blog post reminders to the community about activating NIM tokens in line with the deactivation of the NET smart contract. And the final spike, in November, occurred before the deactivation of the NET smart contract.

In January 2019, the price took a quite dip due to an internal dispute.

NIMIQ ROAD MAP AND TEAM

The NIM token started its early life as the NET token, which is an ERC-20 token. Nimiq initially launched NET in so as to launch an ICO, which successfully raised about $10m in June&July 2017. The Nimiq mainnet went live in April 2018, as at then NET token holders could invariably swap for NIM tokens.

Since the mainnet launch, the team has been focussing much efforts on system developments including back&front end improvements, along with community building and marketing. The official deactivation of the NET smart contract was in December, with more than about 80% available NIM tokens activated as at that time.

Nimiq was created by Robin Linus and Philipp von Styp-Rekowsky. There are currently 18 other team members listed on their website and are all playing various roles. In January 2019, an internal conflict became apparent when Linus returned from a six-month absence and posted various complaints with the project publicly on Reddit.

In turn, the Nimiq team (led by Styp-Rekoswky) replied in a Medium post, responding to the issues raised by Linus and announcing his departure from the project. While the price of Nimiq took a very sudden dip, the long term impact remains to be seen. The departure seems unrealistic. However, given that Linus had not been present for the last six months, then we believe NIM will make a sharp and fast recovery.

The 2019 roadmap details planned minor and major developments. Note; Nimiq intends to launch an exchange functionality and switch over from a JS to a Rust language-based implementation across the platform. The project will also launch a payment plugin for web shops so a lot is said to be expected.

WHERE TO BUY NIM

TradeSatoshi and HitBTC are the two major exchanges for buying NIM tokens. Since Nimiq has launched the mainnet project, it is no longer an ERC-20 token. This means each exchange requires setup for NIM trading pairs, therefore quite a few exchanges currently support the token.

However,  as at the time of writing, Changelly integration for NIM was launched, allowing fiat exchanges. Therefore, it is obvious that Changelly may soon take over as the most popular exchanges for buying the NIM tokens.

WHERE TO STORE NIM

You can store NIM in either their storage wallet called NIM or in Ledger Nano S wallet.

CONCLUSION

Nimiq shows a lot of potentials and it is not trying to be an all things to all people. It has a very lucid and simple vision which is to be lucid and very simple to use. Crypto still has its many barriers to adoption, particularly for the more crypto-phobic people in the world, and Nimiq is determined to overcome those barriers. It is in this respect, we say that Nimiq could be more attractive for non-crypto peeps than ETH or BTC.

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