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Nimiq

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Discover Nimiq's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Nimiq?

Nimiq (NIM) is a decentralized, browser-based blockchain designed for simplicity and ease of use. It aims to make cryptocurrencies accessible to everyone without compromising decentralization. The platform supports atomic swaps between fiat and crypto, offers a user-friendly interface, and is moving to a Proof-of-Stake (PoS) consensus algorithm. NIM is the native asset on the Nimiq blockchain, serving purposes such as governance, value transfer, and speculation.

How is Nimiq used?

Nimiq (NIM) is a cryptocurrency designed for mass adoption, focusing on simplicity and ease of use. It operates as a decentralized payment protocol, allowing users to transfer and store value without the need for installations or complex setups. Here are the key ways NIM is used:

  1. Browser-Based Access: Users can connect directly to the blockchain using a web browser, making it accessible to anyone with an internet connection. This eliminates the need for installations or plugins, ensuring a seamless experience.

  2. Decentralized Payments: NIM enables users to make payments without relying on intermediaries. It is censorship-resistant, ensuring that transactions are secure and free from external control.

  3. Nimiq Pay: The Nimiq Pay app allows users to pay with NIM in locations where the Bitcoin Lightning Network is accepted, further expanding its utility.

  1. Nimiq Safe: This wallet app requires no installation and allows users to manage and stake their NIM tokens easily.

  2. Atomic Swaps: Nimiq facilitates atomic swaps between cryptocurrencies like NIM and fiat currencies, making it a versatile payment solution.

  3. Staking: Users can participate in staking with a minimum of 1000 NIM, earning rewards of around 6% per year.

  1. Merchant Adoption: Nimiq is actively working on integrating its payment system with merchants, aiming to increase adoption and use cases for NIM.

Overall, Nimiq aims to make cryptocurrency accessible and user-friendly, making it a viable option for both tech-savvy and non-technical users.

How do I store Nimiq?

To store Nimiq (NIM) tokens, you have several options:

  1. Trust Wallet: You can store NIM tokens on Trust Wallet, a multi-crypto wallet developed by Binance. First, install the app for Android or iOS, create a new wallet, and enable NIM by pressing the "+" button and searching for "Nimiq" in the list. Then, you can receive and send NIM tokens from the wallet.

  2. Ledger Nano S: For more secure storage, you can use a Ledger Nano S hardware wallet. This wallet supports NIM tokens and provides an additional layer of security for larger amounts.

  3. Nimiq Keyguard: The Nimiq Keyguard is a software wallet that lives entirely in your browser. It is designed for ease of use and does not require writing down mnemonic phrases initially. Your private keys are stored locally and fully encrypted in the browser, ensuring strong security measures.

  1. Nimiq Web Wallet: You can also create a free, self-custodial web wallet directly on the Nimiq website. This wallet is browser-based and does not require any installation or browser extensions.

Each of these options provides a different level of security and convenience, allowing you to choose the method that best suits your needs.

How to buy Nimiq?

To buy Nimiq (NIM) tokens, follow these steps:

  1. Choose a Crypto Exchange: Select a reliable cryptocurrency exchange that supports NIM, such as KuCoin, CoinEx, gate.io, AscendEX, or Kriptomat. Each exchange has its own features, fees, and requirements, so research and compare them before making a decision.

  2. Create an Account: Sign up for an account on the chosen exchange. This typically involves providing personal information, such as name and email address, and verifying your identity through KYC (Know Your Customer) procedures.

  3. Add Funds: Deposit funds into your exchange account using a bank transfer, credit card, or other accepted methods. Ensure you have sufficient funds to cover the purchase and any associated fees.

  1. Place a Buy Order: Navigate to the NIM trading page and place a buy order. You can choose between a Market Order or a Limit Order. Market Orders execute the purchase immediately at the current market price, while Limit Orders allow you to set a specific price at which you want to buy NIM.

  2. Store Your NIM: Once you have purchased NIM, store it securely in a wallet. You can use the exchange's built-in wallet or transfer the tokens to an external wallet for added security.

  3. Monitor Your Investment: Keep track of your NIM investment's performance and adjust your strategy as needed.

Remember to always follow best practices for securing your cryptocurrency investments and stay informed about market trends and updates.

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History of Nimiq

Nimiq (NIM) is a decentralized payment system built on a unique blockchain. It was founded as a non-profit and open-source project, aiming to make cryptocurrencies accessible and easy to use for everyone without compromising decentralization.

Early Development

Nimiq started with a public blog and token generation event in Q2 2017. The Luna Testnet was launched in Q4 2017, followed by the Nimiq Identicons. The project continued to grow with the introduction of a bug bounty program and the activation of the NIM token in Q1 2018. The Nimiq Mainnet was launched in Q2 2018, along with pool mining and support for the Ledger Nano S.

Key Milestones
  • 2019: Nimiq introduced its OASIS concept, a new consensus algorithm called Albatross, and integrated with the Trust Wallet. The project also acquired a stake in the German crypto bank, TEN31 Bank.
  • 2020: Nimiq released its 2.0 version, which included a transition to Proof-of-Stake (PoS) and the implementation of the Albatross protocol. The project also launched its WooCommerce plugin, enabling easy crypto payments for businesses.
  • 2021: Nimiq OASIS was publicly released, and the project integrated with Salamantex. The year also saw the launch of SuperSimpleSwap.com.
  • 2022: Nimiq introduced easy pool DevNet staking in the wallet and launched its PoS DevNet. The project also updated its website and added referral features to SuperSimpleSwap.
  • 2023: Nimiq released its Crypto Map and added support for USDC (Polygon) in its wallet. The project also launched its Proof-of-Stake Testnet.
  • 2024: Nimiq launched its PoS Bug Bounty Program.
Current State

Nimiq is a browser-based, decentralized payment system that allows users to connect directly to the blockchain without any installations. The project focuses on simplicity, ease of use, and low transaction costs. It has a strong community and is working towards wider adoption, particularly among merchants.

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How Nimiq works

Nimiq (NIM) is a decentralized and censorship-resistant payment system designed to make cryptocurrencies accessible and easy to use for everyone. Here's how it works:

Key Features
  • Browser-Based Access: Users can connect directly to the blockchain using any web browser, eliminating the need for downloads or installations. This makes it extremely user-friendly and accessible to a wide range of users.
  • Nimiq Keyguard: A software wallet integrated into the browser, which handles private keys locally and securely. This allows for a seamless onboarding process without the need for complex setup or hardware wallets.
  • Decentralized and Non-Custodial: Users have full control over their keys and coins, ensuring that their assets are secure and not controlled by any third party.
Consensus Algorithm
  • Albatross Proof-of-Stake (PoS): Nimiq has transitioned from a Proof-of-Work (PoW) algorithm to a more energy-efficient PoS consensus algorithm called Albatross. This change reduces energy consumption and promotes a more environmentally friendly approach.
Performance and Scalability
  • High Transaction Speed: Nimiq aims to achieve high transaction speeds of around 1000 transactions per second (TPS) with finality in just one second, making it suitable for widespread adoption.
Ecosystem and Applications
  • Nimiq Apps: The ecosystem includes various applications such as Nimiq Safe (a wallet that doesn't require downloading the entire blockchain), NIM tip bots for platforms like Reddit, Twitch, and Discord, and even a game called Nimtris where users can earn NIM by playing.
  • Merchant Adoption: Nimiq is actively working on integrating its payment system with merchants, with over 200 targets listed publicly, and a WooCommerce Nimiq Payment Gateway plugin in development.
Token Distribution
  • Total Supply: The total supply of NIM is 21 billion, distributed among validators, token sale contributors, long-term project endowments, good cause partnerships, early contributors, and creators.
Security and Updates
  • Independent Reviews: Each update to the source code is reviewed by at least two developers to ensure maximum security and integrity.

Overall, Nimiq is designed to provide a seamless, user-friendly experience while maintaining the core principles of decentralization and security.

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Nimiq's strengths

The token Nimiq (NIM) has several strengths that make it an attractive option for users and investors:

  1. Ease of Use: Nimiq is designed to be user-friendly, allowing users to connect directly to the blockchain through a web browser without the need for installations or third-party nodes. This simplicity makes it accessible to a broader audience, including those who are not tech-savvy.

  2. Decentralized and Censorship-Resistant: Nimiq is a decentralized payment system, ensuring that transactions are secure and resistant to censorship. This decentralized nature ensures that users have full control over their transactions and assets.

  3. Fast and Scalable: Nimiq is expected to achieve high transaction speeds of around 1000 TPS with its new Albatross consensus algorithm, making it suitable for widespread adoption.

  1. Low Transaction Costs: The Proof-of-Stake (PoS) consensus algorithm used by Nimiq reduces energy consumption and transaction costs, making it an environmentally friendly and cost-effective option.

  2. Innovative Ecosystem: Nimiq has a diverse ecosystem of applications, including the Nimiq Safe wallet, tip bots, and content monetization tools. It also offers a WooCommerce plugin for easy integration with online businesses.

  3. Strong Community: Nimiq has a growing and engaged community, with a community funding initiative that supports developer proposals and encourages participation.

  1. DeFi Bridge: Nimiq OASIS is a non-custodial DeFi bridge that enables atomic swaps between fiat and cryptocurrencies, providing users with a seamless and secure way to exchange assets.

These strengths position Nimiq as a promising cryptocurrency project that aims to make digital payments easy, accessible, and user-friendly for everyone.

Nimiq's risks

Nimiq (NIM) carries significant financial risks. The risk gauge rank for NIM indicates that it is currently a high-risk investment, which is a crucial consideration for traders focused on risk assessment. Additionally, Nimiq's acquisition of a stake in WEG Bank is a significant step towards creating a crypto-to-fiat bridge, but it also implies that the project is still in the process of scaling and executing its payment system successfully, which involves inherent risks.

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Did Nimiq raise funds?

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Nimiq's ecosystem

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Nimiq’s team

Here are the team members behind the crypto Nimiq (NIM):

  • Philipp von Styp-Rekowsky: Co-Creator and Blockchain Tech Lead, with a PhD in Computer Science and experience in building award-winning software.
  • Maximo García: Front-end Engineer, passionate about web development and the youngest member of the team.
  • Inês Marques: Technical Writer, specializing in technical writing after attending a front-end development course.
  • Michael Passias: Community Manager, certified sales professional, and trainer with a passion for crypto and economics.
  • Stefan Koolen: Front-end Engineer & Core Developer, with a Computer Science degree and experience in data synchronization.
  • Mauricio Lara: Counsel & Representation, a Costa Rican attorney and member of the Costa Rican and American Bar Association.
  • Jose Hernandez: Blockchain Core Developer, with a Master’s in Computer Science and experience in system design and architecture.
  • Marvin Wissfeld: Blockchain Core & Systems Developer, presenter at the 2017 IEEE Symposium on Security & Privacy in Silicon Valley.
  • Claudio Viquez: Blockchain Core Developer.
  • Daniel Mohr: Front-end Engineer.
  • Julian Bauer: Design.
  • Tammo Mamedi: UI/UX.

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