Nimiq is the first browser-based blockchain and ecosystem, which makes it an exciting investment for crypto-experts around the world. Its Betanet is already up and running and the team behind this innovative technology has recently launched an ICO in order to support its further development. This Nimiq review is designed to provide all the relevant information to potential investors, as well as future Nimiq users.
Nimiq is the brainchild of three immensely talented young innovators motivated by the universal desire to give back to society by creating something meaningful, powerful, and widely available. The creators of Nimiq are Robin Linus, blockchain architect, Philipp von Styp-Rekowsky, tech lead, and Elion Chin, operations director.
Nimiq blockchain developers are Pascal Berrang, Marvin Wissfield, and Jeffrey Esquivel. Other members of the team include Amy Zhang, who is in charge of research and communication, Daniel Mohr, UI/UX developer, Julian Bauer, UI/UX designer, and Atua Mo’e and Chris Mo’e, both in charge of video documentation and social media. Although most team members are surprisingly young, they have already achieved success in their respective fields of expertise.
About The Project
Nimiq is a third-generation blockchain and ecosystem native to the Web Platform, which combines elements of Bitcoin and Ethereum. Its name comes from the Inuit word for something that binds things together and Nimiq truly functions as a powerful binding force. It is designed to be attractive, understandable, and available to the masses. It combines the benefits of the blockchain technology with the simplicity of use web browsers provide. Mining Nimiq tokens is as simple as clicking a button and that is just one of the factors that makes it truly available to billions of users, not only the well-versed, tech-savvy kind.
The basic goal of Nimiq is to offer users an open payment protocol with lower barriers of entry. Unlike the standard Bitcoin and Ethereum clients that require 100 GB downloads for the establishing of consensus with the network, Nimiq efficiently does away with such huge barriers by leveraging the Mini-Blockchain Scheme and allowing for Light-Clients. That way, it allows all users to directly participate in the network.
The potential uses of Nimiq are virtually endless. The ones put forward so far include timestamping documents and the possibility for web-content creators to directly profit from the time spent on their websites by mining Nimiq tokens. However, the potential of this revolutionary technology is enormous and far from limited to only these solutions. Once the ICO ends and the full-featured version of Nimiq becomes available, there is no saying what brilliant new opportunities will arise.
Why Choose Nimiq
Nimiq provides its users with fast synchronization and transactions. Hashed Timelock Contracts allow users to send off-chain transactions by establishing payment channels with one another. These transactions do not take up any space in the blockchain while being as secure as the on-chain kind. No block confirmation is required and the transaction costs are extremely low. Nimiq’s web-based peer-to-peer exchange represents an easy, quick, and affordable way for users to turn their Nimiq tokens into fiat. The users can manage their funds with equal ease thanks to the built-in browser wallet.
The most important component of the Nimiq ecosystem is the Browser Library, which is designed to allow any website to become a full-fledged citizen of the network. Some of the crucial functions include creating and sending transactions, validation of the Blockchain, and synchronizing with the network.
What is also great about Nimiq is that its Betanet is already available, so users and investors can get a preview of the protocol. Although not equipped with all the features the final version of Nimiq will offer, it is a great way to get to know the opportunities Nimiq brings and provide supporters with peace of mind, knowing they have made a sound investment.
The Nimiq ICO started on June 28, 2017, at 1 PM UTC. The ICO is planned to last for 28 days. It can be terminated earlier if the cap is reached before the end date. The crowdsale is capped at 60,000 ETC.
We have mentioned before in this Nimiq review that Nimiq is not an Ethereum-based application, but a third-generation blockchain. That is why investors receive exchange tokens during the ICO, just as in the case of Ethereum’s initial crowdsale. Nimiq Exchange Tokens (NET) are to be exchanged into native Nimiq tokens (NIM) once the Mainnet is launched. The launch is planned for December 2017. One Nimiq token will be worth 10 Nimiq Exchange Tokens.
During the crowdsale, a total of up to 10,500,000 NET will be created and offered for sale. This amount is equal to 5% of the total future supply of NIM tokens or 25% of the circulating supply of NIM tokens after 1 year. The maximum supply of NIM tokens is 21,000,000. However, this amount may be reduced in case of a switch from Proof of Work to Proof of Stake.
The planned distribution of all NIM tokens is as follows: 88% will go into rewards for miners, issued over the course of approximately 100 years, 5% will go to token sale contributors, with no vesting, 2.5% will go into Long-Term Endowment Foundation, with 10-year vesting, 2% will go to into good-cause partnerships and sponsorship, with 10-year vesting, 1.5 will go to early contributors, with 6-month vesting, and 1% will go to the creators of Nimiq, with 3-year vesting.
How To Contribute
The main way to get your hands on Nimiq Exchange Tokens is through contributions in Ether. However, the Nimiq team has decided to use the ShapeShift exchange in order to make it possible to make contributions in other tokens.
During the first two weeks, investors can purchase 175 Nimiq Exchange Tokens for 1 Ether. During the last two weeks, 125 Nimiq Exchange Tokens are to be sold at the price of 1 Ether.
Nimiq is a pioneering browser-based blockchain/ecosystem. It offers frictionless P2P online payments, combining segments of BTC and ETH. It is fully decentralized and features an open-source code. It offers browser mining, no-intermediary wallets, and effortless exchange. To find out more, check out these additional resources:
- Mark Manney’s YouTube review provides a better insight into Nimiq’s strategy and the benefits it can bring to both investors and potential users,
- Nimiq’s YouTube channel contains the team’s personal introductions, vlogs that explain what they do and how they do it, with some extra “behind the scenes” clips, instructions for crowdsale participation, and many other useful videos.
- ICO Alert’s interview with the Nimiq team, including Robin Linus and Elon Chin, who describe how the platform works, what security features it offers, and what plans they have for the future.
- On Nimiq’s subreddit, you can find basically anything that may interest you about Nimiq, including the details about its ICO, platform, and tokens.
- Native to the World Wide Web
- Lower barriers of entry
- No installation
- Fast synchronization
- Nearly instant transactions
- Global, web-based peer-to-peer exchange
- Built-in browser wallet
- Incredible versatility
- None so far