Home Crypto Education Cryptocurrencies What’s Nimiq (NIM)? Here Is Your Guide

What’s Nimiq (NIM)? Here Is Your Guide

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Cryptocurrency’s original idea was a peer-to-peer currency that individuals could interact with without the need for third parties. But evidently, that hasn’t quite worked out, putting in mind the proliferation of third-party players in blockchain today. Whether it’s exchanges or cryptocurrency payment gateways, there are just too many go-betweens. And these go-betweens, in turn, create a complex system that prevents millions of users from participating in the blockchain revolution. 

Nimiq is a blockchain platform that wants to inject more simplicity into crypto. Indeed, with just your browser – including your phone’s browser, you have a direct pass to the Nimiq ecosystem. No complicated KYC procedures, no taking up precious space in your device, no expensive middlemen. With this, Nimiq hopes to be an ‘it just works’ blockchain and crypto solution. 

So, does Nimiq really offer an ‘it just works’ solution? We’re about to find out!  

What’s Nimiq? 

Nimiq is an effort to help propel blockchain into the mainstream. It wants to achieve this by deploying a blockchain payment protocol that’s easier to use than the current blockchain platforms. The Nimiq team has written the code in JavaScript, so users can plug right in without having to sync to a node. 

Individuals can interact with NIM tokens using a browser across multiple devices. Nimiq’s main point is simplicity. So much so, that even the biggest crypto novice can get up and running – in a matter of seconds. You can even mine NIM tokens using only your browser without having to set up special software. 

Nimiq is derived from the Inuit language, and it means “an object or a force which binds things together.” This reflects in Nimiq’s mission of bringing blockchain closer to people. At the time of writing, Nimiq has 406k accounts and16k active members. 

How Does Nimiq Work? 

As we’ll discover down below, everything Nimiq is browser-focused. You simply need to go to the Nimiq website and create an account that will allow you to start sending or receiving NIM. 

Browser-First Blockchain

As we’ve previously mentioned, Nimiq’s goal is to make it easier than ever for everyone to interact with the blockchain. People today already use crypto to pay for things, usually through intermediaries. But the spirit of crypto is to be as independent as possible from central entities and third parties. The original goal of cryptocurrency was to have transactions in a decentralized and peer-to-peer manner. 

Nimiq’s simplicity-focused approach means bringing blockchain solutions to where the user is: online. Thus, Nimiq wants to offer the ability to conduct blockchain payments in a manner that’s as simple as interacting with any web app like let’s say, Twitter. The only requirement is to have your device connected to the web. No more downloading apps, plug-is, installations, and so on. 

Nimiq’s Design Approach

Nimiq wants to make blockchain payments as easy as browsing a web page. Apps have become the standard of how users interact with various web-based products. From Wikipedia to Microsoft Office to Google Docs, web apps are increasingly the go-to medium for users due to the following reasons: 

#1. Installation-free: With web-based applications, there’s no installation needed. Users can quickly open a website and get to using an application right away. 

#2. Compatibility across devices: By focusing on the browser rather than a specific downloadable application, users can get a more seamless and consistent experience across devices.

#3. Security and privacy: Browsers are traditionally fortified with layers of security. Thus, interactions with a browser are usually inherently secure, provided the user adheres to all security protocols

#4. Intuitive: Most users already established a familiarity with their everyday browser. Nimiq taps on this to design a smooth user experience that ‘just works.’

#5. Future-proof: Web apps have carved out a long-lasting place for themselves in the blockchain space. There’s no threat of web app software being overtaken by the winds of time.

Nimiq Use Cases

The Nimiq token is up for several uses cases as laid out on its website. Some of these include: 

  • Making and receiving payments
  • Store of value
  • As donations for content creators and charities, eliminating intermediaries
  • Claiming cash rewards in the form of Nimiq Cashlinks
  • Facilitating in-game purchases
  • Sending money cheaply across borders
  • As a reward for maintaining the network
  • Facilitating tamper-proof voting

How to Mine Nimiq 

Nimiq is one of the very few cryptocurrencies that can be mined with only a CPU. Anyone, ranging from the complete novice to the dilettante to the expert can quickly log in and start browser-based mining. The process is refreshingly simple, really. All you need to do is to create an account, log in, and connect a wallet. 

You can either choose to go solo or join a mining pool. However, it’s important to know that joining a mining pool is always the most lucrative option. This is because several participants combine their computing power to discover blocks faster. Some pool options include Nimpool.io, siriuspool.net, drawpad.org, balkanminingpool.com, nimiq.watch, and more.

The Nimiq Team

Nimiq is the brainchild of Robin Linus and Philip von Styp-Rekowsky. Currently, there are several team members listed on the website with expertise in various specialties such as communication and research, front end engineering, blockchain core development, and law. 

Around Jan of 2019, major cracks within the team became apparent when Linus returned from an extended leave and publicly posted (in a since deleted post) his grievances with the project on Reddit.  

In response, the Nimiq team hit back in a Medium post, addressing the concerns raised by Linus and effectively announcing his discontinuation with the project. 

Nimiq’s Supply, Distribution, and Current Tokenomics

NIM is the native token of the Nimiq network. The token has a total supply of 21 billion. The minimum unit of NIM is called Luna. 100’000 Luna makes 1 NIM, which makes a total supply of 21e14 Luna, which matches the total supply of Bitcoin’s 21e14 Satoshis. 

NIM is distributed as follows: 

  • 88% will go to validators rewards (throughout a mining period of 100 years)
  • 5% went to the token sale 
  • 2.5% will go to Long-term Project Endowment Foundation (10-year vesting)
  • 2% will go to Good Cause Partnerships and Sponsorships (10-year vesting)
  • 1.5% went to early contributors 6-month vesting)
  • 1% went to the creators (3-year vesting)

With that, let’s look at NIM’s current market performance. On July 20, 2020, the current traded at $.008583, ranking at #125 with a market cap of 53.6 million. It has a 24-hour volume of 6, 248, 420, 704, and a total supply of 7, 074, 420, 704. The coin’s all-time high was $0.013658 (July 19, 2020), and its first all-time low was $0.000283 (Jan 02, 2020).

Buying and Storing NIM

If you’d rather save yourself time and purchase NIM directly, you’re in luck because several popular exchanges support the coin. Some of them include KuCoin, HitBTC, Changelly, Changehero, BTC-Alpha, Coinswitch, and CoinDCX. 

Regarding wallet support, Nimiq provides the Nimiq Keyguard, which is an online wallet to get users started right away. Other options include Ledger Nano S, Ledger Nano X, and Trust Wallet. 

Final Thoughts

There’s no denying that Nimiq’s solution is fresh. Its simple proposition might be what crypto really needs. Just the ability for people to derive value from cryptocurrency in the simplest way possible. Crypto adoption has been partly set back by its complexity, and Nimiq is helping to break down that barrier. 

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