What is Nimiq?

What is Nimiq?

How does Nimiq work? Should I buy Nimiq? 2019

“Blockchain technology made so simple, your mom can use it” is what is currently being used to describe Nimiq — the new talk of the bitcoin community. Nimiq is a new cryptocurrency that hopes to make blockchain technology as accessible (and user-friendly) as the internet itself. And, with an operational betanet already live, users can experience how simple it is to mine inside a browser.

Nimiq is the latest development in a host of attempts to lower barriers of entry for blockchain and bring it directly into the mainstream — Nimiq is doing just that, and is witnessing quite a surge in its cryptocurrency market value.

How is Nimiq different from other crypto-currencies? 

Nimiq defines itself as a “frictionless peer-to-peer (P2P) payment protocol for the World Wide Web.” It is a next generation Blockchain protocol combining elements of Bitcoin and Ethereum, streamlined for the web platform. It is open source and fully decentralized. Its core values that distinguish it from other crypto-currencies are ease-of-use, scalability, and speed.

Conventional blockchain data is measured at around 100 GB, which means that synchronization time could take up to an entire day—not the amount of time an average person has lying around on demand. Others that are quicker to use still require software installation. Even simple experiments with Ethereum require a software package to be installed on your computing device. Even though at scale they are highly disruptive to other forms of online payments, most blockchain tech still requires at least 10 minutes for transactions and posed a high cost for micro payment use.

The main barriers that Nimiq attempts to challenge are the following:

  • Blockchain data of 100GB or more and long synchronization time
  • Software installation as a necessity
  • Long confirmation time for transactions
  • High fees for small payments

As described in a Medium post by the team, “The main goal [of its Web-based Wallet] is to provide a first-class user experience and empower inexperienced users to become familiar with the Blockchain technology.” Nimiq is said to be designed to be used by billions.

Nimiq – a currency designed for mass adoption

But, have you ever looked into bitcoin and blockchain technology? Or maybe you’ve tried explaining it to someone else. Chances are you or the other person 1) wasn’t really that excited about it or 2) found it confusing and didn’t really understand how it all works. The misunderstandings or lack of a simple understanding of what blockchain is and what it can do is a critical barrier keeping the technology’s true potential from being realized.

While available cryptocurrencies, such as Ethereum and Bitcoin, can be complicated for the average person to use, blockchain tech doesn’t have to be. Blockchain as a technological infrastructure has often been compared to the internet in its early days. Before HTML, an easy to navigate internet protocol was in short supply. Nimiq, like HTML and our now popular web browsers like Google, is designed to be used by the billions—not just the technologically savy. Nimiq was built from the ground up using Javascript, the web’s native language, which means that users only need a web browser in order to use the software.

Delivering the key ingredient: Simplicity 

Nimiq architect and creator, Robin Linus, has said, “The success of projects such as Bitcoin and Ethereum have proven the enormous transformative potential of Blockchains. But yet you still can’t pay for your coffee with cryptocurrencies. Nimiq is a next-generation blockchain changing that by introducing the missing ingredient for mass adoption: Simplicity.”

Nimiq Token Sale

At the time of this writing, the Nimiq Network had just launched its operational Betanet live (on June 2nd, 2017) that, in only seven days, generated over 12,000 browser-based nodes from all over the world.

Nimiq launched its Token Sale on June 28, 2017 to fund further development of the protocol and ecosystem, including Mainnet, which is expected to go live in December 2017. It will last four weeks until July 26th. This is will prove interesting to watch. Token offerings have peaked in popularity and have already raised more than $150 million this year, according to research firm, Smith + Crown. They are now seen as a disruptive channel that could even displace traditional venture capital’s role in the fund raising process. Venture firms who see and believe in Initial Coin Offerings (ICOs) as a viable investment method are now acting—Union Square Ventures and Andreesen Horowitz have backed funds like Polychain capital, which invest exclusively in token offerings.

Cryptocurrency markets are heating up

The ICO space is not the only cryptocurrency market feature that is gaining traction.

The total market capitalization for all cryptocurrencies just surpassed $100 billion, with the vast majority of these gains coming in within the last few months. Most of this has been driven by Bitcoin, itself. One only needs to see a recent chart of its market capitalization increases to get a sense of its market dominance. But in recent months, what is normally at 80% share of the market capitalization has now decreased to below 50% (with notable increases in Ethereum and Ripple taking its place).

Conclusion: Why Nimiq deserves attention

Although investors have been skeptical of cryptocurrencies in the past due to their volatility, the fact that these gains have come from currencies other than Bitcoin is a good sign it’s less of a ‘bubble’ and an actual growing interest in blockchain technology. Applications are being built out that increase cryptocurrency’s overall functionality (including smart contracts). This is something that Ethereum has become known for, and looks like it will remain a market leader in – at least for the immediate future.

Warming investor sentiment and increasing user uptake can also be paralleled to the initial reaction of technology enthusiasts of the 1990s that foresaw the rise of the internet. Although many were skeptical and lacked true understanding of its potential, mass adoption grew when simplicity became a built-in feature. Now that the Nimiq Network has put simplicity and mass adoption in the forefront of its values, there are about an infinite number of possibilities for this new open-source cryptocurrency.

To read more about Nimiq, check out their website here.

 

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