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Nimiq Coin Review 2019
Anyone familiar with cryptocurrency will know that there is an exceptionally steep learning curve to get into the market in the first place. That’s a huge barrier to the adoption of crypto as digital cash. Nimiq is a project focused on solving this very problem by making it easy for your average internet user to get, store and pay with the Nimiq cryptocurrency. If you think that simplifying crypto is important for adoption, then read on and learn more about how the Nimiq project.
What Is Nimiq?
Nimiq is a payment system with an ecosystem of apps created by both the Nimiq team and community. The goal of this app ecosystem is to increase the functionality and reach of the payment system. It covers everything from providing users with an easy and safe way to store and send NIM, the development of a NIM checkout process for merchants, desktop and web mining apps, tip bots for Twitch, faucets to enable people to experience the ease of NIM for free, apps to transact NIM with just an email and everything in-between.
The NIM token is the native token of the Nimiq payment system and the vision is for it to be transacted as digital cash. This ultimate goal is the same amongst other cryptocurrencies like Bitcoin, Litecoin and numerous others. However, the truth is that no cryptocurrency can really be considered true digital cash right now. The reason is that not enough merchants accept it, making it almost impossible to buy everything you need with crypto. This is okay, adoption takes time and will probably take longer than many people expect.
Many cryptocurrencies intend to be used as digital cash. The difference between them is in how the technology is optimized for adoption, the features that the payment system give to users and the different ways these cryptos approach the adoption problem. The Nimiq ecosystem aims to make it as simple as possible for users to exchange fiat currency for NIM, to transact it across the payment ecosystem for a low fee and to convert NIM back to fiat. In short, Nimiq’s all about making cryptocurrency simple.
What’s Different About Nimiq?
From a technical perspective, the core difference with Nimiq is that it’s the first browser-based blockchain. This means that large downloads are not necessary to use NIM and that the crypto can be used in areas with poor connectivity. Why is this a big deal? Well, internet access on mobile devices is now actually higher than on laptop or desktop devices. Unlike other devices, the use of mobiles to access the internet is growing significantly.
The rise of internet access through mobiles is also illustrated by the global growth of mobile data usage.
With these trends, it becomes obvious that any cryptocurrency that really intends to be used as digital cash must be mobile friendly. Even in the UK, a third of the population have poor mobile data coverage, with many people having to go outdoors to get a reasonable 3G signal. Nimiq being browser-based means smaller data transfers and that no large downloads are required to use it (these can commonly be over 25MB). The result is that NIM is quicker, more convenient and faster to use in areas of low connectivity.
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These trends become even more important when we consider that a growing number of new internet users only have mobile devices and how many of these new users are in the developing world. These areas are commonly characterized by poor 3G signal and in these environments, a browser-based blockchain could really have a key accessibility advantage over other cryptos.
An amazing stat is that 45% of the world’s population still do not have access to the internet. As more people come online through mobile devices and only have access to a poor connection, there could be a growing use case for browser-based blockchains if crypto is truly embraced and adopted as digital cash.
The Values Of The Project?
Nimiq is a developer focused project with expertise in blockchain, cryptography, interfaces, and user experience. Unlike many other cryptocurrency projects, Nimiq refuses to hype NIM. Instead, Nimiq likes to take a developer focused approach and dedicate the majority of their efforts on the tech and the community. Nimiq recognizes that creating hype with no product is unlikely to develop a sustainable crypto project.
Nimiq also has a big focus on philanthropy and positive social/environmental change. This can be seen in their charity fundraising efforts and their support of research grants. The project is also one of the few to actually release a transparency report, which details how project funds are spent. We think this is a practice that should be commonplace in the cryptocurrency space and it’s refreshing to see a crypto project being so honest and open with their community.
That’s not all; Nimiq are also looking to financially back community initiatives. Many people have great ideas and want to actively participate in growing crypto ecosystems. The problem is that it requires resources to make these ideas a reality. The Nimiq Community Project Funding initiative is a clear example of the team supporting innovation in their community and ensuring that this talent can add value to the ecosystem.
These initiatives are not often seen and have contributed to Nimiq having some of the most active community members in the crypto space.
The Nimiq Payment Ecosystem
Both the Nimiq team and community are consistently rolling out new apps to further strengthen the Nimiq payment system. Because NIM is a browser-based blockchain, most apps are installation-free and don’t require annoying downloads. So far the ecosystem includes:
- Nimiq Safe – Securely send, receive and manage your NIM balances.
- Miners – Want to web mine or mine on desktop? Nimiq has an app for that.
- The Nimiq Shop – Used to showcase the NIM checkout process to encourage the merchant adoption of NIM.
- Tip Bots – Allow your fans to tip you in NIM on Twitch, Discord, and Reddit.
- Content Monetization – WordPress mining plugin and URL shortener with an integrated miner to monetize content.
- Easy Accessibility & Usability – Send and receive NIM with just an email address through PayNIM.
- Exchange -Use the decentralized Nimex exchange to swap NIM for Ethereum.
- Project Nimizuela – A philanthropic project focused on raising NIM awareness in Venezuela.
- Nimipet – Are you old enough to remember Tamagotchis? Well, Nimiq has their own digital pet game based on NIM.
These apps and the fact that many have been created by the community speaks volumes about their ethos: “Nimiq is encompassed by a strong philanthropic mindset, it will always remain open-source and community-driven.”
The NIM & NET Tokens
Nimiq issued the NET token during their fundraising efforts in 2017. However, once the Nimiq main net was launched in April 2018, the old ERC-20 NET token was phased out and the new NIM token was activated.
The deadline for NET holders to activate their NIM was 30th November 2018, after which unactivated NET tokens were frozen (due to the NET token smart contract being terminated).
Pros & Cons Of NIM
- Cryptocurrency adoption has a problem: Too many people find crypto too complicated. Nimiq offers a super easy to use payment system. With Nimiq’s dedication to simplicity and amazing UX, you can think of the project as the Apple of cryptocurrency payment systems.
- Great accessibility. Being browser-based lowers the barriers to adoption by opening up NIM to users challenged by poor connectivity issues.
- The Nimiq faucet demonstrates how quick and easy it is to get started with NIM. Most new users have their wallet set up and good to go in just 30 seconds.
- The project has gone under the radar, probably due to Nimiq focusing on the tech and refusing to engage in hype marketing. The project has a dedicated following and a strong developer network.
- The team appears to have significant talent. Philip von Styp-Rekowsky built AppGuard which then went on to win a German IT security award and gain two million downloads. We recommend you take time out to look at the team and assess the talent for yourself.
- The project’s roadmap has an action-packed 2019 and, critically, this includes merchant solutions for the ecosystem. Easy NIM-fiat exchanges are on the horizon too for 2020.
- Transaction fees with NIM are super low and cost less than one cent per transaction.
- Nimiq is one of the few projects that has released a transparency report. TotalCrypto applauds this openness and we hope that many other projects follow suit.
- Some people will argue that aggressive marketing tactics are required to succeed in crypto. NIM want to prove this wrong.
- Building a payment system is one thing. However, adoption of the system is another. Nimiq still have to prove that they have the capability to form strong partnerships and onboard merchants at scale.
- If the project remains under the radar indefinitely, then it could slip away into obscurity.
Nimiq, the first browser-based blockchain, is worth keeping an eye on. With its slick user experience and easy accessibility, it could well become one of the most adoptable payment systems in the crypto space. However, it still remains to be seen if the ecosystem will ever be completed and if Nimiq can get the adoption it is pushing for. For now, we think that Nimiq is one of the most promising under the radar projects and we certainly think they are worth watching.
Disclosure: The author holds some NIM in their portfolio and is compensated in a long-term independent consulting capacity by Nimiq. This article must not be construed as investment advice. Always do your own research.
Below we’ve listed some key resources relevant to NIM coin.
? Safest NIM Coin Cryptocurrency Wallets
Use a hardware wallet to store your NIM in the safest possible way. Fortunately, Nimiq has integration with Ledger – one of the leading hardware wallets on the market.
? Best Free Wallets
Looking for the best free NIM wallet? The Nimiq Safe has you covered.