What is Nimiq? Learn About This Project
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Cast your minds back to when you were new to crypto. Was understanding wallets, setting them up and using cryptocurrency easy? We bet that you found it pretty challenging and that many people just give up on entering the cryptocurrency markets due to this steep learning curve.
That’s why there is value in cryptos being easily accessible and intuitive for your typical internet user. Nimiq focuses on reducing this barrier to adoption by dedicating their efforts to making it easy for your everyday person to store, get and pay with the Nimiq cryptocurrency. This ease of use can be seen in many Apple products and many have attributed this to the high adoption rates for Apple products. The Nimiq team have applied a similar ethos to crypto and believe that simplicity is key to drive wider cryptocurrency adoption.
What Is NIM?
NIM is the native token that is transacted within the Nimiq ecosystem as digital cash. It is designed to be a store and transfer of value, like many other cryptocurrencies such as Litecoin and Bitcoin. What sets Nimiq apart is how easy is to interact with the blockchain for both end-users and developers. Thanks to Nimiq’s innovative Browser-Based Blockchain, you are able to connect directly to the Blockchain without any downloaded software. Even better, Nimiq users don’t need a connection vulnerable to censorship from untrusted third-party servers which are major constraints that most cryptocurrency architecture still suffers from. This no-installation “it just works” quality of the Nimiq Payment Ecosystem has the potential to create a paradigm shift similar to the exodus from Microsoft Office to GoogleDocs. This enables users, developers and merchants to easily be part of a new exciting payment market built on top of Nimiq’s core values: usability, simplicity and, overall, security.
There are undoubtedly many different payment systems out there in the crypto space. However, they do not compare to the adaptability and features of the browser-based Nimiq ecosystem.
There is no denying that cryptocurrency markets are still in their infancy. However, in just a couple of years Nimiq has achieved many of the objectives that many consider vital for true crypto-adoption. Nimiq already has a working Blockchain with a beautiful yet easy to use Wallet application which requires no installation whatsoever. You can store your private key in a cold storage wallet like Ledger Nano S thanks to Nimiq’s Ledger app.
To showcase true decentralized utopia, Nimiq has designed a smooth one-click pay Web Shop where you can buy different Nimiq-branded products. However, the most exciting thing is that the checkout flow will soon be released open source for different Web Shops around to world to begin accepting Nimiq effortlessly. Nimiq also have a thriving community of developers creating Apps for Nimiq and its Ecosystem where you can find different creative ideas that range from having a Web-Based Crypto-Tamagotchi to Tipping your favorite Twitch/Twitter/Telegram/Discord/Reddit user.
Interested in dipping your toes into the Nimiq experience? The team has made it so easy to create a wallet that most users should be able to do this in just 30 seconds. Test out the onboarding process and see how simple it is for yourself. You’ll also get some NIM to play around with too.
Step 1: Create A Wallet
Step 2: Choose an avatar and generate your wallet
Step 3: Confirm your avatar choice. It’s completely unique and helps users identify their account.
Step 4: Choose your pin.
Step 5: Start using NIM by sending & receiving transactions using the Nimiq Safe.
Step 6: In one click, you can select the Nimiq Safe and send or receive NIM transactions. It’s that easy.
A Browser-Based Blockchain Means Greater Accessibility
Nimiq is the first browser-based blockchain. Why does this matter? Consider what has led to the current rise in mobile internet use and payments. Once safe and reliable mobile payment architecture was in place, it became an easy and convenient way to purchase online goods and services. This means that any cryptocurrency that intends to be used as a payment system should take mobile accessibility seriously. Nimiq being a browser-based blockchain means that no large downloads are required to use it, making crypto more accessible in areas with poor connectivity.
Fast and plentiful mobile network coverage is not guaranteed even in developed countries. Even in the UK, a third of the population suffers from poor mobile data coverage. In emerging markets, internet access is limited to mobile devices, with low levels of desktop/laptop ownership. Nimiq makes a crypto-powered payment system more accessible to vast numbers of people in developing countries or indeed anywhere with internet speeds that would otherwise hinder potential users from reaching cryptocurrency markets.
What’s In The Nimiq Payment System & How Are They Growing It?
The Nimiq team and their active community are working tirelessly to further strengthen the payment system. To date, this includes:
- Nimiq Safe – A secure way to send, receive and manage your NIM balance.
- Nimipet – If you have heard of Ethereum’s CryptoKitties app, then you should know that Nimiq has their very own version too.
- The Nimiq Shop – Showcases the Nimiq checkout process for merchants.
- Tip Bots – Allow content creators on Reddit, Twitch, and Discord to be tipped in NIM.
- Content Monetization – A WordPress mining plugin and URL shortener with an integrated NIM miner allow content creators to monetize with NIM.
The ecosystem includes too many apps for us to list them all here. This rapidly growing ecosystem of apps will further strengthen the utility of NIM and the overall payment system.
Who is building all these apps? Well, the Nimiq team is currently building a significant number and have also recently launched a Nimiq Community Project Funding Initiative to further strengthen their developer network and ecosystem.
A powerful side-effect of Nimiq’s Browser-based approach is the ability to tap into what might be the biggest developer’s workforce in the world: Web Developers. Cryptocurrencies could feel like unknown territory for most Frontend Web Developers, but not to Nimiq. Thanks to their Web Native features, Devs can quickly code a web application that connects directly to the Blockchain without any installation, external server or external registration. This has led to an ever-growing list of community projects that also show the decentralized community-sustained properties of the Nimiq Ecosystem
Best Exchange To Get NIM?
The great crypto winter of 2018 hasn’t put Nimiq off from making it even easier to get NIM. On the 28th of November 2018, NIM was finally added to Changelly. This means, for the first time, users can get NIM directly with fiat and use a decentralized exchange to trade the cryptocurrency.
Nimiq is one of those under the radar projects that have just got on with building their ecosystem through the crypto bear market of 2018. When it comes to adoption, the project’s focus on simplicity, user-friendliness and being the first browser-based blockchain, could make it one of the more interesting crypto payment systems out there.
However, some would argue that the project has not been marketed aggressively and this has lead to NIM going under the radar. Will Nimiq form the necessary partnerships required for true adoption of the NIM payment system? It’s on you to do your own research on the project and you can find out more about Nimiq on their official blog.
Disclaimer: 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.