Nimiq Philippines Community AMA Recap

Reading Time: 8 minutes ;  Published: 7 months ago on December 22, 2020

On 15 December 2020 (8AM UTC), NIMIQ Philippines conducted an AMA in the Cryptoscreen Philippines Community. Our guest was Mr. Francis, Philippines Ambassador of NIMIQ and hosted by Cryptoscreen Philippines Team Leader Jobel and Admin Baby.

Several questions as usual from the Community about NIMIQ has been smoothly answered by our guest. The NIMIQ PH Ambassador took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Cryptoscreen Philippines community. If you missed the AMA in person, read this recap for a deeper insight into NIMIQ coin.

Let’s take a look at the most interesting points of our conversation.

Segment 1: Introduction

1. Could you please introduce yourself to our community and tell us how you become part of Nimiq project in the Philippines? Thank you.

Alright sure!

Hello, good day to all! I’m Francis, Local Community Manager in charge of @NimiqPH  Philippines Community since November 2020 and been in @Nimiq since winning in card contest back in March 2020.

I also speak Tagalog, Japanese so I also welcome Filipino questions in 3rd segment 🙂

2. Now, can you introduce Nimiq Philippines to our community and tell us the product or services being offered by your platform?

Sure, thank you!

Nimiq Philippines is an official Filipino community (yes, we have Tagalog, Bisaya and other dialects) for Nimiq cryptocurrency – Simple, secure and censorship resistant cryptocurrency. Not only Nimiq is easy for your parents, but also for web developers starting out in cryptocurrencies with its blockchain programmed in Javascript and Rust – easier to integrate in e-commerce with few lines of code!

3. What is the competitive advantage of Nimiq to go the trend in the market especially with the platforms that has same services or product as you? What are the best features of Nimiq?

In price perspective, Nimiq is totally undervalued proof-of-work crypto – by the time Staking comes in 2021, it will be one of the most affordable proof-of-stake coins to date – or should I say, if we stake 1 or 10 NIM in its current price ($0.003) when it comes out, the money left is still plenty to pay the 2-month worth of bills, and a spare to buy even more NIMIQ.

Fees are quite a headache contributed by congested network in others like Bitcoin and Ethereum. NIM to NIM transaction fee is virtually nothing, this gives it the edge as frontier for overseas remittances – developing a technology called OASIS – which will also work not only with BTC and ETH, but also with off-chain assets like USD, EUR, stocks, and much more – which will be great benefit to DEXs, developers and especially DeFi. Bank transfer to crypto through SEPA without cruel fees? OASIS is the way and you can check out our first use-case with Fastspot.

Nimiq Team has built the in-wallet BTC-NIM atomic swap in Nimiq Wallet inside a web browser – exactly, no app downloads, straight from the browser Nimiq Wallet, soon included with Albatross staking.

Can you tell us how to make wallet with Nimiq or the Nimiq wallet?
Can you provide the link for us to create Nimiq wallet?

Glad you asked, let me ask, how do you get other cryptocurrency wallets? Let’s say, you download it – from Appstore or another stuff, another storage clutter, am I right?

Yep! That’s what they do, however, little did we know, downloading executables in our phones are pose a risk to the system – that’s where Nimiq Wallet steps in – no downloads! Straight from the web browser, just like browsing Facebook on free data.

Mind if I forward my guide I wrote on @BuyNimiqPH ?

Sure! It’s  here in my pocket, errr

1. Visit https://wallet.nimiq.com/

2. There’s Create Account, Login and Connect Ledger. For the first-timers, click Create Account.

3. Choose an avatar to represent your account, Remember you can add up to 7 addresses and only addresses with transactions are stored in account and can be found again when adding new one.

4. Create a password for your Login file. This is one way to login your account. The other is 24 secret words which will happen in next steps.

5. Download the Login file, do not modify or tamper the login file.

6. Once created, get your first NIM through Nimiq Faucet (https://getsome.nimiq.com/) this keeps your address in your account.

7. To backup your wallet, for the first timers, click the warning label above your account balance and write down the 24 words in a piece of paper and store it securely. Other way to find this is on the Account from left of the window, click Backup.

8. Wallet created! Good job! 🎊

Anyone looking forward for my answers next time – take your time and follow my guide to have your own Nimiq Wallet

Can we send NIM to other Exchanges bro where $Nim is listed?

Of course, we have NIMIQ listed in popular exchanges like KuCoin, BitMax, HitBTC, HotBit and non-custodials like SwapSpace and ChangeHero (I personally used this)

… and a plenty I didn’t mention in that message

Binance? Mmmmm, secret!

Very soon?

Moon? Soon

Wow!! Nimiq already established indeed 😉

It’s been 2 years since it was established, of course it is!

Oho! Before I forgot, we have features ahead in 2021

Upcoming updates!

Speaking of the futures ahead I think it will cover to our

Next question…

4. Can you tell us the tokenomics and roadmap of Nimiq?

Nimiq has 21 billion NIM in maximum supply, 1,000 times more than Bitcoin’s max supply. 7.7 billion NIM circulating. Currently PoW with 29% emission rate, soon 4.1% emission rate with Nimiq 2.0 PoS Upgrade. That is 9624 EUR worth of NIM per day down to 1570 EUR worth of NIM per day when PoS comes out.

On the roadmap, we have Crypto-to-Crypto swaps directly in the wallet made with BTC-NIM atomic swap through Fastspot and later Ethereum support. We’ll also have Aurora Testnet for Nimiq 2.0 before or after end of 2020 so stay tuned for validator requirements. Nimiq OASIS and Nimiq  2.0 Upgrade will happen next Q1 2021.

We will stay tuned for this bro 2021 is near to come!! So let’s have our last question now

5. So far, what is the major milestone of Nimiq since it was started? Thank you

Nimiq has achieved a lot this year amid the pandemic, while deadlines moved due to both the pandemic and current mood on cryptocurrencies’ regulation, it managed to deliver some of the features we longed for – newly improved Nimiq Wallet, an infosite for Nimiq OASIS, a demo for Nimiq  2.0 Albatross, Staking calculator, getting paid through Cryptopayment.link and of course, BTC-NIM swap. Regulations for Nimiq OASIS in Central America and Europe have been going nicely, closer to GO signal, soon European bank that support SEPA will go crypto through Nimiq OASIS with the help of TEN31 German bank, pushing towards mass adoption.

Segment 2: Pre-selected Questions from Twitter

1. Some say that what this project is providing a ‘nice to have’ or that this project was built hoping for demand instead of building a solution to meet demand…Let’s face it, most people can get by without a decentralized invoicing system. What are your thoughts on this?

Interesting!

That’s a good question – while Nimiq has contributed to the crypto space with their on/off-chain atomic swap for further adoption of cryptocurrencies as a whole. From my perspective, decentralized invoicing is subtly part of how blockchain works – however not in a way it is human readable – like a spreadsheet, which in turn becomes an oppurtunity for Nimiq developers to intepret this use-case.

2. I’ve recently learned about Nimiq’s Community Board Elections. Can you tell us more about it and how can we participate on it?

Yes! Every 2-4 months of the year, Community Board gather a meeting to fund aspiring community projects and call in for more promotions for Nimiq community endeavors.

3. Can you… explain more about NIMIQ mining, minimum and maximum requirement and APR as well as hardware requirements?

I’m not much of a miner but I can answer that, sure, here’s what I know…

Nimiq is currently PoS with Argon2D – it can be mined both in GPU and CPU – more profitable in GPU – current global hashrate is 8 GH/s with an emission rate of 21%. The minimum requirements, I recommend GTX 1050Ti and for the best spec – it’s RTX 2080 Ti. In CPU mining, we have a web miner for Nimiq – https://miner.nimiq.com/ – that runs in CPU, according to our miners, it used to be profitable but becomes harder to take profit as GPU and ASIC/FPGA Mining dominates that atmosphere of Nimiq – note that I’m not much of a miner myself but all mining related can be asked in our main Nimiq channel 🙂

4: I’ve seen this information from the link you provided in your tg group, Nimiq is the easiest way to pay with decentralized money. My question is can you please explain this statement in a simple way so that a newbie like me can understand it easily and clearly?

Very nice question, Eniamrahs! Here’s a simple comparison, getting onboarded to one of most popular cryptocurrencies can take several minutes – finding compatible wallets, uh, wait what’s next? But in Nimiq, that ease-of-use is demonstrated in our browser wallet, less than 2 minutes, you’re good to go! With BTC and soon ETH support in Wallet, finally onboarded to crypto world!

Like they say.

So easy your parents can use it, innit?

5. There is great interest in decentralized applications from NIMIQ and Developer communities. How can NIMIQ help developers who want to build, launch, or promote DApps? As NIMIQ’s supporter, what can we do to help bring the masses to NIMIQ and crypto in general?

Good question! I love this, one big thing I can tell you…

Nimiq’s Community Board supports and helps coders and developers alike in getting their projects a kickstart through our Community Funding Board – which I answered last time, elected by the community for the community, to the community! You can apply your Nimiq project for funding here.

https://www.nimiq.com/community-funding/

Plus, we have Coders Dojo in Nimiq group to help out aspiring Nimiq developers and web devs alike

Making sure no coder/web dev left behind.

Segment 3: Free/Live Questions

“If we stake 1 or 10 NIM in its current price ($0.003) when it comes out, the money left is still plenty to pay the 2-month worth of bills, and a spare to buy even more NIMIQ.” To fully understand this, what is the expected return of staking 1 or 10 NIM in its current price of $0.003?

Let’s take an example here from Nimiq’s official Staking calculator – https://www.nimiq.com/staking-calculator/

The lowest staking amount to make it profitable in 10years is 10 NIM – which is not much but even at this amount you get rewarded for supporting the network.  1000 NIM is recommended amount to stake with better yield over time

In addition, 1000 NIM in 10 years + restake is 629 NIM in 10 years, if price of NIM increases its a lot.

It is stated in your medium that All transactions are packaged into a so-called “block”. Can you explain what is the roll of this block to the transaction process of NIMIQ platform?

Oh, you actually put me in backseat for that one!

I keep this simple, the blockchain’s block is where all the fancy mathematical problems are stored, generated by the computer, like a light bulb when we have new idea. In this instance, it consists of a date minted, transactions made while being on current block then once miners solved the problem, we move to the next block. Not miners as person but the computers.

What is your major milestone for nimiq this year?  Can he share with us the short term goals and long term goals of nimiq?

Good day and thanks for your question, in Nimiq, short term goal is to finish the contents of the Roadmap especially in OASIS and Albatross staking, long term goal is to be used by e-commerce who want to enter their business on crypto like Bitcoin and Ethereum by Nimiq, thanks for the question 🙂

What plans do you have on Crypto Voucher platform? Very generic name 

Glad you brought that up! One of our community devs , a dev Paulghz behind Nimiq Game Store is working on voucher store to buy vouchers with crypto around the world! In the meantime, Nimiq first then Bitcoin/Ethereum/ERC20 support through OASIS Fastspot. The tweet in question is this: https://twitter.com/nimiq/status/1319652450199130113?s=19v

Meanwhile, we have Nimiq supported on Bidali Gift Cards

Hi @francisfr, I am an EXPERIENCED DEVELOPER AND ETHICAL HACKER, do you have plans for HACKATHON so as to check the security of $NIMIQ ecosytem periodically and also invite developers to build?

Yes, we have hackathons in Nimiq community, to be honest, we haven’t gathered in a while, we be glad to have you in hackathon next time! Security in Nimiq has been tight and secured for a while, but we welcome bug hunters with bounties here – https://www.nimiq.com/bug-bounty/ – make sure you perform with goodwill to receive our bounty in NIM. 👆

And we have game events in @NimiqPH telegram group (oh, please we encourage learning Tagalog or Cebuano) and giveaways by twitter https://twitter.com/BlockchainShay/ make sure you follow him there for Nimiq giveaways!

And, we have Nimiq merchandise available in https://shop.nimiq.com/ can be purchased in NIM – enjoy discounted price of Ledger Nano S and snazzy t-shirts!..

END…

Original article: https://cryptoscreen.org/ama-recap-cryptoscreen-ph-with-nimiq-ph/