Nimiq: The First Browser-Based Blockchain

Reading Time: 5 minutes ;  Published: 6 months ago on November 29, 2021

Learn about this amazing project with new features on the horizon!

What is Nimiq?

As the title says, Nimiq is a browser-based blockchain that utilizes web technologies like JavaScript, WebAssembly, and IndexedDB to allow true peer-to-peer connectivity. Unlike other blockchains like Bitcoin or Ethereum, Nimiq nodes can be run on any browser by any user safely and at incredibly low energy costs — this allows the transactions to be completely free of any middleman.

The Nimiq payment protocol features the $NIM token which acts as a store of value for transactions on the blockchain. NIM tokens can easily be bought, sent, received, and sold all through Nimiq’s online wallet.

History and Usage

Nimiq was launched in 2017 with the goal of being an open-sourced, browser-based equivalent to Bitcoin. It raised over $10 million during its ICO. The NIM token launched in 2018 along with the introduction of Nimiq wallets. Since the project is open-source, all of Nimiq’s source code can be found on Github, and development on the platform is highly encouraged!

Many of the popular use cases involve integrations with current browser technology.

  • Online Payments: Nimiq has plugins and API integration to allow a simplified transaction process. No need to type in your card number every time you make a transaction — you can simply link to your Nimiq wallet and pay with NIM
  • Donations: You know how on Twitch you can tip a streamer with Bits, or on Reddit you can tip with Reddit Gold, or how about Youtube where you can just tip USD? Using Nimiq and the NIM token, you can easily allow users to donate to creators from their browser and simplify the whole process.
  • Rewards: Nimiq users can send money via links and QR codes making for a hassle-free rewards process. There are also games like Nimtris that link to your wallet and reward you in NIM for playing the game.

There are many more use cases that Nimiq offers and many more in development now. Chances are if you can think of a way you use money on your browser, Nimiq can make the process a whole lot easier!

Nimiq 2.0: Proof of Stake Development

Back in early 2020, the Nimiq team announced that development for Nimiq 2.0 had begun. This update will bring the Nimiq blockchain from Proof-of-Work to Proof-of-Stake and introduce features like faster transaction speeds and staking NIM. In addition to these benefits to the user, Nimiq’s new Proof-of-Stake algorithm will dramatically decrease its energy usage: eventually making Nimiq one of the most energy-efficient cryptocurrencies.

The new Proof-of-Stake algorithm known as Albatross is going to launch on Nimiq’s Aurora Testnet in the near future. I can’t wait for this update and can only imagine where Nimiq goes from here!

Community and Social Media

Nimiq users can be found all over the world. The community is an amazing place to meet people and learn about Nimiq. With over 100 active developers, it’s also a great place to contribute to current blockchain products and develop your skills in modern web technologies. Nimiq has a very informative YouTube channel full of tutorials and technical updates. All of their social platforms, including the official Discord server and Subreddit, can be found here

NIM Token

The NIM Token was designed with a similar structure to Bitcoin. It has a maximum supply of 21 Billion and each token can be divided into 100,000 Lunas (NIM’s version of the Satoshi). What’s amazing is that 56% of the total supply of NIM is still available to the public. As of November 29th, 2021, less than 44% of the total NIM supply is in circulation. With the addition of the Albatross Proof-of-Stake algorithm and the new rewards system, this percentage will likely increase more slowly in the near future.

Nimiq Foundation

When Nimiq launched, 2% of the total supply was set aside for a special project with the goal of raising funds to support projects of high social and ecological impact. These funds are locked up for 10 years and only allow 1/20th to be released every six months. As the project grows in market cap, so do the foundation’s charitable donations! This makes the team even more motivated to build Nimiq up so that this foundation can have a huge positive impact on the world.

Nimiq Oasis

A really unique feature that Nimiq offers is the ability to buy NIM directly from your bank account. Using Oasis, also known as Open Asset Swap Interaction Scheme, you can make off-chain assets like USD, EUR, or even web domains behave like assets on the blockchain! This makes connecting with Nimiq even easier, most cryptos will make you go through an exchange to buy their tokens from your bank account but Nimiq once again cuts out the middleman. Oasis is just getting started so the ability to link your bank is limited to European banks at the moment, but this feature should be coming soon to many other banking institutions in the world. If you’re interested check out Nimiq Oasis to learn more!

Other Features

  • Mining NIM is done entirely through your browser and it’s easy to join mining pools to earn NIM easily. No more competing with full-time Bitcoin mining companies, NIM can be generated easily from anywhere!
  • Because Nimiq is built on Javascript, it already runs incredibly fast. With the introduction of Nimiq 2.0, the Nimiq blockchain will be able to process 1000 transactions per second — making it over 100x faster than bitcoin!
  • The Nimiq team is currently developing an account sharing system to allow multiple users to have access to one Nimiq account.
  • Nimiq is looking to get involved in the crypto gaming scene as well with a new plug-and-play payment system that will be able to integrate easily with mobile and browser-based games.
  • You can add a NIM donate button to any website by linking your wallet and adding a simple HTML tag

Conclusion

In my opinion, Nimiq is one of the most promising projects in Crypto today! Their approach to being fully browser-based allows anyone to be a part of the blockchain, and their minimalist design approach makes the project easy to understand. Nimiq works NOW and is a great alternative to web-based payments like Twitch donations. In the future, it’ll be a much larger payment protocol with proof-of-stake options like Ethereum which shows how much room this project has to grow.

I really appreciate Nimiq’s dedication to supporting its community along with the environment. Find another project that devotes 90% of their token supply to either the public or charitable goals — It’s pretty rare. In addition to their charitable causes, Nimiq is also a very environmentally conscious product with much lower energy costs than Bitcoin or other blockchain solutions.

With a great development team, a clear product roadmap, and an active community, I think Nimiq has all the necessary ingredients for a great project with lots of potential. This article only scratches the surface of what Nimiq is and what it will be in the future, if you’re interested in learning more go to Nimiq’s website for tons of extra information. Consider buying some NIM while you’re there too!

Source: https://medium.com/coinmonks/nimiq-the-first-browser-based-blockchain-d7b68390a4a9


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