Nimiq | Crypto For Normal People

Reading Time: 4 minutes ;  Published: 3 months ago on June 30, 2022

I’m a big fan of Crypto & blockchains. But there’s something that nearly all crypto and blockchain related projects suffer from, and that’s a lack of simplicity, and a complicated user experience. See, most things in crypto nowadays are complicated for first time, inexperienced users. If someone wants to put some ETH to work in Compound, it’s not very simple. Here’s the process:

1. Make an account on an exchange like Coinbase, upload government documents, and wait for your account to be approved

2. Link a card/bank account and purchase ETH

3. Download Metamask, make an account, then safely write down & store your seed phrase

4. Copy your wallet address into Coinbase, then withdraw

5. Go to Compound, and approve your ETH for deposit

6. Sign another transaction to actually deposit your ETH

Do all of that in reverse to remove and sell your ETH if you want to withdraw your investment

Yikes.

Normal people just can’t easily grasp what’s involved in that process. They’re so used to simply hitting a button and moving their money to a savings account, that this seems like a monumental task in comparison.

Say hello to Nimiq, a simple, fast, cheap, & user-friendly blockchain.

What Makes Nimiq So User Friendly?

Nimiq is a blockchain with the goal of making crypto easily accessible to anyone. Their interface is designed around ease of use and simplicity, and the onboarding process is super simple for normal people to understand.

They also make it very clear that there is no “forgot password” option, and let you back up your recovery words if you choose.

This means that normal people can store their recovery words as a safe backup, while using the login file (The brown image w/QR code in the GIF above) to login easily, rather than needing to type in their recovery words to sign in on a new device, or after being logged out.

One great feature for end users is the ability to send a transaction with no fees. The blockchain does require a fee if you want your transaction processed faster, though.

Nimiq Blockchain & Utility

The Nimiq blockchain is set up in a way that I haven’t really seen anywhere else in Crypto: It can all be operated entirely in your browser.

What do I mean by that? Well, unlike traditional blockchains, Nimiq can easily run a lightweight node in your browser, allowing your browser to independently verify transactions. You are a part of the blockchain.

Connecting my browser to the network using the homepage demo (This is done automatically in the wallet)

Want to buy NIM, but don’t want to go through the traditional route of a crypto exchange? Nimiq made a no-signupno KYC way to purchase NIM, simply by bank transfer: Nimiq OASIS

(Currently only available in Europe)

This lets people easily buy NIM (Or BTC) from inside their wallet, or on Nimiq’s dedicated site.

On top of all this, Nimiq even lets you easily mine & earn NIM from inside the browser!

But don’t fear for the environment just yet, Nimiq won’t be running on Proof of Work (PoW) for long! Nimiq is switching to Proof of Stake (PoS) soon, which will lead to a massive reduction in energy use, reduction in supply inflation from 3,000 NIM to just ~525 NIM per minute! Staking your NIM will yield ~6% a year, and will be using the Albatross consensus mechanism, boasting a whopping 1,000+ TPS, ~0.75 second block times, and without the risk of slashing, meaning normal users will never lose their funds due to a malicious validator.

You can try out their Albatross DemoNet and see how fast it truly is for yourself.

Ecosystem

The Nimiq ecosystem is still quite small, but it’s growing, and thriving.

You can go to the faucet to get some free NIM, play Nimiq Sunset Cyberspace or Nimtris to earn NIM while playing! Merchants can accept NIM via Salamantex (Payment processor similar to Square), or through their dedicated site for POS & online payments. You can use your NIM address with an Unstoppable Domainmake a shortlink that earns NIM from clicks rather than ads, buy games & gift cards with NIM, take donations on Twitch, or even swap directly for BTC in the wallet with an atomic swap, with no middleman.

So, want to give Nimiq a try? Head over to nimiq.com, create a wallet, then head over to the faucet to get yourself some free NIM! I personally recommend Nimiq Sunset Cyberspace to earn loads of free NIM, but if you’d rather not get the app, or don’t have an Android phone, Nimtris is another option.

Overall, I see Nimiq as a great project that can bring crypto to the masses in an easy-to-understand, effective way. Nimiq doesn’t just push its own adoption, but the adoption of crypto everywhere. A rising tide lifts all boats.

Source: https://medium.com/@HackLaddy/nimiq-crypto-for-normal-people-2be7512817e5