nimiqama with theblockcircle
AMA

Nimiq AMA full transcript

AMA (Ask Me Anything ) was conducted with Nimiq on 20 Februry 2020 at 3:00 PM UTC live on our telegram group .

Participating Team members from the Company were :
Sven :

I’m Sven, supporting Nimiq with communication, front-end development and documentation. I like to write and build things that help people understand Nimiq better.

Max (Team Nimiq) :

Hello everyone! My name is Max, I´m Nimiq´s new Ambassador and Business Developer. I just recently joined the team, but I´ve been following the project since day 1. I´m responsible for public outreach through e.g. conferences, events and meetups and I also support the marketing and social media team. I´m really happy to be here and answer your questions today!!

Tom :

Tom here and I produce and distribute content. As well as helping out with B2B partnerships and marketing.

Tammo :

Hi, I’m Tammo, part of Overnice, an agency that does all the UX and UI of Nimiq and helps with communication and marketing. Although external, we are pretty much a part of the family 🙂

About Nimiq :

Nimiq is a unique Blockchain protocol that allows you to run a node in your browser. No installation, no downloads, just works. Nimiq Wallet actually runs a node in your browser that communicates directly to the Blockchain. This is one step forward in decentralization because you are removing the middle man between you and the Blockchain.

Community Questions :

Q. DeFi is one of the hottest topic in the blockchain space right now. Can you share your opinions on DeFi with us? Do you think that DeFi will disrupt the existing financial system? What is Nimiqs approach towards the DeFi sector.

We are very excited about the DeFi and how this emerging sector could flip traditional finance upside down. We also support the inclusiveness of DeFi and how it empowers those without a bank account to access financial services.

DeFi is a buzzword and is just another way of saying non-custodial finance and focuses on cutting out middlemen. Currently, within the DeFi ecosystem, there is no non-custodial way to get in and out of crypto or fiat. That’s where Nimiq can add a lot of value.

One of the bits of tech they have coming out this year is a FIAT smart contract (called Nimiq OASIS) that will enable non-custodial crypto/fiat trades. This is being built in collaboration with Ten31 bank (owned by WEG Bank) and the tech aims make fiat currencies programmable as if they were tokens on a blockchain.

The exciting thing about this tech is that it is set to launch with support for Bitcoin, Ethereum and NIM this year.

Nimiq also owns a 9.9% stake in WEG and Ten31 Bank that would enable the reach of 20 European countries and 2,000+ banks via the SEPA instant network. This means our banking partner is more than just a partner and the project is actually a stakeholder in the bank (along with other crypto projects like Litecoin).

Helpful Links :

► The bank bridging crypto & conventional banking: https://www.ten31.com/
► Nimiq OASIS info: https://www.nimiq.com/blog/groundbreaking-crypto-payment-solution-for-online-merchants/
► Nimiq partnership with WEG/Ten31 bank: https://www.nimiq.com/blog/nimiq-acquires-stake-in-weg-bank-ag/
► More about Nimiq OASIS: https://www.nimiq.com/blog/nimiq-makes-fiat-currencies-blockchain-compatible/

Q. What is your business model? Who are your potential customers and which markets are you targeting on?

Nimiq is a not-for-profit project. However, there are many ways Nimiq is creating value for itself and its investors. First of all, if NIM increases in price, the project’s NIM funds increase in value. Besides that, Nimiq creates fintech solutions like OASIS and FAST. Those will charge small fees to facilitate transactions and can be used independently from NIM. For those services, we are talking B2B, DEXs, Banks, DeFin projects, there is a broad variaty of potential customers.

Q. Explain more about your partnership with WEG BANK and share about other partnership that will drive you to success in this highly congested crypto space

The partnership with TEN31 bank (formerly WEG bank) helps Nimiq to understand and work with the SEPA banking system, enabling us to build services like OASIS, our upcoming crypto-to-fiat bridge. OASIS will let the traditional SEPA system understand and interact with blockchain logic, making traditional bank accounts the programmable counterpartz of cross-chain transactions. One day soon you will be able to send NIM or BTC directly to your SEPA bank account WITHOUT using an intermediary (centralized) service. it will “just work” and will create a very easz way for buying and selling crypto. That´s one of the main reasons why our partnership with TEN31 is so important.

Q. DeFi and Dapps are 2 pillars primed to rule 2020, what roles do Nimiq play in DeFi and Dapps

Nimiq’s FIAT smart contract (called Nimiq OASIS) will enable non-custodial crypto/fiat trades and will support Bitcoin, Ethereum and NIM to start off with. With means that we’ll play a role in increasing interoperability within the DeFi ecosysem by providing this solution.

In short, Nimiq OASIS is compatible with any blockchain which supports HTLC’s. Once OASIS is launched this year we can then look at adding other crypto assets.

A cool video to watch that tells you how Nimiq could play a key role in DeFi can be seen here:

The way we like to think about DeFi is that it’s essentially non-costodial finance. However, the amrketing departments at most DFi projects would disagree with that. DeFi is a pretty sexy buzzword 😉

DeFi is all about cutting out middlemen.

Most DeFi platforms like Synthetix or Compound Finance require users to use a web 3 wallet like MetaMask. However, the problem is that integrated crypto-to-fiat in/off ramps are centralized e.g. Coinbase.

Nimiq OASIS could play a key role in DeFi via integrations with the likes of MetaMask (who play a key role in the DeFi ecosystem) by providing a non-custodial way to get in and out of crypto withing the DeFi ecosystem.

Q. Why Nimiq didnt use existing consensus’? What was the reason to create Albatross consensus algorithm? What makes it unique and superior?

Albatross as a performance not been seen before. How? Albatross is an optimistic consensus algorithm and thus can reach a speed close to the theoretical maximum of a single chain blockchain when “everything goes fine”. And if an attack or misbehaving validator is detected by the other validator, the system switches back to a “classical BFT” to handle the situation, doing a view change, remove the misbehaving validator, slashing its rewards and selecting the next validator to continue normally. So, in such a cash, the chain is slowed down, but just to the normal speed of other BFT chains.

You can find a general overvie with a lot of details in the whitepaper: https://nimiq.com/whitepaper#albatross
And technical details here:

https://arxiv.org/abs/1903.01589

Q. What effect does Nim token have on the Nimiqs ecosystem? Holding NIM, what benefits will users Nimiqs have?

We are switching to our own PoS consensus algorithm, Albatross, this year. From then on, NIM can be staked to secure the network and to generate rewards of course. Delegated staking will be possible with as little as 1k NIM (might be subject to change) and require no technical knowledge.

Q. What are the major milestones has you achieved so far?

Q. Kindly explain NIMIQ OASIS and its usefulness in the Nimiq project?

Brave browser already has something similar and almost peculiar like NIMIQ, comparatively how does NIMIQ outperform top competition like BRAVE, VERASITY etc?

Brave is one browser. Nimiq is a cryptocurrency that works natively in all popular browsers 😇

Q. How will Nimiq users benefit from the achieve goals company ? How to get can motivation to hold NIM token in long term ?

2020 will be an exciting year for Nimiq as we have set important milestones: Moving to Nimiq 2.0 with PoS and Albatross, Nimiq´s new PoS consensus algorithm and the OASIS rollout. With all these releases coming up we strive to strengthen Nimiq and build a solid foundation for the future. We´re only just getting started with rolling out our new exciting features, so there´s a good reason to stick with Nimiq not only for the upcoming months!

Q. When you looking back on 2019 and before, what did Nimiq achieve? Which STEPS are you most PROUD OF? Can you tell us about your important steps in 2020 and what difficulties and challanges do you think Nimiq will face in coming years?

So far the biggest milestones for Nimiq so far was the first running first version in mid 2017, then the Testnet end of 2017 followed by the Mainnet in early 2018! Then after that, the first exchanges, and we opened our Swag Shop shop.nimiq.com to showcase how Nimiq as payment system works. Since 2019, we are working on Nimiq 2.0 with the PoS algo Albatross that pushes TPS to 1000+, for that we got a new whitepaper https://nimiq.com/whitepaper – and in parallel we are working on OASIS that will enable for the first time to have atomic swaps between crypto and fiat, instantly!
The future is full of challenges and oportunities, the more the network matures, the more we want to expand our field tests, getting the technology to poeple that need it. I personally think this is going to be the biggest challenge apart from technical aspect.

And also check out our roadmap at https://www.nimiq.com/roadmap/ but especially the latest blog post called “Nimiq 2020” detailing the 2020 items https://www.nimiq.com/blog/nimiq-2020

Q. At the current price of the token, maybe it is not economically profitable to have a node. Many nodes can be stopped and this will damage decentralization. What will NIMIQ do to prevent this from happening?

Mining NIM is quite profitable, even at the current low price. Check out this video (we had nothing to do with it .

However, we are switching to our own PoS algo later this year, so mining will become a thing of the past soon. Of course, the risk of one entity controlling the network remains. We intend to deliver a super easy and accessible way to stake NIM, starting with as little as 1000 NIM, so by allowing for broad participation we will keep the network decentralized.

Q. What is your roadmap for 2020?

Hi Lester, please check our full Roadmap here: https://nimiq.com/roadmap

Q. Nimiq is gonna change the crypto<->Fiat experience and how incognito mode of transactions will affect crypto world?

After releasing Nimiq OASIS – to do KYC-free swaps between crypto and fiat (in the future anything that can be tokenized!) – we will later in 2020 work hard to also include private transactions.

Q. Adoption is very important, how do you plan on getting Nimiq adopted by the outside world(people with no blockchain knowledge?

Agree! Adoption is what really matters in the end. Nimiq is the easiest crypto to use, creating an account requires no email, no download, no KYC, you can literally do it faster than creating a FB account (try it: https://hub.nimiq.com/). Anyways, we are starting a real adoption effort in a small beach village in Costa Rica this year. Here, you will be able to rent surf boards, stay in a hotel or buy lemonade from some local kids with NIM. You can read more about it in our 2020 strategy https://www.nimiq.com/blog/nimiq-2020/

Q. When will NIMIQ staking officially start, and will it launch in its final state or will it be incremental? Can you explain in simple terms how stake delegation will work for those that do not want to run their own dedicated node? Will documentation be available for this and when do you think we might see that?

Mainnet is planned for Q3 of this year. Albatross has a special type of non-custodial DPOS. You will be able to give staking-only access of your funds to a validator that is online all the time. He can stake your funds but he does not have access to them. There is also no slashing, short lock-time and low min amount of staking (1000NIM considered now). This makes Nimiq safer and simpler to use than other POS coins, with lower barriers of entry too

Q. Who are the Nimiqs end users and what will they use the token for?

Nimiq is fully focused on being a decentralized, global payment system.

Q. What are your plans to integrate Bitcoin into Nimiq products? What advantages will this integrated process provide for Nimiq?

This year, it is said that you will fulfill a long-term wish of the community and the team. I’m curious about this. Could you give some hint about this?

Going forward, Team Nimiq will integrate Bitcoin into new Nimiq products. This way, Nimiq becomes visible to a broader audience. This strategy presents several advantages and opportunities, as we can leverage the BTC integration to address the wider crypto community with Nimiq’s innovations. Converting Bitcoin-friendly users to try out NIM will be facilitated by our persuasive UX and NIM’s advantages in performance and usability.

Q. My question Is about Marketing of Nimiq As we know that every project in crypto needs Adoption for growth So, what are the Future plans of Nimiq For Mass Adoption?

At Nimiq we have approached adoption through a multi pronged approach:

1) Developed Markets

Most people in these markets are already banked and that’s why we think that inteoperability with the traditional banking system is so important here. The pain point for many is an easy way to get into crypto. That’s why we have been working on Nimiq’s FIAT smart contract (called Nimiq OASIS) for a while which will enable non-custodial crypto/fiat trades and will support Bitcoin, Ethereum and NIM to start off with.

The result is that people will be ablt to buy Bitcoin, Ethereum and NIM directly with their bank account.

Important partnership: Ten31 Bank/WEG Bank: This strategic partnership is key to enabling Nimiq OASIS to serve 22 countries across 2000 banks with a non-custodial crypto-to-fiat bridge.

Think about low interest rates on offer at bank accounts in developed markets. For example, in the UK HSBC offers a 2% interest option for people who lock their money up for 3 years. People are actively looking for better returns on their money and one way of doing this is using DeFi platforms like Compound Finance where you can get 5%+ interest.

The problem is that DeFi is only really accessible to crypto veterans. The knowledge barrier to get involved in this sector is very high indeed. That’s why we are looking at integrating OASIS into web 3.0 wallets like MataMask (which are required to participate in the current DeFi ecosystem). This cuts out a few steps for new users and makes DeFi easier to access.

Nimiq also helps solve the problem of merchant adoption via Nimiq checkout. Once Nimiq OASIS is functional this will enable businesses to quickly be settled in fiat direct ot their bank account. This means that businesses would have very little volitility risk. That’s one of the main adoption stumbling blocks we’ve found when talking to businesses and Nimiq is providing a solution to that.

2) Developing Countries

Nimiq plans to start an iniaitive in Costa Rica this year to introduce NIM as a means of earning crypto and as payment method throughout the local surf shops, bars and hotels. This way, we will get:

  • A confined but real environment, allowing us to test and improve our products continuously and with a tight feedback loop
  • More transactions on the network increasing trading volume, resulting in:
  • Income for the project by funnelling conversions through OASIS and FAST
  • A strong answer to the question of what NIM can be used for

This acts as a test bed to get real world feedback on the Nimiq payment network and create scalable adoption strategies which could be replciated elsewhere in the world.

Q. NIMIQ launched a new platform named CRYPTOPAYMENT
How do you think that this website competes with other freelance websites? And what’re your predictions and goals in a short-term view? Also, will website launch effect the price of NIM
?

https://cryptopayment.link/ is a free service we built to make it super easy for small merchants, artists, freelancers etc. to charge crypto for their services (BTC, ETH, NIM). We don’t compete with freelancer tools here, it’s more like a tool to allow people to earn crypto, rather than buying it. Give it a try, you will see how easy it is 🙂

Q. Security and Privacy feature should be the top priority for any organization. How Nimiq various methodologies to Validate the participants?And also to protect the user-data’s privacy??

Very high priority! To speed up the release schedule, we decided to bring a first version of Nimiq 2.0 with the fast Albatross consensus algorithm out mid this year, without private transactions – but in parallel, research has already begun and the core team is confident to deliver private transactions also still in 2020! Another interesting aspect is Nimiq OASIS that will allow you to swap crypto and fiat without KYC.

Q. What are the available mining pool for Nimiq? What is the rewarding mechanism for Nimiq miners?

Here is some information about the mining pools and how to start mining in Nimiq. https://forum.nimiq.community/t/how-to-mine-in-nimiq/64

Q. What does Nimiq offer with Nimiq Checkout?

With Nimiq Checkout, online merchants will be able to accept crypto payments and later, when OASIS is fully implememnted, also to receive fiat payouts (EUR to begin) with little delay and at low risk. At the same time, customers can pay with crypto (NIM, BTC & ETH). With Nimiq Checkout we are building an e-commerce checkout solution that leverages the OASIS framework such that online merchants can accept crypto and get paid in conventional money, at zero risk for fraud and with prompt deposits into their bank accounts. In addition to that we´ve already rolled out https://cryptopayment.link as Nimiq´s new free webservice that enables artists, freelancers and small buisness owners to accept crypto (NIM / BTC / ETH) without having to install any plugin at all.

Q. Can you explain how mining works on the NIMIQ network and how ordinary users will be able to participate in the mining process?

Check this out https://miner.nimiq.com/ You can mine with your browser, this even work on mobile! However, browser mining is not really efficent. If you want to start mining check https://www.nimiq.com/developers/.
BUUUT Nimiq is going PoS this year, meaning mining will be a thing of the past soon. You can look forward to the slickest staking feature ever 🙂

Q. How does the encryption mechanism used by Nimiq work? Can Nimiq block chain processes be made transparent with different sources or decoder programs? Can it be read?

How does Fiat Atomic Swap TraderFAST provide liquidity to OASIS? Can it be integrated into different DEXs? Can compatibility problems occur in different Dexs?

We plan to add private transactions this year – so far we follow the same approach like Bitcoin and most others and have an open, unencrypted ledger.
FAST is a liquidity provider and as such the standard go to when trading on OASIS. A DEX can use OASIS with FAST if they match various of their orders and the just use OASIS to do a non-custodial swap. The good thing about OASIS is, it just uses standard HTLCs so every blockchain and DEX following this standard, too, will work right away.

Q. How many product have build on NIMIQ? Can you tell some lights from them?

You can find the Nimiq Apps here: nimiq.com/apps

Recent Apps we’ve released:

Cryptopayment.link Accept NIM, BTC and ETH easily without calculating exchange rates.

nimiq.com/accept-donations To allow website owners to accept donations in NIM

Nimiq WordPress Plugin allows WooCommerce store owners accept NIM, BTC and ETH.

Q. Those Investors & Partners, who have invested in Nimiq , how will you make sure that they get goods returns & how will you Protect the Value of Nimiq for them?

Team Nimiq is working with great dedication on its tech and products. We continously push the border for the easiest and most accessible cryptocurrency. Check out the account creation, it’s the fastest in all of crypto! https://hub.nimiq.com/
Besides that, Nimiq invests heavily into research and has successfully developed a PoS consensus algo that will perform about 1000 TX per second. Follow our socials, demonet will be published within the next couple of days.

Q. Can you tell us a little about NIMIQ? why do you think this project will succeed?

If you want to learn more about Nimiq in general you should have a look at our https://nimiq.com/whitepaper or watch our introductory video

Let me try to explain on very a high level: Crypto is useful to everyone, but honestly not very usable yet. team Nimiq wants to solve that by bringing two importants parts together: latest tech to be at the edge of speed (what many do) but add to that an overlooked ingredient of usability and a very smooth user experience. Only that will foster trust in crypto to thus reach new users to join the crypto revolution in short, middle and long term!

Q. Could you tell us which are the countries that use Nimiq the most, and why do you think it is due (their acceptance)?

Right now we have a lot of users from Europe. We think that is because our future integration with TEN31 and the European SEPA Network. We also have been growing usage in Asian Markets lately thanks to our AMAs.

Q. How Nimiq will become greater than bitcoin?

By being super easy to use.
Check our account creation for example, no email, no download, no KYC, takes less than 30 seconds https://hub.nimiq.com/

Q. Can you list some of the advantages of Nimiqs to attract developers? and how it will attract DApps developers from other blockchains?

While Nimiq generic doesn’t have generic smart contracts – we’re not competing on this with Ethereum and others – it is build for the web and thus directly talks to web dev. V1 was even build in JavaScript and still be used, but we also added a more performant Rust implementation. But the crucial aspect is that Nimiq runs directly in the browser. This opens up a space that has not existed before. For example, you can now process transactions and do payments in a serverless configuration. I’m working on a pet project about this “Nimiq Popup Shop” – a 100% client-side mini shop system using IPFS. It’s a super early MVP, but have a look if you’re interested! https://github.com/svub/nimiq-popup-shop

Q. Nimiq technology was born to solve what problems? Is your market really potential?

Nimiq’s technology is focused on building a decentralized payment system (a bit like PayPal). Part of the problem of existing payments systems are:

1) High fees (for example international bank payments can charge €30 per transaction) and take days to process. This is a massive problem forr freelancers and small business owners. The Global GIG ecomony is currently worth $4.5 trillion a year. That’s why we have created crypto invoicing tools like CryptoPayment.Link and have focused on creating merchant solutions to reduce the voltiity risk of accepting crypto. You can learn more about Nimiq’s Groundbreaking Crypto Payment Solution for Online Merchants here https://www.nimiq.com/blog/groundbreaking-crypto-payment-solution-for-online-merchants/
2) There are over 2 billion unbanked people in the world who don’t have access to a bank account. Nimiq is aiming to provide a way for these people to participate in commerce.
3) Accessing DeFi platforms is very difficult for regualr people. Nimiq OASIS (our crypto-to-fiat bridge coming this year) aims to solve this through integrations with Web 3.0 wallets – which cuts out several steps of the process to get into DeFi. If we can do this the result is that people would be able to deposit directly onto MetaMask with their SEPA Instant bank account in an entirely non-custodial way. The DeFi space is currently worth $1 billion.

Q. How do you plan to explain such technical Nimiqs to a wider audience? How do you plan to show the world that your product is not just another useless blockchain solution to a non-existing problem

One of our biggest goals for 2020 is to fully utilize social media to grow our community, provide updates and education across a wide variety of the most popular platforms. We believe by acknowledging every comment & inquiry we can show through example that we are dedicated to constantly improve our apps, user experience and future technology. By leading with passion, action and constant improvements our community attracts new users and developers that are excited to work together. In other words our goal is to create a community that duplicates it self.

Q. What are some of the current use cases for NIMIQ today? And what are your initiatives for increasing adoption?

We have an entire landing page dedicated to Nimiq´s use cases: https://www.nimiq.com/use-cases/ and the following services are already up and running: https://cryptopayment.link, https://nimiq.com/cards, https://nimiq.com/accept-donation https://nimiq.com/apps

Q. Nimiq technology was born to solve what problems? Is your market really potential?

Nimiq was born because crypto is way to complicated and hard for most. We belive that a true cryptocurrency (meaning decentralized, non-custodial etc.) needs to work as easy as PayPal. In some aspects, we are easier already. Try to create an acoount and let me know, I’ll give you some free NIM for your user-test 🙂

https://hub.nimiq.com/

Q. Why is Nimiq running on DAG consensus, why have you chosen this and what advantages does it hold over other consensus, also what’s your TPS to handle volumes of transactions?

Nimiq actually doesn’t run DAG. You can see a full answer about DAG by one of our Blockchain devs here:

Albatross, our POS consensus algo, is right now being tested with around 1000 TPS but we will know the real amount one mainnet is released.

Q. NIMIQ is currently going well and is receiving positive attention. What will you do to get more exposure and adoption? What is the NIMIQ message for the Community today?

In my personal opinion the market is still more focused on marketing inducted buzz than on fundamentals. This is ok for now, but might shift in the near future. Although we know that marketing is very important and do our very best to ramp up new communication and business development campaigns, our focus on developing breakthrough blockchain technology remains the backbone for future value. With the rollout of the Albatross demonstrator being near, people will experience a first glimpse of Nimiq´s powerful performance upgrade. At the moment it is important to target developers and shop integrators and teach them about our crypto payment plugins. Shops and businesses are very important to us because people want to use and pay with NIM (and BTC in the near future). Thanks to our ease-of-use approach and the strict focus on user experience, our payment solutions like “Nimiq Checkout” and https://cryptopayment.link should be very attractive for shops and businesses – and therefore also attract new users to try out crypto! We´re convinced that – once you get your hands on Nimiq´s solutions – the tech will speak for itself. Therefore it´s very important to create a broad awareness for our tech.

Q. You boast about your Nimiq 2.0 that will use energy in grain of rice, how does this solve the issues of scalability, security and interoperability and speed and privacy

Nimiq 2.0 will scale much better, aiming TPS of 1000+; it will keep the HTLC so we can do atomic swaps to any other chain that follows the same standard – and as soon as 2.0 is out, the core team looks forward to work on private transactions and actually plans to get them out this year, too.

Q. Who are your potential customers and which markets are you targeting on?

Online shops and merchants in general, freelancers, small business owners, small shop owners, rental businesses, consultants and consultancies, hotels and also targetgroups like visual/music artists, craftsmen, makers etc.

Q. Do you plan to add support for other types of tokens, such as trc-20, for example?

No plans for this currently 🙂

Q. What advantages does the development and use of the PoS network offer? How do you see the future of this algorithm?

How do you evaluate the importance and advantages of NIM payment system and OASiS for Nimiq?

It saves a lot of energy – we feel that’s super important as a contribution to a greener future! – while making the chain much faster. So it’s two wins already – but it also allows NIM holders to stake their NIM for a passive income. Three wins. 🙂

Nimiq aim to be the most easy to use cryptocurrency. Nimiq OASIS will then make it similarily easy to switch from fiat to crypto as it’s now wiring money from one bank account to another.

Q. What is your strongest advantage that you think will make your team leading the market?

The team’s strongest advantage?

  • The right mind-set: hard-working,
  • Science and value-driven,
  • Indifferent to short-term gainz (most could work for Google etc.)
  • Diligent and with a noble cause in mind.
    It’s an amazing team (saying this as a somewhat external actor)

The coin’s strongest advantage?

  • Super easy to use
  • Good performance now, incredible performance once 2.0 will be released
  • Every user directly connects to the network with their browser (unlike e.g. BTC, every user is a peer)

Q. Is Nimiq blockchain agnostic? Can it interoperable with any blockchain

Technology is evolving, what will Nimiq do to remain relevant for the foreseeable future

We understand the need to evolve as a project. We have multiple team members that do ongoing research into the latest blockchain developments and to back it up we have very capable developers that can implement new technologies and improvements. If we as a team identify a need or function we feel is a must, then we will work to solve it. A good example is our move to NIMIQ 2.0. We will continue to improve well into future.

Q. Why is Nimiq better than your competitors ? How easy is it to use Nimiq ?

Nimiq identifies and solves problems that other crypto problems are not tackling. But we are and will be always open to collaborate with other meaningful projects that want to foster adoption and value for users. This concept is called coopetition, as we generally appreciate all efforts that help to spread the word about blockchain and crypto in general and drive broader adoption. Our goal still is to become the easiest and most accessible crypto currency in the universe, so we´re all prepared for tough competition! How easy it is to use? Go try out yourself at https://hub.nimiq.com It will only take 45sec until you have your free wallet and first NIM.

Q. What major milestones do you have in place as 2020 draws to an end and what major setbacks did you encounter at starting of the project and how did you overcome them and what was your motivation to continue?

Since 2019, we are working on Nimiq 2.0 with the PoS algo Albatross that pushes TPS to 1000+, for that we got a new whitepaper https://nimiq.com/whitepaper – and in parallel we are working on OASIS that will enable for the first time to have atomic swaps between crypto and fiat, instantly!

A big setback were conflicts among team members, but those disputes have been solved in the beginning of 2019 already and we are looking forward. Our motivation is the potential we see in combining excellent tech with top-notch usabililty/UX into a crypto that is easy and fun to use.

And also check out our roadmap at https://www.nimiq.com/roadmap/ but especially the latest blog post called “”Nimiq 2020″” detailing the 2020 items https://www.nimiq.com/blog/nimiq-2020

Q. On moving forward through your roadmap, what are your most important next priorities? Does NIMIQ team have enough fundamental ( Funds, Community, ect ) to achieve those milestones?

Nimiq 2.0, Oasis, increase awareness and community growth through social media and partnerships. We are confident that our team and resources are sufficient to reach our current goals

Q. When will corporations stop being afraid of using blockchain ? And will Nimiq lead to mass adoption ?

With corporations the problem is that the decsionmakers have a lot to lose by adopting blockchain tech and it failing. That’s why large organizations are slow to adopt new tech usually – the incentive isn’t there for the decsionmakers to embrace it. They want to just collect their salaries, bonuses and secure their company pension.

We think things will change once there is clearer regulations and there is greater adoption amongst small businesses. This is why Nimiq is focusing adoption efforts on smaller stores and freelancers with Nimiq Checkout (our crypto payment solution for online merchants) https://www.nimiq.com/blog/groundbreaking-crypto-payment-solution-for-online-merchants/

We’ve also recently launched CryptoPayment.Link which is the easiest way for freelancers, influencers, owners of small businesses and rental experiences to start accepting crypto for their work and monitor payments.

Nimiq’s FIAT smart contract (called Nimiq OASIS) will enable non-custodial crypto/fiat trades and will support Bitcoin, Ethereum and NIM to start off with. With means that we’ll play a role in increasing interoperability within the DeFi ecosysem by providing this solution.

In short, Nimiq OASIS is compatible with any blockchain which supports HTLC’s. Once OASIS is launched this year we can then look at adding other crypto assets.

A cool video to watch that tells you how Nimiq could play a key role in DeFi can be seen here:

In terms of if Nimiq will lead to mass adoption. We do not know. However, I hope you can see the project has some pretty exciting things in the pipeline which aim to achieve just that 🙂

Q. Marketing is a significant factor for every project. What’s your plans for attracting users, developers towards NIMIQ ecosystem?

Marketing is always very important and the team is preparing for new measures and campaigns to attract new users, online shops and developers. We´ve already very much intensified our social media outreach and are also planning to hold more AMAs. Not only in TG communities but also on other platforms like Youtube or in other Networks like LinkedIn. We are also working on additional targed social media campaigns to raise even more awareness for Nimiq. Besides engaging with new users at Meetups, Events and Conferences, we are also looking into some advertisement possibilities that reach a broader audience over “more traditional” channels.As Nimiq´s business developer and blockchain ambassador I proactively reach out to our target groups o raise awareness and create buzz for Nimiq.

Q. When will corporations stop being afraid of using blockchain ? And will Nimiq lead to mass adoption ?

I personally think one side has to do with lack of regulation plus bad press by groups with interests against cypto opening up the financial sector – but then there is a big other side: usability. As long as crypto is so hard to use, it also doesn’t feel safe to use. We’re working on continuously improving our user interfaces and more and test them with shop owners and users.

Q. can we expect to destroy capitalism with the use of nimiq crypto?

Just wait for our new staking feature! 🙂

Q. We know that Ethereum Blockchain have many scalability issues & comparitively slow ! Then, why you choose ethereum blockchain for your project’s developments?
Any reason?

We developed our very own blockchain tech and are not a project built on Ethereum!

Q. What is the Mining process of Nimiq & what are requirements? How can we start earning from your ecosystem?

You can start quickly at miner.nimiq.com and then follow the links there to download mining software to mine more efficiently. Mid this year, with Nimiq 2.0, we’ll switch to PoS and you cna earn by staking your NIM

Q. Can you explain how mining works on the NIMIQ network and how ordinary users will be able to participate in the mining process?

You can start quickly at miner.nimiq.com and then follow the links there to download mining software to mine more efficiently. Mid this year, with Nimiq 2.0, we’ll switch to PoS and you cna earn by staking your NIM

Q. What is NIM token for ? What is the difference between NIM token and other similar tokens ?

There are no similar tokens, NIM really is unique. The big difference is that with Nimiq, every user runs a node in their browser. This happens in the background (meaning its invisible to the user) but allows a user to directly send and receive transactions from the network, unlike e.g. Bitcoin, where you have to download the whole chain, set up a server etc. Big advantage in terms of censorship resistance.
Another difference is the easy and beautiful UX, check it out and create an account at https://hub.nimiq.com and PM me about your experience, I will send you some NIM 🙂

Q. What is the use of the NIM to NIMIQ ECOSYSTEM?
EASE OF ENTRANCE barrier remains a huge problem, How INTERACTIVE is your UX/UI for the NEWBIES?

NIM is intended to be used as a store and transfer of value. Transaction fees are currently less than a cent and we think that’s pretty good compared to other payment focused coins. Nimiq is also Browser-first which means the crypto is native tot the web (a bit like Google docs). We think this makes Nimiq easier to use than other cryptos.

We agree that ease-of-use is exceptionally important to get new users into crypto. That’s why the Team have spent a lot of time on optimizing UI and UX. When it comes to creating a Nimiq account it’s actually faster than creating a Google one – can be done in jsut 10 seconds.

Certainly check out our UX for yourself by creating a Nimiq wallet: https://safe.nimiq.com/?onboarding=signup

Q. Besides scalability, the gas fee is another issue for blockchain. Does Nimiqs provide a solution for gas

Hi T L, we do our best to keep the fees as low as possible, as having no fees at all would allow users to “spam” the network.

Q. Can we expect to destroy capitalism with the use of nimiq crypto?

Yes, 2-3 years max from now on. Nimiqism will take over then.

Q. Have you meet all your goals in the Nimiqs till now? And were there any difficulties that you didn’t expect and were not prepared for?

Of course we have missed deadlines. But when you build something from scatch it is close to impossible to be 100% precise with your deadlines. But we can say that we delivered our promises! I want to share a problem the core team had latetly: while working on the demonstrator for the Albatross consensus algorthm with a small virtual demo net, it turned out the chain was running so fast that new nodes where not able to join the network… it was so fast, they were not able to catch up syncing! On the one hand, that’s a cool problem to have 😀 – but it also caused some big effort because the core team had to rewrite the entire syncing part. But also this could be done. 🙂

Q. We are witnessing many projects enter the blockchain industry with very good plans and promises to do good work, only to disappear and lose community. How can NIMIQ survive this challenging time??

Hi Nguyen, it´s just as you say: Many projects enter the space with good ideas, plans and promises, but then fail to deliver and actually build valuable fundamentals. Nimiq will be shipping the pending tech milestones this year so people can see and experience first hand that team Nimiq is not making empty promises but actually keeping their word! Just stay tuned for our upcoming developments!

Telegram IDs of AMA winners are given below :

@NO4M3

@zaferce

@legrosbatard

@endtimeprophet

@VishalBlockchain

Above users are required to dm @proplene (telegram user id ) with your Nimiq deposit address .

Dont forget to follow us on https://twitter.com/theblockcircle

and join us on t.me/theblockcircle



230 cr
230 Cr has been interested in the cryptocurrency since 2017 when his friend introduced him to bitcoin .Interested by the bitcoin technology and suffering from centralised banking system he then decided to pursue his career in this space .

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