For years, cryptocurrency and blockchain enterprises have been pushing for mass adoption. Industry insiders understand that a lot needs to be done to get the majority of the world’s population to embrace the evolving technology and the economic system it facilitates. Nimiq is one of the projects that have made significant progress in this regard. This Nimiq review will reveal these progresses in detail.
It is important to state here that Nimiq was primarily designed for the masses. It is also important to state that it was designed to be as simple to use as possible. The team’s vision of making cryptocurrencies easy to use without compromising decentralization is coming to life through Nimiq’s various features.
Are you considering using Nimiq? Do you want to understand the project in order to determine its viability? We are here to provide the key information you need. In this Nimiq review, we’ll discuss the most important things you need to know about the project, including its features and native token. In the end, you should understand the roles it’s playing at the moment as well as how it may evolve in the future.
Pros of Nimiq
- Nimiq is a user-friendly platform, and NIM might just be the easiest crypto to use
- It’s 100% non-custodial – users have full control of their assets
- Nimiq ecosystem apps are built for everyone – even people with zero crypto or tech knowledge
- Everyone can send and receive payments with Nimiq without depending on nodes and validators – all users are peers on the network
- Nimiq has relevant partnerships to make the project successful
Cons of Nimiq
- Some features are yet to become fully functional
- Being borderless, unregulated and censorship-resistant may create issues in the future
What is Nimiq?
According to its official website, Nimiq is a unique open-source payment system and cryptocurrency that empowers all humans with decentralized and easy payment. It is also described as the most inclusive blockchain ever. Users are able to create a node in their browser with just a click. That way, they will be able to send and receive directly from the blockchain. It is easy to use and censorship-resistant.
Nimiq can also be described as a unique payment protocol based on the web or the internet. Since users can easily access the blockchain with their browsers, they will be able to make and receive crypto payments without installing a software. Of course, Nimiq also eliminates the need for an intermediary during transactions. Participants are in full control of their money as decentralization is never compromised.
As with every other crypto project, Nimiq has a native token. Simply called NIM, this native token serves as an independent currency within the Nimiq blockchain and beyond. Like other altcoins, it is a digital asset that can be used for all manners of transactions. You can even trade it on various centralized and decentralized exchanges.
What is Nimiq Used For?
We’ve already established that Nimiq is a payment platform. However, there are multiple use cases for the blockchain and its native token. Here, we’ll briefly discuss its use cases:
The native currency of Nimiq (NIM) serves as an easy-to-use digital currency. This implies that it can be used to make a variety of online payments. Users can be sure of secure and easy online transactions with crypto-friendly merchants.
Nimiq also supports peer-to-peer connectivity. This can solve the problem of international remittances for most users. In addition to being a fast alternative to traditional international payment solutions, it makes the entire process easier for all parties involved. Of course, it eliminates intermediaries, also.
With Nimiq users will be able to choose delegated staking from their wallets to gain direct rewards in their browsers. Alternatively, they could stake up to 100 NIM to become validators and enjoy the accompanying benefits. It is not yet possible to stake NIM as Nimiq has not yet migrated to a PoS network.
Digital Asset Storage
Nimiq users can also use its wallet to store their digital assets. As we’ve maintained from the onset, Nimiq is easy to use. Therefore, it can serve as the perfect platform for beginners to start their crypto journeys.
Nimiq is also a creator-friendly platform. To ensure that creators get 100% of donations made to them, the blockchain enables users to donate to creators from their browsers. It simplifies the entire process and encourages donations.
Nimiq has a number of other use cases. As the team continues to upgrade the blockchain and introduce new features, other use cases will become obvious.
Nimiq Review – Key Features
To appreciate Nimiq properly, you need to understand its major features. Here are the key features to consider:
Self-Custodial Web Wallet
Nimiq supports a self-custodial web-based wallet. This is a secure digital wallet that will keep users’ assets safe and ready for transactions. Users have full control of the assets in their wallets.
As the native token of the Nimiq blockchain, NIM powers the entire ecosystem. It is a standard cryptocurrency with real value within the blockchain and beyond. This is the token you will use to make payments and remittances. You can also use it to settle transaction fees within the network.
Albatross is a new, super-fast Proof-of-Stake consensus algorithm developed by Nimiq. It is a sort of upgrade to the system and delivers all the intended benefits of a PoS mechanism. It makes Nimiq environmentally friendly.
Nimiq supports a plugin for WooCommerce, which enables payments with a handful of cryptocurrencies, including NIM, BTC, and ETH.
It is easy to incorporate Nimiq into most online applications, including games. This feature is a payment system that makes in-game transactions easier and straightforward.
What Makes Nimiq Unique?
One of the key determinants of success in the crypto space is uniqueness. Projects need to be unique to solve specific problems and attract the right audience. What makes Nimiq unique? We know a few relevant selling points:
Nimiq was founded in Costa Rica by a small but experienced team of experts in 2017. Through a successful ICO (or what the team now prefers to call crowdfunding), the project raised $10. The NIM token was launched in 2018 just as the self-custodial wallet was introduced. As an open-source project, its source codes can still be found on GitHub.
The Nimiq Team
Nimiq has a strong team that prefers to prioritize the success of the project. From the onset, the team has been focusing on making crypto accessible to all humans, keeping such watchwords as neutral, borderless, permissionless, verifiable and decentralized sacrosanct.
We’ve mentioned that Nimiq is a browser-based blockchain. That also implies that it grants users access to browser-based cryptocurrency. In addition to being user-friendly, the browser-based cryptocurrency has huge environmental benefits.
Performance and Scalability
In terms of performance, Nimiq is also a project to beat. It is expected that it will support 1000 TPS (transactions per second) and finality in one second. It’s as fast as a single-chain protocol can be.
Modern Apps for Everyone
Developers within the Nimiq ecosystem are building modern decentralized apps that can be used by anyone. There is a habit of avoiding crypto lingo and making the app easy to use for people with little to no crypto or tech knowledge.
Nimiq is built in a manner that enables anyone to connect and transact without relying on full nodes. The wallets connect directly to the blockchain, enabling seamless transactions. Peer-to-peer connectivity improves transparency and makes life easy for users.
Nimiq has a growing vibrant community. It is expected that the community will help to take the project further even as the team continue to offer upgrades and improvements.
Nimiq Review Conclusion – Crypto for Everyone
Nimiq is one of several crypto projects trying to solve the issue of mass adoption. It approaches the problem creatively by enabling an easy, browser-based cryptocurrency experience. It also addresses other issues militating against mass adoption and general acceptance of crypto and blockchain technology. It’s undoubtedly a top-tier project.
While it is still a work in progress, it is safe to assert that Nimiq is one of the friendliest blockchains in the industry. It also has the right features to help newbies get into the crypto space. In the long run, it may become one of the commonest blockchains and attract both newbies and crypto veterans. Created by some, developed by many and owned by none, Nimiq is a blockchain for everyone.