I tried to compile here informations that I found in the whitepaper and interview of the team members.
The general idea has the power of the simplicity : the Nimiq team want to make a browser-based cryptocurrency, the main goal is to lower the barriers to entry. Let's see the principal functionnality that get my attention :
- Web based
The main point: the goal is to have everything online, that include mining and wallet. For the minor it will be possible to have a classical client-server software, but everybody will be able to mine from his browser, as simple as that! You can try the demo mode on their site : https://nimiq.com/betanet/. I'm pretty sure that people will begin to mine at work with their boss's electricity... The wallet has still be be implement, it will be in the browser, but their also will have a possibility of cold storage, for the greater wallets.
- Lower barriers to entry
Two very strong points for me : the tentative to have a partnership with VISA, and the possibility to offert Nimiq to someone who doesn't have any.
VISA : getting his first cryptocoin is generally difficult, your have to document before to be able to do it. The idea here is to allow people to credit their wallet with VISA. I know it's against the "cryptoprinciples", but it's a huge point to start easily a cryptocurrency. The partnership is not yet confirm.
Offert Nimiq to anyone : that's also a great idea. The workflow will be that you can send Nimiq to someone who has no wallet. The persone will receive an email saying that he got a Nimiq from someone. That's a very good system to get new users. That operation will be based on a temporary wallet, that you can cancel if the person doesn't want or take the Nimiq.
- Lower blokchain complexity
The complexity is 10 times less than the bitcoin blockchain. It's in a goal to have quicker transaction, and a better scalibilty in a few year.
- The money
The mining is by reward, but the team admit they could pass one day to proven stake when possible, but the algorythm is not wet mature.
1.5M will be in presales, the total repartition is :
88% Miners Reward (issued over ~100 years)
5% Token Sale Contributors (no vesting, ~25% of circulating supply at year 1)
2.5% Long-term Foundation Endowment (10 year vesting)
2% Good Cause Partnerships and Sponsorships (10 year vesting)
1.5% Early Contributors (6 month vesting)
1% Creators (3 year vesting)
My opinion
The team has a perfect focus over usability, their vision is on the entire pocessus, that's a really great point, that could really help the quick expension.
I think this money could really be a game changer in the crypto world. I'll be in the ICO for sure !
There isn't much news about the Nimiq token sale going on right now (started today). Perhaps this will change once more people learn about it. The basic concept is great (but I think the ICO is a little pricey).
Totally agree with your points : great potential and pricy ICO.
For the moment they already collect 36000/60000 ETH, and it's doing less than one day that the ICO has begon. They will get it for sure
As a matter of fact, I hope they manage to fill the entite bucket. The more capital, the more potential and building of robust infrastructure. I will be happy to mine though instead of participating in the ICO.
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