Nimiq
Blockchain Technology Made So Simple, Your Mom Can Use It
Betanet | github | Medium | Telegram | Twitter | Youtube | Reddit | Webpage
Overview
As the first blockchain built to be native to the web platform, Nimiq intends to lower barriers of entry for blockchain technology, and make it accessible for mainstream use. With an operational betanet already live, users can experience how simple it is to mine inside a browser - installation free. Nimiq is making blockchain technology as accessible as the internet, with a vision to truly decentralize the web.
Current available cryptocurrencies are complicated and counterintuitive for the average person to use. True internet decentralization is impossible if access to blockchain technology is limited to only the technically oriented people. Until blockchain can be picked up with general recognition and general usage, its true power remains unrealized.
Nimiq is designed to be used by billions
The key to the development of Nimiq is in its unique blockchain protocol, it is the only blockchain created and designed specifically for mass adoption.
Features of conventional blockchain that inhibit mass adoption:
Blockchain data around 100 GB, which means synchronization time could take up to an entire day
Software installation is absolutely necessary
At least 10 minutes for transactions and high cost in micro payments
Nimiq designed with simplicity and mass adoption in mind:
Blockchain data is compact in 1MB because of mini blockchain scheme. Synchronize in seconds with any device
Written in JavaScript, which is the native language of the world wide web. So no additional software installation is required
Instantaneous transaction time with off-chain transactions implemented in the Nimiq protocol
Ecosystem
The vision of widespread accessibility and adoption is completed through the ecosystem enabled by this protocol. A miner interface in which anyone can use with any browser on any device; A browser wallet made even more accessible than the web wallet; and a global, web-based p2p exchange that makes exchanging Nimiqs into local currency easy, fast and cheap.
Infinite Possibilities
The Nimiq Network empowers the developer community to create groundbreaking applications by effortlessly integrating the open source npm package into a wide variety of applications. Some examples include:
Webmasters can easily embed Nimiq Network’s Light Clients into their webpages. Content Providers can monetize the time users spend in their site by mining Nimiq with their device’s unused processing power while they browse through the content
Decentralizing peer-to-peer web services such as Facebook, Twitter, etc.. By using Nimiq’s blockchain protocol as the backbone of the integrity of databases
Timestamping documents with ease - usability improved significantly beyond other blockchains
To fund further development of its mainnet and ecosystems, the team will announce a token sale in June 2017.
Specifications
- PoW algorithm: Betanet: sha256 in / Mainnet: a memory hard POW
- Max supply: 21 Mio NIMs / 1 NIM = 10^8 "satoshis"
- Block reward: just like Bitcoin -- halving every 2016 blocks
- Block time: 60 seconds in Betanet
- Difficulty: Retargets every 10 blocks
For more technical details -
https://medium.com/nimiq-network/introducing-the-browser-based-blockchain-63d408add368
This is a game changer with browser mining. That is what all coins are missing which is easy mining in one click. With instant transaction and all other possibilities this project will be huuuuge.
Very promising.
More about Nimiq: https://bitcointalk.org/index.php?topic=1952324.0
Here's the intro video for Nimiq:
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This is very cool technology. Think of the possibilities: access to a blockchain ecosystem just by pointing a browser to a website. This is something your mom could do.
Definitely try the beta net.
In respect of wallets, I was able to find the following info:
"Your Keys are stored in your browsers offline data. If you close your browser or clear your browser history your Keys will remain stored and your account accessible. You can use your Keys to start mining in any browser or device, however there is no UI and logic for that yet but we are working on it."
How to get your private key:
"Currently, just type Nimiq.get().wallet.keyPair.toBase64(); (cf. our API doc) in your Javascript console that you can open with F12."
Disclaimer: I am just a bot trying to be helpful.
Good!
Here is a nice visual overview of what Nimiq is all about: https://medium.com/@StorifierCo/what-is-nimiq-f9f0e6d5ad57
Great article!
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