What is Nimiq (NIM)?
Nimiq is a decentralized open-source payment system. It aims to make it easier for people to adapt and use cryptocurrencies and blockchain technology. The team behind this platform seeks to achieve crypto mass adoption by providing easy-to-use and fast payment protocols. The project is web-based, which means that users can access, store and exchange their cryptos from the web browsers on their computers or phones.
The NIM token is the native crypto token of the Nimiq blockchain. On the platform, all users are allowed to mine NIM coins using only their web browsers. This is unlike other coins that usually require special software or hardware to be mined. You can take a look at the live NIM price on the Nimiq price chart above.
The platform has a feature called Nimiq Cashlinks. With this feature, users can send money to one another or brands through a payment link, which makes the payments especially hassle-free. Users and brands can also organize giveaways and contests with this feature.
Moreover, Nimiq also offers a multi-signature wallet that allows users to pool funds together. To withdraw from this wallet, two or more individuals must approve. The funds are usually pooled in NIM tokens.
Lastly, the Nimiq crypto project also offers a payment system service for game developers. This allows developers to integrate payment systems into their games, which makes in-game transactions faster and less complicated.
Use Cases of NIM Tokens
All transactions on the Nimiq platform are performed using the NIM token, as it's the only store of value on the platform.
Also, you can stake your NIM tokens for rewards. The project’s staking algorithm is carried out through Albatross, a Proof-of-Stake (PoS) mechanism unique to Nimiq. Thus, as you stake NIM tokens, you become a part of the Albatross mechanism and get rewarded for strengthening the network.
Moreover, NIM tokens act as a means of payment and a reward token on games and applications built on the Nimiq blockchain.
Besides, in the future, it will be possible to donate NIM tokens to charities through the Nimiq website.
It is expected that more use cases for the token will increase demand for it, and, thus, increase the NIM price in the process.
Who Founded NIMIQ?
Nimiq was founded by two crypto and blockchain enthusiasts Robin Linus and Philip Von Stype-Rekowsky. Alongside Robin and Philip, the team had over 18 professionals working in different fields.
However, in January 2019, Robin left the project due to personal issues and disagreements with Philip. During this period, the Nimiq price experiences a dip because of his dramatic exit.
NIM Tokenomics
The maximum supply of NIM tokens is 21 billion NIM. However, at the generation event, only 2.5 billion NIM tokens were released to the public. The remaining tokens are available to be mined by users of the project.
As earlier noted, you can mine these tokens using your computer’s web browser. Experienced miners can download a special node and become backbone browsers miners. The rewards for backbone browser mining are bigger than web browser mining.
Don't forget to check the live NIM price featured on the aforementioned Nimiq price chart.
