[ANN][NIM] - Nimiq - The Browser Based Blockchain

[F2b]

2. Denomination: instead of 1 NET -> 0.1 NIMIQ it will be 1 NET -> 100 NIMIQ. Total supply will be 21 billion NIMIQ instead of 21 million.

Good thing! I'm still wondering "why not a 1:1 conversion?" but anyway...

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[freigeist]

Two important pieces of information came out:
1. KYC mandatory for the NET -> NIMIQ conversion
2. Denomination: instead of 1 NET -> 0.1 NIMIQ it will be 1 NET -> 100 NIMIQ. Total supply will be 21 billion NIMIQ instead of 21 million.

Release of the mainnet is still pencilled in for Q1 2018. Before that, there will be another update to the testnet.

The number 1. is total turnoff 

[Wekkel]

The market seems to agree with you 

[OnTheMoon]

Two important pieces of information came out:
1. KYC mandatory for the NET -> NIMIQ conversion
2. Denomination: instead of 1 NET -> 0.1 NIMIQ it will be 1 NET -> 100 NIMIQ. Total supply will be 21 billion NIMIQ instead of 21 million.

Release of the mainnet is still pencilled in for Q1 2018. Before that, there will be another update to the testnet.

The number 1. is total turnoff 

This is necessary in order to be able to get into the major american exchanges like bittrex. I think that Nimiq listing on the big exchanges will be good for us all. Better to understand it.

[teedeexyz]

Two important pieces of information came out:
1. KYC mandatory for the NET -> NIMIQ conversion
2. Denomination: instead of 1 NET -> 0.1 NIMIQ it will be 1 NET -> 100 NIMIQ. Total supply will be 21 billion NIMIQ instead of 21 million.

Release of the mainnet is still pencilled in for Q1 2018. Before that, there will be another update to the testnet.

Anything concrete yet the conversion?
Also: I'm concerned about giving personal information and ID to a party I don't know and is not a well known well secured exchange.
Glad I didn't buy NET yet.

[metallicelmo]

Good news! I see no problem in KnowYourCustomer myself. If that is what it takes to get the final product fine..

The change from 21 million to 21 billion is also a great idea. Same overall value but easier to use when aiming to become a globally used crypto. Otherwise one Nimiq might become so expensive that you always end up paying with 0,004 etc. That feels weird. In this case more coinsupply is better for transactions.  I like everything about this project.

[khungcuaso11]

Looks a promising project. I Interesting in this project.
Algorithm: Digital Signing Ed25519, how it works.
What are its advantages?

Wishing project success!

[abdulaziz07]

Does it makes sense to go with 1NET = 100 NIM
i mean earlier allocation was much better, increase in supply will affect price

[Scooby903]

Any updates on being able to go from NET -> NIM in the US once mainnet launches?

[Geekxplore]

What is Nimiq Coin?
Nimiq Coin is the first blockchain– based ecosystem to be completely implemented in the browser.
Read More@https://www.geekxplore.com/what-is-nimiq-coin.html

[teedeexyz]

Any updates on being able to go from NET -> NIM in the US once mainnet launches?

I might hope the conversion is not limited to US residents only

[altcoiner555]

Any updates on being able to go from NET -> NIM in the US once mainnet launches?

I might hope the conversion is not limited to US residents only

US residents cannot convert. Read the latest blog.

[rendravolt]

I really hope the main net launches soon and nimiq will be a huge success
will be a long term holder

If you want to be a long time holder you don't need to be concerned about the main net launching soon But I know its tempting to see all green in the portfolio

But many panicked holder, does not mean it's all very safe, all have also been hooked dumper strain, to return to the portfolio was a long time to be sure.

[somewhan]

Some might have been annoyed that KYC will be required to exchange NET to NIM.

[IMZ]

Two important pieces of information came out:
1. KYC mandatory for the NET -> NIMIQ conversion
2. Denomination: instead of 1 NET -> 0.1 NIMIQ it will be 1 NET -> 100 NIMIQ. Total supply will be 21 billion NIMIQ instead of 21 million.

Release of the mainnet is still pencilled in for Q1 2018. Before that, there will be another update to the testnet.

Anything concrete yet the conversion?
Also: I'm concerned about giving personal information and ID to a party I don't know and is not a well known well secured exchange.
Glad I didn't buy NET yet.

Whoa! Just 'KYC mandatory' doesn't cut it!

Okay, I got my NET as part of a group buy-in, so it's my lack of due diligence that got me here -- but it's also the case that the information on this project has been presented poorly.

So: 'We may determine . . . that it is necessary to obtain certain information . . . ' [ https://nimiq.com/terms/ ]  This is fair enough for the early stages; but I've never heard of a dev team requiring KYC -- to trade on centralised exchanges, yes; but to own a crypto? No.

And I feel the following is disingenuous: '[KYC] only applies to the replacement of NET for NIM.' Once you've got out data, you've got our data . . .

My inclination is to sell my holdings forthwith. Goodness, I hope I've misinterpreted something here. What is 'KYC'? What data? Held by whom? Under what security protocols? For how long?

[ccs5tt]

So if I hold NET and I am from the USA I will be shit out of luck? As in sorry I just lose my investment? Can someone please let me know whats up. Thanks

[IMZ]

So if I hold NET and I am from the USA I will be shit out of luck? As in sorry I just lose my investment? Can someone please let me know whats up. Thanks

Hey, cc

'Based on the changing regulatory environment, our legal counsel has driven us to require this KYC process (anticipated in the NET Creation Terms). This goes along with the same restrictions regarding sanction lists, politically exposed persons, as well as restrictions for certain jurisdictions (ie. USA) as previously experienced during the NET Contribution Process. This will permit the Nimiq project as a whole to maximize probability to comply with regulations in various jurisdictions and thus support the underlying factors regarding Nimiq mainstream adoption in the future.'

https://medium.com/nimiq-network/roadmap-to-mainnet-ee557efd74d4

[mrhans]

So if I hold NET and I am from the USA I will be shit out of luck? As in sorry I just lose my investment? Can someone please let me know whats up. Thanks

Hey, cc

'Based on the changing regulatory environment, our legal counsel has driven us to require this KYC process (anticipated in the NET Creation Terms). This goes along with the same restrictions regarding sanction lists, politically exposed persons, as well as restrictions for certain jurisdictions (ie. USA) as previously experienced during the NET Contribution Process. This will permit the Nimiq project as a whole to maximize probability to comply with regulations in various jurisdictions and thus support the underlying factors regarding Nimiq mainstream adoption in the future.'

https://medium.com/nimiq-network/roadmap-to-mainnet-ee557efd74d4

Why do we need kyc? I don't understand that, the sale is already finished and you are just giving everyone with tokens in one account an equivalent in nimiq, there is no new value that gets generated etc.

[ccs5tt]

So if I hold NET and I am from the USA I will be shit out of luck? As in sorry I just lose my investment? Can someone please let me know whats up. Thanks

Hey, cc

'Based on the changing regulatory environment, our legal counsel has driven us to require this KYC process (anticipated in the NET Creation Terms). This goes along with the same restrictions regarding sanction lists, politically exposed persons, as well as restrictions for certain jurisdictions (ie. USA) as previously experienced during the NET Contribution Process. This will permit the Nimiq project as a whole to maximize probability to comply with regulations in various jurisdictions and thus support the underlying factors regarding Nimiq mainstream adoption in the future.'

https://medium.com/nimiq-network/roadmap-to-mainnet-ee557efd74d4

Ok so what is suggested I do with my tokens? Sounds like I just lose them?

[metallicelmo]

Not really sure how that would work but I'm sure you're not the only one so people should be able to find a way I think