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

[gisi]

What's the advantage over Lisk? Lisk is written in JavaScript, a language used in like 99% of websites. What can I do with Nimiq that I cannot do with Lisk?

[1715484102]

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[wonderfulme]

Questions!  From the perspective of a "mom"

1. why so high a price in the sale?   You guys are expecting a ~$17 price per NIM?
  -$300 ETH value gets 175 NET ($1.714/NET)
  -Then on exchange/conversion would have 17.5 NIM ($17.14/NIM)

$17.14 NIM seems crazy when (under your beta) I can get 5 NIMs in under a day to start.  Even assuming the reward rate drops very quickly, I think I could make this up with way less than $17 in energy costs per NIM early on.  You guys have a fantastic idea that I'd be happy to support in a sale, but the value terms are not making sense to me.

2.  Your whitepaper says 5 NIMIQ block reward to start.  Is that correct? (vs beta's 50 NIMIQ reward)

3.   What was the decision process in following BTC's 21m supply (particularly if the block time is 10x)?    Related, what do you guys envision for the token's use case? (store of value only, daily usage, micro transactions?)  If it's not for micro-transactions I'm in the more is better supply camp for a couple of reasons -
*More supply = lower price per token.  From a trading perspective, people find something inherently attractive in a low token price because a whole token is easily affordable.   Moms don't want to brag they own .4333 of a NIM.  Moms want to say, hey I bought a NIM!
*Moms and Dads hate math!   If you want a coin to be used in daily life, then you force moms to do more thinking if NIM price is high (i.e. a $3 coffee is $0.15 if NIMIQ is $20, but $0.0015 if it's $2000).  Sadly, this is a problem for people - no one wants to get a calculator out for every purchase to make sure the decimals are right.
*Larger numbers of tokens generated in each block.  Moms see big results! (even with no value difference!)
*Since you are 10X faster block halving than Bitcoin, you may get very quickly to a point where the mining results are very very slow.  If your goal is to get a big distributed miner base, do you think people would give up?  Moms don't like to wait!)

4. Suggestion - is it possible to have a progress icon showing how close you are to getting the reward?   Moms are  impatient - they may give up if they don't see anything happening after a few hours ...

[PGPpfKkx]

a 5% token sale with a cap at 60000 ETH means that the total market cap at ICO time is 408M. Correct me if I am missing something?
That is a huge market cap for a newly introduced coin imo

[riskthebiscuit]

a 5% token sale with a cap at 60000 ETH means that the total market cap at ICO time is 408M. Correct me if I am missing something?
That is a huge market cap for a newly introduced coin imo

I think it is 5% after all the coins have been mined. Ie 100 years approx. That being known, the 1st year iirc it is 25% of the coins in circulation which 60k ETH X 4 = 81.6M . Still a highish value, but not as high as the 408m you got. I could be wrong on this, but this is the way I understand it right now

[starb]

What's will happen with test NIMIQ which will mined now? Burned ? Nimiq - very interesting project, but price of 1 coins very big now ... I afraid , in December 2017 price of 1 coin will be 1 dollar maximum ...

[gisi]

So many open questions in this thread and no answers. Interesting project, but price and missing service make me refrain from investing.

[adsjohn]

Is there upcoming good news about this coin?

[metallicelmo]

check out https://nimiq.watch/   its a blockchain explorer, looks really good.

can anyone on the betanet send me a few Nimiq? I'll try sending it back afterwards, would like to see how it works. 7A55E4106E10FA976320E40DCE050D2813B64C07

[freigeist]

Hello.

I'm looking at this:
https://medium.com/nimiq-network/nimiq-network-token-sale-terms-9af2e7fd6228

under paragraph Nimiq Supply Distribution

it says 88% Miners Reward (issued over ~100 years)

Does it mean that 12% of the coins will be premined before the ICO?

[metallicelmo]

Hello.

I'm looking at this:
https://medium.com/nimiq-network/nimiq-network-token-sale-terms-9af2e7fd6228

under paragraph Nimiq Supply Distribution

it says 88% Miners Reward (issued over ~100 years)

Does it mean that 12% of the coins will be premined before the ICO?

I believe it said 5% presale and 88% should be mined, that leaves 7%

[metallicelmo]

So why is the expected price at presale 20 dollars for every NIM or am I reading it wrong? How does something like that get determined? It seems a little high, specially for a coin that is made to pay with?

[nimiq-p]

I'll try to answer some of the questions (mostly the technical ones) raised in this thread.

- What are the long term goals?

This is probably best explained in the medium post concerning our longer term roadmap:
https://medium.com/nimiq-network/intended-use-of-funds-part-3-roadmap-1c966cdc0ec2

- Which projects will use this product?

This is partly explained by the long term roadmap. But the main point is that we envision a complete ecosystem to grow around Nimiq.
And there comes another advantage of nimiq: Since it is written in JavaScript, one of the most prominent programming languages, everyone can participate!
I already saw a link to the blockchain explorer here, a project that was created independently by an interested community member.
Furthermore, we aim at keeping our code as clean and understandable as possible, so that some understanding of JavaScript and our public API suffices to build great web-apps around Nimiq.

- Are there partnerships with companys?

Yes, as we outlined in one of our medium posts, we plan to partner with VISA payment services to create a VISA-to-Nimiq exchange.
But we are also looking into many more potential partnerships.

- Is there any real use case except to send nimiq from one wallet to another?

Just to mention one: One of our goals is also to facilitate over-the-counter payments via Nimiq.
As the ecosystem around Nimiq grows, of course, there will be plenty of other use cases. This is also something where we happily accept input of our community!
We are also implementing light clients, allowing a much faster synchronisation. So, there is no need for intermediaries anymore and the blockchain truly lives in your browser.

can anyone on the betanet send me a few Nimiq? I'll try sending it back afterwards, would like to see how it works

This question brings me to another great example of the projects that can be built around Nimiq.
Another community member already implemented a faucet, available here: https://faucet.nimiq.io

What's will happen with test NIMIQ which will mined now? Burned ?

Yes, as the disclaimer states, test Nimiq can be reset at any time and will be reset before the mainnet launch.
But there is a bonus program: If you collected 1000 Nimiq, you can receive a Nimiq T-Shirt! Details about that will be made available soon!

[aidit45@gmail.com]

Do you have social bounty, I think its a good campaign the project

[rngkll]

Hello.

I'm looking at this:
https://medium.com/nimiq-network/nimiq-network-token-sale-terms-9af2e7fd6228

under paragraph Nimiq Supply Distribution

it says 88% Miners Reward (issued over ~100 years)

Does it mean that 12% of the coins will be premined before the ICO?

There will be no premined coins.

From the same article you mention:

- 88% Miners Reward (issued over ~100 years)
- 5% Token Sale Contributors (no vesting, ~25% circulating supply yr 1)
- 2.5% Long-term Endowment Foundation¹ (10 year vesting)
- 2% Good Cause Partnerships and Sponsorships² (10 year vesting)
- 1.5% Early Contributors (6 month vesting)
- 1% Creators (3 year vesting)

[rngkll]

check out https://nimiq.watch/   its a blockchain explorer, looks really good.

can anyone on the betanet send me a few Nimiq? I'll try sending it back afterwards, would like to see how it works. 7A55E4106E10FA976320E40DCE050D2813B64C07

Sent 

[nial]

Some questions from reddit :

As your code is open source, how you feel about the possibility that a bigger company will make the same thing faster than you ?

When you say you plan to make a visa-nimiq partnership is this just an idea or do you already have some contacts with them that make you think it's actually possible to make a partnership with them ? This is something big for investor to know as your price entry to get token is really high for a project like yours.

Could you also explain how you decide to make 1 nim cost around 15$ for the ICO ?

Also when you say on reddit "but we think we already "hyped" enough to do our token sale and for the moment that's rather important to make sure we don't run out of money" it may seems like you are making this ICO in a rushy way. Is your project really mature or do you still process some questions on how achieve your roadmap ? This is really important question as even if you got millions from people trusting you with just a whitepaper and a beta app, it's a huge responsability for you to not be stuck on the way because of something you didn't plan.

With the money you will get, will you hire more dev in your team or will you keep your team as it is ?

Also as your technology is based on javascript, what would prevent hackers to penetrate your ecosystem though 0 days vulnerabilities from different browsers and take over your system with 51% ?

Do you believe in the 100% safety of web browsers for your whole project ?

[metallicelmo]

check out https://nimiq.watch/   its a blockchain explorer, looks really good.

can anyone on the betanet send me a few Nimiq? I'll try sending it back afterwards, would like to see how it works. 7A55E4106E10FA976320E40DCE050D2813B64C07

Sent 

Thanks, but how can I see where the coins came from? I dont see any history on my address in the blockchain explorer.. I did receive them, 11 nim?

[DarkSoc]

How does mining work?I can mine using the browser,but what about the coin i mine?Is there any wallet or similiar?

[cryptowizard_93]

Do we have a link for a blockexplorer?

I would also like this

[haoduobi]

The project looks good and I will continue to be concerned