The ecosystem of Nimiq Coin
Nimiq Coin is a cryptocurrency that has established its own system around it. What’s so remarkable is that no software needs to be installed in order to mine. Instead, by clicking on the “Wallet” button on the website, an online version can be accessed. This is then operated exclusively within a web browser.
In order to successfully maintain the system, it is necessary to keep processing times short and file sizes small. Accordingly, update files are smaller than conventional MP3 files. Another advantage is that downloading of updates is not necessary.
They are automatically uploaded to the server, with the browser cache then handling the rest. In this innovative approach, the developers have focused on exploiting the benefits that browsers offer.
Why the concept works so well
It is difficult to create a unified system that works equally well in all web browsers. The following example from front-end development illustrates the problem: while a few years ago there was a code that made green backgrounds transparent, this could only be displayed in Internet Explorer.
Neither Chrome nor Firefox implemented this effectively. As time went by, more and more browsers were added, and meanwhile, there are separate versions for mobile devices. Updates made by the browser operators themselves play their part in making this more and more difficult. This is where Nimiq Coin comes in. Nothing is implemented that any browser cannot handle reliably.
The primary goal for the developers is to offer the users of their coin an experience that is as accessible as possible. This begins at the point where additional explanations would be necessary in order to be able to mine Nimiq. In a wallet, which is implemented directly in the browser, there are no installation problems. The interface also receives a central control system.
Who is behind Nimiq Coin?
Two big names appear in the list of those responsible for the development of Nimiq. Robin Linus, who had already established a user base of 500,000 with his Snapdrop service, is the founder of the platform.
There’s also Dr. Philipp von Styp-Rekowsky, who coordinates the entire project from a technical standpoint. He graduated in the field of artificial intelligence. He also developed the well-known AppGuard application.
Over time, they were able to recruit various experts in the field of blockchain technology to the team. Already by the day of release, the company enjoyed market capital of 8.9 million US dollars.
Important technical information
The encryption currency is based on the PoW scheme and uses the SHA256 algorithm. In total, there will be a maximum of 21 million Nimiq coins.
As far as mining is concerned, the developers are strongly guided by the specifications of Bitcoin. There is the same reward rate of one minute as for Bitcoin, for example. All blocks abraded in 2016 are halved. This affects the whole community and not just the mining process.
Re-targeting of the difficulty is redefined every 10 blocks. This value in turn refers to individual mining.
The success of the concept
As far as smart contracts are concerned, the developers rely entirely on the concept that has already been demonstrated by Ethereum. From the Nimiq Coin white paper, it can be deduced that no development of a separate smart contract system is planned.
The advantage of this is that resources don’t need to be dedicated to creating something that already exists. This frees up said resources to concentrate on other developments.
Nimiq is based on a so-called lightning network. As a result, all cryptocurrencies that are also part of this network can be exchanged at a rapid rate. In other words, this means that an exchange platform will not be necessary in the future. Because there is no intermediate stop for checking and switching, transactions are processed more quickly, overall.
Conclusion – a large network with few barriers
The developers of Nimiq have set themselves the goal of removing barriers to entry for all users. At the same time, Nimiq Coin and the platform offer users the latest in developments. Users can fully concentrate on mining or trading without the need for advanced technical knowledge.
With this focus on development, the developers of Nimiq are trying to address why people have previously distanced themselves from cryptocurrencies. In addition to encouraging those previously skeptical of cryptocurrencies, Nimiq Coin also offers existing users plenty of support.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.