Nimiq: World’s First Browser-Based Blockchain Ecosystem

Currently, many people and companies are interested in participating in the Blockchain Industry; some are buying Bitcoin to keep while the price goes up, others  want several cryptocurrencies to trade, and some are interested in the idea of cryptocurrency mining. The truth is, in many instances the barrier of knowledge and technology prevents people who want to participate and get involved in the Blockchain Industry, especially in the mining area. Anybody used to be able to do mining with a homemade laptop, but today people need equipment that could easily exceed a $2,000 investment, plus the specific knowledge required for the installation and maintenance of the equipment. This has made mining ‘centralized’ so that only the people who have this specific knowledge can do mining on their own. True 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 usage, its true power remains unrealized. This can be seen in the global Bitcoin hashrate where more than 50% is dominated by three mining pools.

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(Bitcoin Pools hashrate distribution on January 24, 2018, source: blockchain.info)

Nimiq has found an innovative solution to the tech-savvy situation that the blockchain industry has now regarding mining, making it as easy to use for any user as accessing the internet. Nimiq is building the world’s first browser-based blockchain, a Third-Generation Blockchain Protocol that enables people to begin mining by accessing the internet. The technical part is based on an operational Betanet that’s already live, where users can experience first-hand how simple it is to mine inside a browser, and the installation is free. With barriers to entry significantly lowered, anyone can join the network, mine and transact.

This idea is even eco-friendly since it does not depend on any exaggerated energy capacities to operate.

(Mining in your Browser, source: nimiq.com)

Quick facts:

  • It is a frictionless peer-to-peer payment protocol for the World Wide Web.
  • Third-generation blockchain protocol combining elements of Bitcoin and Ethereum, streamlined for the web platform.
  • Open source and fully decentralized.

Advantages:

  • Easy to use for anyone.
  • Nimiq implements Hashed Timelock Contracts to enable payment channels and within those scalable instant off-chain transactions (The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments).
  • Eco-friendly and scalable blockchain designed for the World Wide Web (WWW).

Disadvantages:

  • Depending on the user’s NAT configuration, direct peer-to-peer connections may not be able to be established.
  • Powerful browser APIs are restricted to secure origins, so for browsers to connect, Backbone Nodes need to provide an encrypted connection via SSL that requires a domain and SSL certificate.
  • Depending on the user’s firewall configuration, connections to non-standard ports may not be able to be established.
  • Mainnet (miner) + Ecosystem still not ready until Q1 2018.

Social media presence:

Blockchain information:

  • Token = Nimiq.
  • Acronym = NET.
  • Block time = 1 minute.
  • Block reward = 5 NET
  • Halving = every 2,100,000 blocks.
  • Max Block size = 1 MB.
  • Difficulty adjustment = Every 10 blocks.
  • Total supply = 21,000,000 (like Bitcoin).
  • Divisible factor = 10⁸ (like Bitcoin).
  • Algorithm: Digital Signing Ed25519.

Token distribution

  • Miners’ Reward (issued over 100 years) = 88%.
  • Token Sale Contributors (no vesting) = 5%.
  • Long-term Endowment Foundation (10 year vesting) = 2.5%.
  • Good Cause Partnerships and Sponsorship (10-year vesting) = 2%.
  • Early Contributors (6 month vesting) = 1.5%.
  • Creators (3 year vesting) = 1%.

Additional information:

Conclusion:

Nimiq is introducing a Blockchain technology native to the WWW. An innovative idea that could easily attract almost anybody with access to the Internet, since it won’t require a vast knowledge of the blockchain industry to begin, and it is eco-friendly. This is an idea that will hopefully develop the industry.

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