Nimiq, found online at Nimiq.com, is a browser-based blockchain and ecosystem. Find out everything you need to know about Nimiq today in our review.
What Is Nimiq?
We’ve seen blockchain-based browsers on the market – but Nimiq claims to be a browser-based blockchain. It’s a blockchain technology that can run from your internet browser without the need for you to install anything.
The platform is currently running on a testnet viewable at Nimiq.com.
Some of the unique features of Nimiq include the ability to mine in your browser. The main goal of the platform, however, is to create an open payment protocol designed to lower multiple barriers of entry.
Another neat feature of Nimiq is the ability to use a wallet without intermediaries. Sending money through the Nimiq app is as easy as sending a text message.
The public release of Nimiq is scheduled to take place in June 2018.
What Problems Does Nimiq Seek To Solve?
If someone can create a way to make blockchain technology accessible through a web browser, it would potentially open up blockchain to a mainstream audience. It could change the future of blockchain, allowing anyone with a browser to easily interact with a blockchain-based network.
However, adding blockchain to a web platform has been challenging.
It’s difficult to add a P2P network using browser-based technology, for example, or to create a storage system for persistent keys and blockchain data. The cryptography side of things – including hashing, signing, and verifying – also poses a challenge.
Nimiq wants to solve these challenges.
How Does Nimiq Work?
Nimiq aims to solve the above problems by emphasizing five crucial features:
- Compression: Nimiq will compress blockchain data, allowing users to sync within seconds instead of hours. Today’s bitcoin blockchain is over 100GB. Nimiq’s blockchain will be about the same amount of data as a small audio file.
- Instant and Scalable Transactions: Nimiq aims to make over-the-counter payments practical with instant and scalable transactions.
- Simplicity: Nimiq will focus exclusively on one thing – payments. They aim to focus on that one thing to ensure they do it better than anyone else.
- Blockchain Parameters: Nimiq will streamline blockchain parameters for their browser-first approach.
- Cross-Chain Compatibility: Nimiq will be compatible with other blockchains – like Ethereum – so Nimiq can take advantage of features like smart contracts.
Browser Nodes, meanwhile, are built on top of existing browser engines, which is why they can be installation-free. When a Browser Node connects to the network, it establishes a WebSocket connection to at least one Backbone Node. After establishing that first connection, they start to establish browser-to-browser connections using the Backbone Node as a signaling server.
Meanwhile, the Browser Nodes use the IndexDB API storage system to store blockchain data and keys. This data is stored on a user’s hard drive. Browsers aren’t designed to store gigabytes of data, which is why compression – as mentioned above – plays a crucial role in the Nimiq platform.
Overall, Nimiq’s developers describe the platform as a third-generation blockchain protocol. We’ve seen other developers use that term before. Typically, it’s used to indicate that bitcoin’s blockchain was the first generation, Ethereum’s was the second generation, and future technologies are the third generation. Here are some of the key features of the platform:
- Sync in Seconds: Nimiq will develop light clients first. Light clients can be used to establish a distributed consensus. The light clients function similar to full nodes: the required blockchain data is less than downloading a song, and syncing is available in seconds.
- Instant Transactions: Off-chain transactions scale beyond paying for a coffee. They unleash micro-transactions and atomic swaps for cross-chain compatibility.
- Wallet Without Intermediaries: You can send money between addresses as easy as sending a text message.
Who’s Behind Nimiq?
Nimiq first began its development between July and December 2016. The first prototypes of the platform were launched in January/February 2017, with an alpha and public testnet appearing online in mid-2017.
Nimiq’s token sale started on June 28, 2017. In December, they plan to launch the official Nimiq mainnet and public the official genesis block. By June 2018, they’re aiming for a full release.
The company is led by Robin Linus (Blockchain Architect), Philipp von Styp-Rekoswky (Tech Lead), and Elion Chin (Operations). All three of these members are listed as “Creators” of Nimiq. They’re supported by a team of blockchain developers and other specialists.
The unique name of the company, by the way, comes from the Inuit word “Nimiq”, which is “an object or force that binds things together.”
Nimiq is a blockchain technology that aims to place the blockchain in the hands of any browser user. It’s an installation-free blockchain with a focus on payment processing.
The Nimiq token sale took place this past summer. The network is available on a testnet, with a mainnet launch scheduled before the end of the year. By June 2018, Nimiq hopes to have the platform up and running.
You can learn more about Nimiq by visiting the official website today at Nimiq.com.