KuCoin AMA With Nimiq (NIM) — A Simple, Secure, And Censorship-Resistant Protocol

2024/01/15 06:58:08

Dear KuCoin Users,

Time: January 12, 2024, 11:00 AM- 12:31 PM (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session with the Ecosystem Development for Europe, Max Burger, Ecosystem Development for America, Martin DeSouza, Community Manager, Michael Passias and the Communication Manager, Ricardo Barquero, in the KuCoin Exchange Group.

Official Website: https://www.nimiq.com/

Follow Nimiq on Twitter, Telegram and Youtube

Q&A from KuCoin to Nimiq

Q: What is the primary use case of Nimiq?

Max: The primary use case of Nimiq is fast, easy and cheap peer-to-peer crypto payments with the clear goal of making Nimiq (NIM) the most widely accepted and used payment cryptocurrency on the planet.

In essence, Nimiq aims to achieve Satoshi Nakamoto's original idea: Peer-to-peer electronic cash that everyone can easily use in everyday life.

Nimiq is its own Layer-1 blockchain, it’s not just a token on top of an existing blockchain or a fork of an existing technology. NIM is the native payment coin, the cryptocurrency used in the Nimiq ecosystem. It's just like how BTC is used in the Bitcoin blockchain.

Nimiq strictly follows the five key principles of real cryptocurrency: Nimiq allows for:

▪️Decentralized (no single control point)

▪️Borderless (works everywhere)

▪️Verifiable (transactions can be checked)

▪️Neutral (fair for everyone)

▪️And permissionless (no need for permission)

... peer-to-peer crypto payments.

If you want to learn more about Nimiq and our mission, you can check out the following links:

▪️Nimiq Whitepaper

▪️Crypto made easy video

Q: What is unique about Nimiq's Blockchain Technology?

Michael: First off, what makes Nimiq stand out is its ease of use. You know how with most cryptocurrencies, you need to install special software or go through complex setup processes. Well, with Nimiq, all you need is your web browser. It’s that simple! Your wallet is stored locally in your browser, making it super easy to access and use. You remain in full control of your funds, following the principle of ‘not your keys, not your coins.’ But that’s not all. Nimiq isn’t just built on some existing blockchain platform like Ethereum; it has its own native open-source blockchain, designed specifically to provide the most user-friendly method of payment. If you’re a developer familiar with JavaScript or TypeScript, you’ll find it a breeze to integrate Nimiq into web apps, games, or other software because Nimiq is Web-native.

If you’re interested in the technical side of things, I’d recommend checking out the Nimiq whitepaper here. Curious about the code? You can find the Nimiq source code on GitHub.

Did I mention the upcoming change to Nimiq Proof of Stake (Albatross protocol)? It’s a pretty exciting stuff. Our developers managed to reach 1,000 transactions per second with sub-second finality on the Nimiq Testnet. That’s pushing the boundaries of what’s possible for a layer one blockchain network, excelling in what Nimiq is built for: Seamless payments.

Q: Nimiq enables browser mining. Where Will Users Be Able To Pay With It?

Martin: The Nimiq team is excited to release Nimiq Pay!

Imagine you’re shoppin, and you want to pay with NIM. With Bluecode and Bitcoin Lightning, you will be able to do just that! The best part? Thousands of stores will accept your NIM payment without even realizing it.

Here’s how it will work: Stores that use Bluecode, a popular digital payment scheme in Europe, won't need to change anything about their current setup. They don’t even need to know what cryptocurrency is! When you pay with NIM, the store will receive the payment in their usual currency. It’s a win-win situation, you will get to use your preferred payment method, and the store gets paid as usual.

What’s even more exciting to me personally is the coming integration with Bitcoin Lightning. This means you will be able to pay with NIM, and the store will receive Bitcoin Lightning. The swap that will enable that will be, of course, self-custodial. It’s a seamless way to use cryptocurrency in everyday life.

Q: How does Nimiq enable cross-chain swaps?

Max: Nimiq offers users the possibility to perform true cross-chain atomic swaps between NIM (Nimiq), BTC (Bitcoin) and USDC (Polygon) right inside the Nimiq Wallet.

Atomic swaps are a way to directly exchange one cryptocurrency for another without needing a middleman,for example, a (centralized) crypto exchange. Imagine you have apples, and your friend has oranges, and you want to trade without going to a market. Atomic swaps let you do this directly with each other.

Self-custodial means you have full control over your cryptocurrencies, and there’s no third party like a bank or exchange in between. In atomic swaps, since you're trading directly with someone else, you keep full control of your cryptocurrencies until the swap is complete and you're sure you're getting the agreed asset in return.

Here’s a video that shows how easy an atomic swap between NIM and USDC works in the Nimiq Wallet.

Q: What makes Nimiq Wallet's support for USDC transactions special?

Michael: One of the coolest features is gas-fee abstraction. You can send USDC without needing to own or manage a secondary token (in this case: MATIC) for transaction fees. The Nimiq Wallet takes care of that for you by automatically converting a small portion of your USDC to MATIC to cover the transaction fees. Gone are the days of someone sending USDC to your self-custody wallet and needing to find a way of getting MATIC, so that you can work with your funds immediately.

As you can probably already guess, the Nimiq Wallet uses the Polygon network for its USDC transactions. This means your transactions are not only quick, but also cost-effective. And the best part? All the complexities of blockchain transactions, including token swaps and fee calculations, are handled behind the scenes without you ever losing control of your funds in the process. It’s as straightforward as using traditional online banking or payment systems.

Find out more about the USDC integration here.

But hey, don’t just take my word for it. You can try it here!

Q: What Is The Typical Onboarding Time For A New User To Set Up A Non-Custodial Wallet With Nimiq?

Martin: We take immense pride in offering a swift and user-friendly onboarding process, especially for newcomers to the crypto world. Nimiq is designed with a focus on simplicity and accessibility, making the journey into cryptocurrency as seamless as possible. Creating a non-custodial wallet with Nimiq is remarkably quick and straightforward. A new user can set up their own wallet, where they are in complete control of their keys, in less than 30 seconds. This process is not only fast, but also intuitive. Ensuring that even those new to cryptocurrencies can navigate it with ease.

We encourage everyone to experience this simplicity firsthand. You can try creating your Nimiq wallet and see just how quick and effortless it is by visiting wallet.nimiq.com. This approach is a testament to our commitment to making cryptocurrency accessible to everyone, regardless of their technical background or experience with digital currencies.

Q: Nimiq Is Planning To Enhance Its Network's Capacity And Speed By Transitioning To Proof-of-Stake. Can You Tell Us More About It?

Ricardo: Nimiq is at the forefront of a significant network upgrade by transitioning to a Proof-of-Stake (PoS) consensus mechanism. This strategic move is more than just a technical update; it represents a fundamental shift towards greater efficiency and speed in the Nimiq ecosystem. At the core of this upgrade is our own PoS consensus algorithm, designed with a focus on payment processing. This algorithm is a game-changer, specifically optimized for fast, secure, and efficient transactions. With this upgrade, Nimiq is set to become incredibly energy-efficient, a critical factor in today's environmentally conscious world.

One of the most exciting features of this transition is the dramatic improvement in transaction confirmation times. We're talking about reducing these times to approximately 1 second, making Nimiq one of the fastest payment networks in the cryptocurrency world. This speed is not just a technical achievement; it's about enhancing user experience and making cryptocurrency transactions as seamless and quick as traditional digital payments.

Lastly, the shift to PoS will lead to a reduction in Nimiq's inflation rate. This is an essential step towards creating more scarcity for NIM, which could have positive implications for the Ecosystem. By carefully balancing the inflation rate, we aim to foster a more sustainable and robust economic model for Nimiq.

Q: What is the Cryptocities initiative and how does it benefit NIM holders?

Max: “Cryptocity”, “Criptocidudad” in Spanish and “Kryptostadt” in German-speaking countries, is Nimiq’s initiative to support the development of crypto-friendly cities.

On Cryptocity Network you can find three Cryptocities: San José, the capital of Costa Rica, Mannheim, a city in Germany, and Ljubljana, the capital of Slovenia with over 640 NIM acceptance locations already.

Cryptocity’s mission is to position cities around the globe as innovative hubs for digital payments and create unique ecosystems that strengthen retail, the local economy, and tourism.

In order to achieve this, Cryptocity leverages the Nimiq product range and the projects partnerships (e.g. NAKA, Bluecode, Nexi) to offer a full 360° of crypto-solutions for both merchants and beginners:

- Nimiq Wallet: A self-hosted Wallet to support NIM, BTC and the stablecoin USDC (Polygon). With a few clicks, you can set it up in 30 seconds on any device with a web browser (Chrome, Firefox, Safari).

- Crypto Map: A Crypto Map where you can quickly find out where you can already pay with cryptocurrency today.

- Crypto Payment Link: A user-friendly web app for small businesses and self-employed individuals. Even if you have no experience with cryptocurrencies, CryptoPayment Link allows you to quickly, easily, and freely receive crypto payments for your products or services.

Every city can become a Cryptocity. Our solutions and network offer the right solutions to make your city crypto-friendly! So make sure to reach out to us if you want to make your city crypto-friendly, too!

Free-Ask from the KuCoin Community to Nimiq

Q: How Does Nimiq Plan T o Address The Challenges of Low Trading Volume and Liquidity For The NIM Token?

Ricardo: We are beginning to ramp up marketing measures to increasethe visibility of Nimiq. We are working with crypto industry PR leaders and plan to begin getting a lot of users in the coming months. Together with our transition to Proof-of-Stake, Nimiq is definitively becoming very interesting for traders during this year and beyond.

Q: You Have Published a Transparency Report for the Data Related to 2022. Will there be Any more Reports On 2023 Too?

Michael: Yes, we released our transparency reports every year around August. So, you can look forward to seeing the 2023 report in 7 months. If you didn't take a look at our last transparency report yet, you can find it here.

Q: What are the upcoming key focuses of your project as per the Roadmap? Do you have sufficient financial resources and a robust community to accomplish these milestones?

Ricardo: Right now, our focus is on the transition to Proof-of-Stake and on maximizing the number of locations where users can pay. We are all about making NIM the most accessible coin to pay with.

Q: How does NIM token plan to attract and retain users in the long term?

Ricardo: The new Nimiq Pay app will allow users to earn rewards in a learn-to-earn section. They can later use these rewards to pay in lots of locations accepting crypto. This dynamic, together with staking, will incentivize users to stay within the Nimiq Ecosystem.

Q: What strategies are you implementing to attract non-crypto investors to NIM? The success of a project often entices investors outside the crypto sphere. How do you plan to raise awareness about your project in the non-crypto space?

Max: The Cryptocity initiative plays a very important role in attracting novel crypto users. The goal is to create as many real-world acceptance locations as possible.

All of those will be listed on the Cryptomap and we work together with the merchants to make local communities aware of their crypto payment acceptance.

The more shops, restaurants, and businesses in a certain area accept crypto, the more non-crypto-audiences will become aware of this new payment option.

https://cryptocity.network will be the main online platform for both merchants and individual users, especially beginners. There, novel users find a lot of basic info about crypto and guidance on how to get started in the crypto space with Nimiq. To be even more concrete:

- We already have 100+ own cplink.com locations on our map

+ 2.300+ existing NAKA acceptance locations that accept NIM

+ approx. 15'000+ acceptance locations that accept NIM payments via BTC Lightning (conservative estimate)

+ 20'000+ upcoming Bluecode locations as soon as Bluecode is integrated into Nimiq Pay.

+ approx. 80'000-100'000+ acceptance locations through our local acquirer partnerships

+ many more to come

Cryptocity will be the public initiative that serves as an umbrella for Nimiq's adoption campaign, as it's easier to understand for people. There will be several marketing and promotion campaigns supporting the cryptocity initiative to boost adoption.

KuCoin Post AMA Activity — Nimiq

🎁 Participate in the Nimiq AMA quiz now for a chance to win 10,740 NIM!

The form will remain open for five days from publishing this AMA recap.

Nimiq AMA - NIM Giveaway Section

KuCoin and Nimiq have prepared a total of 1,550,000 NIM to give away to AMA participants.

1. Pre-AMA activity: 300,000 NIM

2. Free-ask section: 49,500 NIM

3. Flash mini-game: 395,000 NIM

4. Post-AMA quiz: 805,500 NIM

Sign up for a KuCoin account if you haven’t done so yet, and ensure you complete your KYC verification to be eligible for the rewards.

Follow us on Twitter, Telegram, Facebook, Instagram, and Reddit.