AMA Session Recap: StealthEX with Nimiq

Nimiq recently conducted an AMA in collaboration with StealthEX, and we're excited to share the highlights with you. Here is the live session on X.

StealthEX: Hi everyone! Today we have an AMA session with Nimiq. We'll wait a couple more minutes for more people to join. In the meantime, Ricardo, could you please introduce yourself?

Ricardo: Sure! My name is Ricardo, but I go by Richy. I am from Costa Rica, so you might notice a Spanish Latin American accent. I am the communication lead at Nimiq, handling everything related to communication and marketing with the team. Feel free to reach out to me if you have any questions after this AMA.

AMA Questions from Twitter

StealthEX: Great! Let's start with some prepared questions from Twitter before moving to live questions. First, what steps is Nimiq taking to make payments with NIM as seamless as possible? How does the integration with the Bitcoin Lightning Network expand the potential use cases for NIM? How does Nimiq ensure that transactions are secure and reliable?

Ricardo: Nimiq is mainly focused on payments, not competing with general-purpose blockchains like Ethereum or Cardano. We enable cross-chain transactions and recently integrated Bitcoin Lightning into our payment app, Nimiq Pay. This allows users to pay with NIM at any Bitcoin Lightning acceptance location, creating a universal base for payments. Our system ensures security through decentralization and self-custodial transactions, making payments efficient and reliable.

StealthEX: Fascinating. Now, the Nimiq nano node or browser node significantly improves decentralization. How does this innovation enhance the security and decentralization of the Nimiq network compared to other alternatives?

Ricardo: Nimiq's wallet connects directly to the blockchain, not through a server, ensuring a decentralized peer-to-peer network. This is achieved through browser nodes, making our blockchain censorship-resistant and highly decentralized. Users can join the network easily, ensuring both security and accessibility.

StealthEX: Nimiq prides itself on ease of use. Can you elaborate on the technical innovations behind the web-native approach and how it impacts user adoption and security?

Ricardo: Our wallet is designed to be intuitive, like PayPal or Apple Pay, supporting NIM, Bitcoin, and USDC. We've integrated gas abstraction for USDC, allowing users to send and receive without worrying about underlying gas fees. This makes the wallet user-friendly and enhances security by keeping everything client-side.

StealthEX: Given Nimiq's stateless system that does not store user data, how does the platform ensure the security and privacy of user transactions and interactions?

Ricardo: We prioritize security with bug bounty programs, peer reviews, and collaborations with HackerOne. While Nimiq is not anonymous, it is pseudonymous like Bitcoin, maintaining neutrality and privacy. We also use Identicons to visually represent addresses, reducing errors and enhancing security.

StealthEX: How does Nimiq's token governance model work, and how do token holders participate in the decision-making process?

Ricardo: We are currently researching into governance models. So far we've gathered community feedback through on-chain polling to allow token holders to submit their preferences for important decisions. We also have a community funding board elected by the community to decide on grants and other matters. Recently, the community was polled on adjusting the supply curve, showcasing our commitment to community-driven decision-making.
(Note: the final decision of implementing any changes to the Nimiq protocol, including its parameters, always remains with the decentralized node operators who agree what version and parameters to deploy and support)

StealthEX: Nimiq aims to be a widely accepted payment method. What steps are being taken to ensure compliance with AML and KYC regulations while maintaining decentralization?

Ricardo: While the Nimiq blockchain itself is neutral and decentralized, we comply with regulations where necessary, such as during crowdfunding or giveaways. We follow Blockchain principles, ensuring neutrality and security.

StealthEX: What updates and developments can the Nimiq community look forward to in the coming months following the migration to Proof-of-Stake?

Ricardo: The migration to proof-of-stake will decrease transaction confirmation times to one second, enhancing user experience and network performance. We are also mindful of energy consumption and security, planning a phased transition similar to Ethereum's. This will include incentives and rewards for staking.

StealthEX: How does Nimiq plan to attract non-crypto users to new projects?

Ricardo: We are working on partnerships with major payment networks in Europe, aiming to add thousands of acceptance locations. This will make Nimiq more accessible to mainstream users, offering a familiar payment experience. We are also developing a crypto payment card to facilitate seamless transactions.

StealthEX: Given Nimiq's emphasis on being web-native and developer-friendly, what initiatives are in place to attract and support developers?

Ricardo: We provide grants to developers through a community-elected funding board. We also host Twitter Spaces for developer discussions and collaborations. Additionally, we are actively seeking talent to enhance our developer relations and foster more projects on the Nimiq blockchain.

StealthEX: Thank you, Ricardo, for the insightful answers. Let's take some live questions now.

Live Questions

Question from Bull Run: What specific features for improvement can users expect from UTXO Tree, and how might it impact transaction efficiency and scalability?

Ricardo: UTXO Tree combines elements from both Bitcoin's UTXO and Ethereum's account’s tree, enhancing efficiency and scalability. It allows for faster balance retrieval with minimal data, potentially enabling private transactions. We're exploring one-way private transactions to balance privacy with regulatory compliance.

Question from BTC_Rat: Instead of implementing private transactions, could Nimiq do HTLC swaps with Monero and add Monero into the Nimiq wallet?

Ricardo: That's an interesting idea! We are exploring various solutions, and I'll share this with our core team. It could be a feasible addition to enhance privacy and functionality.

StealthEX: Thank you, Ricardo, for the great discussion. Thanks to everyone who joined. Keep an eye out for the winners of our giveaway. It was a pleasure having you all.

Ricardo: Thank you for having me. Join our community and participate in our Galaxy Quest for a chance to win prizes. Stay tuned for more updates!