FAQ

We've put together a list of answers for the most frequently asked questions.

  • Top Questions

  • What are Luna NIM and what is the Luna Testnet for?

    The Luna Testnet is a demonstration of what’s possible with Nimiq’s unique Browser-based approach. The Testnet lets you mine, receive and send transactions in your Browser just by opening a webpage. Luna is the second version of our Testnet. You can learn more about it here. The NIM you mine or transact in the Testnet are Luna NIM. Luna NIM hold no intrinsic value and are used only for testing.

  • What are NET?

    NET is an ERC-20 (Ethereum based) token distributed during the contribution period. NET will be replaced with Nimiq (NIM) shortly before the launch of the Nimiq Mainnet. A total of 10'500'000 NET were distributed.

  • Where are NET available?

    NET are available at Liqui and EtherDelta.

  • How does NET become NIM?

    NIM is the token of the Nimiq Blockchain. The Nimiq Blockchain is still under development (have a look at our current Testnet here). Before we launch the final version of the Nimiq Blockchain we will provide a web tool to replace your NET with NIM at a rate of 1 NET = 100 NIM, including anticipated steps required for regulatory compliance.

  • About Nimiq

  • What is Nimiq?

    Nimiq is a Browser-based Blockchain designed for simplicity. Nimiq’s reason of existence is to bring the benefits of blockchain technology to humankind. To achieve that purpose Nimiq has been built from the ground up to conquer the barriers that inhibit the mainstream adoption of blockchain technologies. Nimiq is encompassed by a strong philanthropic mindset, it will always remain open-source and community-driven.

  • What sets Nimiq apart from Bitcoin, Ethereum et al?

    Main differentiators:

    • Nimiqs single purpose is to solve the payment protocol problem. Simple, fast and secure payments from User A to User B.
    • Browser-based and installation-free since it is written in Javascript ES6 and communicates via WebSockets + WebRTC for connecting to the network without a trusted third party.
    • Light clients allow you to establish Blockchain consensus in seconds, requiring less download data than a song.
    • Near instant transactions via off-chain transactions.
    • Long-term commitment and good cause contribution embedded into the Genesis-Block.

  • Where is the team based?

    The team is currently based in a secluded coworking space in Costa Rica, where Robin Linus conceived the original design of the Nimiq Blockchain.
    The team is formed mostly by German Developers and a couple of Costarrican Engineers. We are considering having offices in Germany too since a lot of our team is based there and having our team work in different timezones enable us to get work done around the clock.
    You can learn more of the team and our unique focus-centric methodologies on our Youtube Channel.

  • Where can I learn more about Nimiq?

    Official information is published on our Blog and Twitter account. You can also join our Telegram, Slack or WeChat groups to be a part of our fast growing community. If you still want more you can also find us on Reddit and Steemit.

  • Luna Testnet

  • If I open the Testnet with different Browsers will I get different Wallets?

    Yes, each time you open the Testnet with a new Browser it will create a new wallet (Private/Public keys) for you and store them in your browser using the Web Storage API.

  • Is the content of my wallet cleared if I delete my cookies?

    No, the only way for your browser to delete your wallet is by deleting offline data.

  • How do I export/import private keys?

    An import/export tool is currently in our roadmap. For now you can use your browser’s developer console (open it by hitting F12).

    Export:
    $.wallet.dump();

    Import:
    (new Nimiq.WalletStore())
    .then(walletStore => {
        const keys = Nimiq.KeyPair.fromHex('<the wallet seed you got by exporting>');
        return walletStore.put('keys', keys);
    }).then(() => window.location.reload());
    Note that importing a wallet overwrites your current wallet, so be sure to export your current wallet first.

  • Technical

  • Is Nimiq Browser-only?

    Not at all, we designed Nimiq to be able to run in your Browser without extra software. That doesn’t mean it works only in your Browser. You can use any device that supports NodeJS to run a Backbone Client.

  • What are your thoughts on PoS?

    We are very excited about the technology but we feel it still needs more research and testing before being introduced in worldwide environment. We are considering its use in a later stage of the Nimiq Blockchain but this is yet to be decided.

  • What are the parameters of the Nimiq Blockchain?
    • Block time: 1 minute (inspired by the results of On the Security and Performance of Proof of Work Blockchains).
    • Block reward: starts with ~5 NIM (4.9650669) and is reduced in a curved fashion (inspired in Monero and Cryptonote) proportional to the block height and remaining Nimiq supply. The reward remains constant once a certain block height is reached.
    • Max Block size: 1 MB
    • Difficulty adjustment: Every 120 blocks.
    • Total supply: 21 Bio Coins divisible by 10⁵ which accounts for a total suply in smallest units of 21e14 (just like Bitcoin)

    Note that these are the current parameters of our testnet: Luna. The parameters for the MainNet will be adapted based on the gained experience from the Testnet.

  • Mining

  • Can I mine with a Backbone Client?

    Absolutely, any server or low-end device that runs NodeJS can mine Nimiq.

  • How can I get the best setup to mine?

    The Luna Testnet uses Argon2 as PoW algorithm which we'll probably also use for the Mainnet. Argon2 was designed and optimized to ensure that GPUs or similar processors won't be able to hash a lot faster than regular CPUs. The mining speed is bound by memory and cache latency instead of processing power, resulting in reduced power consumption on modern CPUs. The best hardware for mining Argon2 is unknown at this point, as optimized miners have not been developed yet.

  • Can I mine using the same Private Key on more than one device?

    Yes. You would just need to export your private key and import it in any other Browser or Backbone client.