What are BetaNIM and what is the BetaNet for?
The BetaNet is a demonstration of what’s possible with Nimiq’s unique Browser-based approach. The Betanet lets you mine, receive and send transactions in your Browser just by opening a webpage. The NIM you mine or transact in the BetaNet are BetaNIM. BetaNIM hold no intrinsic value and are used only for testing.
What are NET?
Nimiq Exchange Token (NET) is an ERC-20 (Ethereum based) token issued during our Token Sale. NET is a temporary token that will be exchanged for Nimiq (NIM) shortly before the launch of the Nimiq Mainnet. A total of 10 500 000 NET were issued at a rate of 175 NET = 1 ETH.
- Where can I trade NET?
How does NET become NIM?
NIM will be the token used in the Nimiq Blockchain. The Nimiq Blockchain is still under development (have a look at our current Beta Testnet here). Before we launch the final version of the Nimiq Blockchain we will provide an easy-to-use web application to swap your NET for NIM at a rate of 10 NET = 1 NIM. This application will let you create a wallet in the Nimiq Blockchain, respective NIM will be added to that address in the Genesis Block.
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?
- Nimiqs single purpose is to solve the payment protocol problem. Simple, fast and secure payments from User A to User B.
- 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?
If I open the BetaNet with different Browsers will I get different Wallets?
Yes, each time you open the BetaNet 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).
const walletStore = new Nimiq.WalletStore();
const keys = Nimiq.KeyPair.fromHex('<the wallet seed you got by exporting>');
Note that importing a wallet overwrites your current wallet, so be sure to export your current wallet first.
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 Nimiq (NIM); halves every ~2'100'000 blocks. This approach models Bitcoin’s approach, while taking into account that Nimiq’s block time is 10 times faster.
- Max Block size: 1 MB
- Difficulty adjustment: Every 10 blocks
- Total supply: 21 Mio Coins divisible by 10⁸ (just like Bitcoin)
Note that these are the current parameters of the Beta TestNet. The parameters for the MainNet will be adapted based on the gained experience from the BetaNet.
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?
Currently the BetaNet uses SHA256 as PoW algorithm but we plan to switch to a memory-bound PoW. On memory-bound algorithms, the mining speed is bound by the memory latency. GDDR5 memory on latest graphic cards does not have a relevant latency benefit (if at all) compared to DDR3/DDR4 which is used by the CPU. We'll have to try it out, but our target is to be solely memory-latency-bound because this will reduce power consumption of miners (basically putting your CPU into waiting for memory most of the time).
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.