Nimiq is a third generation blockchain cryptocurrency that was created for simplicity. It is web-based, so you don’t need to download anything to access the blockchain or to mine Nimiq tokens.
Nimiq is an abrasionless peer-to-peer settlement protocol intended for online use. It is a fully decentralized system and uses an open source protocol.
The Nimiq team is able to institute harmony with the network, and permits peer-to-peer settlements without the interference of a third party. Nimiq reduces the rate of barriers by establishing connectivity for developers, merchants, and consumers.
Challenges With Web-Based Blockchains
The major challenge that comes with this web-based blockchain is the translation of blockchain constituents to the web platform. The major requirements for this translation are:
It is the key element for launching peer-to-peer connections.
Its main use is to store diligent keys and information related to Blockchain.
Cryptography is employed for verifying and signing in, and also for hashing.
Approaches Introduced By Nimiq
Nimiq introduced a blockchain technology that can solve these challenges, and it’s actually a great tool for what it’s designed to do. Nimiq launched two important approaches for solving the main challenges caused by the root problems. Here are the approaches introduced by Nimiq:
1. Excellent Payment Experience
Nimiq blockchain technology is designed with an understanding that every product or service provider engages in their trade for payments. Nimiq’s design is based on the idea that easy and friction-less payments are the most significant part of any cryptocurrency technology. Cryptocurrency is excellent for payment transactions because there is no trust needed between the parties involved.
Commercial cryptocurrencies explore the real world limits and possibilities of blockchain technology. So, Nimiq launched a third generation blockchain technology with open source protocol for ensuring simplicity. Thus, nimiq beats Applepay in Simplicity.
2. Browser Based Blockchain
Web and online marketing is the biggest tool for selling any kinds of goods and services worldwide. Nimiq is a protocol mainly for payments which are native to the web. It possesses cutting-edge browser features, and it is really easy to install with no installation fee. Nimiq is supported for use by almost anyone throughout the world who has internet access, and thus it focuses on mainstream technology.
Nimiq employs open source protocol designed for peer-to-peer payments, and it is abundant with various attractive features. Here are some of the attractive features of nimiq:
Nimiq is browser based in nature and it employs web sockets for establishing network communication. It can run on servers as well if the user prefers, even though it is browser based by nature. Thus, it’s free to install and launch nimiq with ease of that is your choice.
Users may feel various barriers while connecting with other users throughout the world since collisions or loss of connectivity may occur. However, nimiq provides you fast synchronization with other users with peer-to-peer connectivity.
Nimiq possesses Hashed Timelock contracts (HTC’s), and by employing these users can establish channels for payments with each other to transfer off-chain transactions. Basically, off-chain transactions are more highly secured than on-chain transactions. Thus, transactions are usually instant in nimiq with low cost and no need for block confirmation.
Why Nimiq Is Needed
Nimiq is a third generation blockchain technology designed for peer-to-peer payments with open source protocol, and it is fully decentralized in nature.
Nimiq is also needed for instant and variable transactions throughout the world.
It’s usually simpler than ApplePay, and its prime duty lies in payments with no scripting languages.
It has cross- chain compatibility and thus it can connect with Ethereum and other cryptocurrency for indulging smart contract features and so on.
It simplifies the transactions and users need not deal with the unspent outputs.
Nimiq’s prime duty is to establish peer-to-peer connectivity for fast transactions, and it is an open source payment protocol. If you are curious about what nimiq is and what make it so useful, take some time to visit their website and give it a try.