The Nimiq Discord Update — Week 7

Welcome to the Nimiq Discord Update! This a community contributed weekly write-up on what Team Nimiq have been posting in the official Nimiq discord channel alongside community led projects and content being created for Nimiq.

Communication

Following feedback from the community, Team Nimiq have increased communication efforts in Discord and have started a blog series outlining the core values and objectives of the team for the project moving forward. As part of growing a more active community it is highly encouraged you join the official discord channel.

Nimiq activation (NET to NIM)

A second batch of activations have taken place for those looking to convert their NET to NIM. If you wish to convert NET to NIM you will have approximately 3 more months to activate, this process can be started here (Please read all of the documentation).

Exchanges (Listing & Discussion)

Mentioned in last weeks’ edition, Nimiq has officially listed on ‘Tradesatoshi’ as the first exchange to integrate NIM, there have been issues with regards to withdrawals so caution is advised.

Week 7 see’s the launch of Nimex.app in closed beta, with the developers releasing invite codes periodically to those wishing to trade NIM/ETH, Nimex.app is looking to integrate further NIM pairs in the future with BTC, LTC & Nano as prospective pairs following official launch of the platform.

According to Richy & Marvin there is ongoing technical discussion with exchange ‘CryptoBridge’ about integrating NIM. They have reiterated that the team is in contact with multiple exchanges, which vary in size and volume, about integrating NIM onto their platforms.

With regards to the CoinMarketCap listing for NIM, the team has already contacted representatives for listing the updated project, however, CMC has responded with a minimum volume of $100,000 in a 24 hour period to be eligible for listing.

Marketing (Plans, Strategy & Design)

[Updated] Three weeks ago, Nimiq creator Robin Linus posted his ethos on marketing found on Week 3 of the NDU. For week 7 of main net the team has begun an official blog series that outlines the strategy and priorities of the team moving forward.

In a recent Medium post by Team Nimiq: “Nimiq: Past, Present & Future”, the team outlines the key priorities and core values for the team moving into the future. As stated in past blog posts and vlogs, the first priority for the team is integrating and listing Nimiq on a greater number of exchanges and this will be followed by targeted marketing efforts in due course. The next post by the team should outline the marketing efforts and strategy which will be covered when released.

With regards to the long term objectives for the Nimiq project please refer to ‘The intended use of funds (Roadmap)’: Part 1: Vision, Part 2: Action, Part 3: Roadmap.

Mining (Pools & Developments)

In an effort to increase the likelihood of Nimiq being adopted by a larger cryptocurreny exchange many of the pool owners have expressed the need to distribute the hashing power more evenly between the numerous pools that exist.

Week 7 see’s the global hashrate peak just over 1.06 GH/s on the 5th of June from a low of 603 MH/s on the 31st of May. The global hashrate is skewed toward centralisation with Beeppool and Skypool alternating as the most dominant pools on the network.

Beeppool’s owner, ‘Blub’, has announced his intent to create a hashrate distribution script to ensure that the Nimiq networks’ hashing power is spread more evenly between pools, this sentiment is shared by Skypool owner, ‘Azard’. You can follow the progress on the hashrate distribution script in the #pool-owners channel on the official Nimiq Discord.

Community member brantje has also created a website tracking the hashrate of each pool that currently mines Nimiq. It can be found here.

Want to help the hashrate distribution effort? I’ve compiled a list of mining pools you can join in my previous post.

Trading & Price (Transaction volume & Capitalisation)

The launch of TradeSatoshi has put the price of NIM at $0.0075 to $0.01 with fluctuations throughout the day due to the low volume (5 BTC on TS up from 3 BTC). Nimiq transaction volume has seen an increase from the previous week. Further exchange listing are TBA.

Following the ATH (All-time high) for the global hashrate the break-even for miners sits at $0.007~.

The entire cryptocurrency market is currently experiencing a bear market with the total market capitalisation at $345,188,438,626 according to CoinMarketCap.

Community (App development & Announcements)

Nimipet will be conducting an airdrop of NIM for all Nimipets, more details can be found here.

NimiqX. Community member Miao has created a web service for developers to interface with the Nimiq API without the need for running a node.

Sushipool has released a Windows mining client. For assistance please visit the official Nimiq discord and go to the #Sushipool channel.

NimiqChain has recently overhauled both front-end and back-end of its infrastructure. For more information visit the NimiqChain discord.

Nimex.app will be enabling a faucet following further testing.

If you’d like your community update added to the next post please contact me through the comments or @Symphonys on the Nimiq Discord!