The Nimiq Discord Update — Week 6

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.

Ledger integration — Nimiq

It has been confirmed by Team Nimiq that there is a working application for Ledger which has already gone through an initial evaluation and approval by the Ledger development team. The Ledger team is currently undergoing a review process verifying any possible vulnerabilities in the code, this process should be finished ‘soon’.

Exchanges (Listing & Discussion)

Week 6 see’s NIM listed on a small exchange called ‘TradeSatoshi’ (TS henceforth). Whilst TS is a relatively low volume cryptocurrency exchange, it gives the community the ability to trade Nimiq using TS as an escrow. It should be noted that TS has not been an officially endorsed exchange (yet) and caution is advised.

Following a community backed effort, Nimiq has recently been voted for listing on Payfair with integration to-be-announced.

Team Nimiq member Marvin alongside community manager Richy have reiterated that the team, “are or have been contacting some of the larger exchanges — We aim for mass adoption of Nimiq as a payment protocol”.

An unconfirmed developer under the name of RetoTrinkler from the Melon project appeared in the discord discussing the possibility of ‘ collaborating in building an open-source exchange listing nimiq’ and recruiting developers for this purpose.

Marketing (Plans, Strategy & Design)

[No change] Since Week 3 there has been no updates with regards to marketing plans and strategy. Three weeks ago, Nimiq creator Robin Linus posted his ethos on marketing found on Week 3 of the NDU.

There have been concerns expressed by the community with regards to communication on the progress of the project, it can be confirmed that these concerns have been raised internally and will be addressed by the Nimiq team in due course.

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)

Week 6 see’s the global hashrate for Nimiq mining peaking at 826.06 MH/s on the 28th of May from a low of 378.13 MH/s on the 25th. The distribution of the global hashrate has skewed toward centralisation with BeepPool representing 60%~ of the networks’ hash power.

In an effort to increase the likely-hood 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.

Here’s a comprehensive list of mining pools:

Sushipool / Payout every 3 Hours / Min. payout: 1 NIM / Pool fee: 0%

Porkypool / Payout every 1 Hour / Min. payout: 10 NIM / Pool fee: 0.8%

Nimbus / Payout every 1 hour / Min. payout: 10 NIM / Pool fee: 0%

Nimiqchain / Per block mined / Min. Payout: 50 NIM / Pool fee: 0%

Nimpool / Per block mined / Min. Payout: 50 NIM / Pool fee: 0.8%

Nimiqwatch / Per block mined / Min. Payout: 10 NIM / Pool fee: 1%

Philpool / Payout every 1 hour / Min. Payout: 10 NIM / Pool fee: 0.5%

Nimiqpool / Payout every 3 hours / Min. Payout: 50 NIM / Pool fee: 1%

Nimiqminer / Payout every 6 hours / Min. Payout: 50 NIM / Pool fee: 1%

Beeppool / Manually executed / Min. Payout: 50 NIM / Pool fee: 1%

Skypool / Payout every 12 hours / Min. Payout: 10 NIM / Pool fee: 1%

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

Trading & Price (Transaction volume & Capitalisation)

The launch of TradeSatoshi has put the price of NIM at $0.0045 to $0.01 with fluctuations throughout the day due to the low volume (3 BTC on TS). Nimiq transaction volume has seen an increase from the previous week. Official exchange listing is TBA.

The entire cryptocurrency market is currently experiencing a bear market with the total market capitalisation at $326,565,419,103 according to CoinMarketCap.

Community (App development & Announcements)

Nimiq wallet for Android is currently under-construction by community member KevinRob.

NimiqChain have released v2. of their mining client. This update will include new databases, location servers, an updated webpage, improved miners and back-end.

Nimipet has introduced a withdrawal and referral system. The withdrawal system allows you to take out any NIM mined through Nimipet but with the result of the Nimipet dying. :’(

Nimbus are offering a tutorial and guidance to anyone wishing to mine with Google Cloud Computing utilising the free credits provided on account creation.

Community member Aschen has provided a download link for the entire Nimiq blockchain to enable individuals to reach consensus faster.

NimTipBot has been created by community member Cino to enable people to tip Reddit and Discord members.

Nimex a community developed exchange has announced that a private beta is going to be conducted before an official launch. If you have questions about Nimex join their discord.

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