Posted 9 months ago | by Ben Armstrong
Why Nimiq is One of the Biggest Gainers of 2020
Nimiq has been one of the biggest pumpers of 2020, going from the top 500 to the top 200 with no indications of stopping any time soon, quite the opposite.
To learn more about what sets this project apart and Bitboy Crypto’s predictions for NIM, make sure to watch the latest video!
Nimiq Will be Migrating to a Proof-of-Stake Algorithm
With some big changes coming to the platform, there are reasons to expect its rise to continue in the future as they are planned to be deployed before the end of the year, taking the project to the next level.
Nimiq will be moving to a proof-of-stake (POS) consensus algorithm which is sure to affect the performance of the coin, as proof of stake means people will be staking it to be able to act as part of the network by validating and sending transactions.
This change will result in increasing scarcity of the coin by requiring users to hold their coins to be part of the network while making the value of the staked currency increase at the same time as well as earning passive income as they hold.
The POS algorithm being developed by Nimiq is called Albatross and was the result of collaborating with Trinkler Software, which both companies claim to be “able to achieve a performance close to the theoretical maximum for single-chain Proof-of-Stake consensus algorithms”.
This migration was originally planned to take place in the third quarter of 2020 but there are indications that it might be delayed to the fourth quarter
Nimiq is a Cryptocurrency Meant for the Masses
Nimiq is a blockchain platform focused on making blockchain universally accessible, created to be browser-first to eliminate the entry barrier that prevented users from entering the crypto world.
As an open-source, censorship-resistant, and decentralized payment protocol, Nimig is intended to be used as open money by allowing its users to pay online, get donations, and perform transactions with it.
Nimiq differentiated itself from other cryptocurrencies mainly by allowing itself to be mined via a web browser with just one click but with the migration to POS, it will be increasing its scalability and keeping its ease of use in the staking process.
The Ethos behind the entire project is to make cryptocurrencies as effortless to use as technologies like the internet, where the user doesn’t need an understanding of the subjacent technology to take advantage of it.
NIM has Shown an Incredible Performance in the Last Month
Nimiq is powered by NIM, which is currently sitting at rank 167 with a market capitalization of $26,040,393 and a value of $0.004.
While these numbers might not look good compared to other cryptocurrencies, it represents an increase of over 400% since June the 1st, which shows an increasing interest on the platform even before the migration to a POS consensus algorithm.
With its value at an all-time high, Nimiq is certainly a cryptocurrency to watch for closely as altcoins are seeing an increase in popularity and the platform gets closer to its migration.
The Blockchain Industry Keeps Getting Closer to Mass Adoption
With a growing interest in blockchain technology from companies and governments around the world, it seems that blockchain is finding new applications every day from some major players in an industry.
With the recent news about Volvo and Mercedes-Benz applying blockchain to their supply chain, the European Union researching blockchain potential for a digital Euro, Microsoft recommending the integration of the technology to the Paris Agreement, etc, it is easy to be positive about the closeness of the tipping point.
Cryptocurrencies like Dogecoin have also received attention from the newest generations, directing their attention to the possibilities that cryptocurrencies could bring to their lives and their fight against the status quo.
People all around the world are starting to benefit from blockchain technology without even knowing it, which is exactly the point where any new technology wants to be.
Platforms like Nimiq can help the industry to reach that point were non-tech savvy people will easily be able to create, use, and benefit from the technology daily with ease and confidence.
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