Home Optimal energy How Nimiq is pioneering a new ‘2% Engagement’ crypto model for a good model to inspire the industry

How Nimiq is pioneering a new ‘2% Engagement’ crypto model for a good model to inspire the industry

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Nimiq is a single cryptocurrency that champions the idea of ​​“Crypto for Good” – and announces an innovative new “Pledge 2%” model that they hope to adopt from other cryptocurrencies (similar to Silicon Valley adopted the Pledge 1% model).

I met co-creators Philipp von Styp-Rekowsky and Elion Chin to find out more.

Afdhel Aziz: Elion, Philipp, welcome. Please tell us what exactly is Nimiq?

Elion Chin: Nimiq is “Crypto for Humans”, an open source, censorship resistant (NIM) cryptocurrency that focuses on ease of use, while applying cutting edge research on the blockchain to maximize transaction speed and minimize transaction costs. The decentralized payment network has been developed across multiple platforms for modern desktop or mobile browsers, allowing users to participate with minimal barriers to entry. The fact that Nimiq does not require any software installation and constantly seeks to maximize the simplicity of its interfaces, guarantees an exceptional user experience.

Aziz: How would you articulate Nimiq’s goal and philosophy? What do you mean by Crypto for humans?

Philipp von Styp-Rekowsky: The team identified that solving scalability and usability without taking centralized shortcuts is the main challenge in the crypto space true to its mind. The five fundamental pillars of crypto are well established (unlicensed, borderless, neutral, decentralized, verifiable). Nimiq understands that these fundamental pillars, while essential to solving the problems at the heart of a centralized monetary system, are not sufficient for a sustainable and globally adopted peer-to-peer cryptocurrency and payment system. . While maintaining these fundamentals, there are additional key human and societal elements that are necessary for a global and sustainable adoption of a cryptocurrency. He must be :

1. Easy to use and convenient

2. Fast and scalable

3. Low transaction cost

4. Eco-friendly and environmentally sustainable

5. Focused on social, charitable impact

Everything we do to build ‘Crypto for Humans’ takes place with these additional human and societal demands in mind.

Aziz: Let’s talk about how this manifests in your innovation with the web browser?

Chin: In 2016, the idea of ​​making cryptocurrency more accessible sparked an attempt to create a simple browser-based (or “node”) payment verification client for Bitcoin. Realizing that this was impossible without additional intermediaries or bridges, we set out to create a browser-centric blockchain protocol from scratch to minimize barriers to entry for ordinary people and establish peer-to-peer. high performance peer without installation. blockchain network.

The design of an internet native cryptocurrency enables exceptionally smooth payment experiences when using desktop or mobile browser interfaces. Kindhumans was the first to integrate our Crypto-Checkout which automatically recognizes your browser wallet when you pay with NIM in their online store. We invented “Cashlinks” which allows you to send NIMs embedded in a simple web link through your favorite messaging application or via email. With cryptopayment.link, we provide freelancers, small businesses, or anyone with the easiest tool to use to make a simple payment request to earn a portion of their crypto bills. All this without installing anything or adding any browser extensions.

Aziz: You also tackle the issue of sustainability in crypto by moving to a staking model – can you please explain how that improves things?

by Styp-Rekowsky: Today, being sustainable and respectful of the environment is an important success factor for services and products of all kinds. These factors are even more important for Nimiq, as being closely aligned with both the environment and the society is a vital / fundamental part of our project’s DNA and its Costa Rican roots. Blockchains like Bitcoin that follow the traditional principle of “proof of work” (a method of achieving consensus in a decentralized computer network) are known to consume large amounts of energy, sometimes as much as an entire nation. Nimiq is working on a fundamentally different approach to achieving this necessary consensus, while also creating an added benefit for our users: by introducing its own version of the ‘proof of stake’ consensus method, our next blockchain upgrade will no longer require large amounts of energy, while achieving high transaction throughput without compromising decentralization. With Nimiq 2.0, all users will easily be able to help secure the network with the funds they hold and earn NIM rewards in return.

Aziz: Today you are announcing the idea of ​​the 2% Pledge, which is an open source model whereby cryptocurrencies can set aside 2% of their coins for charity – can you explain how it works?

Chin: Yes indeed, to our knowledge this is the first time that such a commitment is independently reported for any crypto project and we hope to pave the way with Nimiq for a new trend. As part of our mission to add social / charitable impact components, Nimiq at Creation allocated 2% of its total maximum coin supply to the ImpactX Foundation, a registered 501v3 set up specifically for this purpose. This amounts to 420 million NIMs that are tied into an acquisition-type smart contract that releases portions periodically over a 10-year period. This encourages taking a longer-term view for the use of these funds depending on the growth and scope of the Nimiq project over time. In its early stages, the foundation board decides which social or ecological impact efforts the funds can be allocated to. With the maturing of efforts and the value to be given, the plan is to move to a governance model that will allow the Nimiq community to vote on the allocation and projects.

Aziz: And you have already made your first donation to a charity: water, right?

by Styp-Rekowsky: Correct. Although it is not yet optimal to use ImpactX’s NIM funds as we continue to develop Nimiq and its value, in June we came across an urgent opportunity: the charity: water was publishing its “Bitcoin Trust” which would accept donations from BTC and guarantee their retention until 2025 to have a chance to multiply the impact. The charity’s 100% role model reputation and this particular idea of ​​crypto donation “hodl” resonated with us and made it a marker for the Nimiq charity. To project the “cost” of the donation into the future, ImpactX took out a loan in USD to acquire the donated BTC.

Aziz: It’s awesome. What advice do you have for other crypto founders on how to increase their impact?

Chin: When you are able to move on with building a useful cryptocurrency (or token), it just seems very relevant to consider pairing it with a verifiable commitment to give back. We are facing growing ecological challenges (water pollution, deforestation, etc.) and we live in an increasingly divided world (access to the monetary system, education, health care, etc.). Social media is giving us more insight into the disparities, and increased awareness offers crypto projects the opportunity to align their purpose and emotional connection with the generation that cares. In particular, there are outstanding thought leaders like Sam Bankman-Fried at FTX Exchange who have determined that “1% of all net fees will go to the most effective charities in the world.” Earlier this year, he recruited accomplished Gisele Bündchen to take on the role of FTX’s Environmental and Social Initiatives Advisor to oversee the allocation. Now imagine the combined impact the industry could have if each crypto project adopted a “2% commitment” of its own coin supply! As founders, you can add an important and meaningful “why” to the list of reasons why you are seeking success in your project.

Aziz: Where can people go to find out more

by Styp-Rekowsky: Nimiq has posted a blog to provide ideas and guidelines for crypto projects looking to implement their own version of “2% Pledge”. Specifically, he describes in more detail how Nimiq implemented his commitment up to his Genesis block.

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