Whoa, off the bat, we find in a simple search about Nimiq a post with the following title – “The Nimiq Heist – Founders cashing out BIG TIME.” According to this post:
Look, I do not mind that 4 guys want to cash out big time, and everyone who is willing to support this has every right to part from his money, but $20 million for an untested product with no user base based on open source software. that’s not my cup of tea.
So, What’s Nimiq?
“A frictionless payment protocol native to the web” that runs in the browser, is built in and around the browser, and is built with the user in mind. These are the main points they impress in most of their materials.
Nimiq is a frictionless peer-to-peer payment protocol for the World Wide Web. It is a third-generation Blockchain protocol combining elements of Bitcoin and Ethereum, streamlined for the web platform. And without a doubt, it is open source and fully decentralized. […] Browsers are first-class citizens in the Nimiq distributed network. They are able to establish consensus with the network, and enable true peer-to-peer payments from within, all without a trusted third party.
While this sounds like an interesting platform, and the betanet seems to be running just fine, nevertheless the overall concept is untested in the long-term, as the author @wekkel points out above. If it is going to establish itself as a truly independent cryptocurrency with a fundamentally different design and focus, it will have to live long-term and it will also end up being forked several times. No great cryptocurrency is without several closely related alternatives. This is neither a good or bad thing, since lower valued coins offer easier entry into the market for some parts of the economy, and give profit incentives to traders as well.
So far, the platform only seems to want to work on Google Chrome.
There, however, it does work.
Balances will apparently be shown in dollars.
Overall, it appears to be an interesting approach, but the concerns of @wekkel to raise suspicions. They must be looked into a bit deeper.
Helping Themselves A Bit Too Much?
There’s no reason to believe, actually, that the developers have any true incentive to exit scam on the project. After all, developing a novel technology can potentially be much more valuable than any amount of scams. The assessment lodged by @wekkel could be lodged against virtually any other recent, successful or not, ICO. This means that the criticism is more a critique of the current mode of ICO funding than it is a rebuke of an individual ICO, whether the author is aware of it or not.
Without regard, it seems fair that the developers will need a solid amount of Ether to get the project off the ground. The additional funding can be used to spread the word and adoption of Nimiq. There’s no guarantee they’ll raise the full amount, after all. Whatever they do raise, the tokens will likely retain some value based on the progress of the actual project, which they intend to have fully live by the end of the year.
It’s valid to be skeptical in times like these. There are a lot of scammers about, and many of them will do their best to appear legitimate, at least at first. Once they have money, behaviors change. Nevertheless, there is no ceiling on the cryptocurrency market. More and more money will pour into the multitude of coins that are available to invest in, and more and more coins will begin to appear. There are probably under 100 million people worldwide currently, total, involved in cryptocurrencies. This being the case, things can only go up from here. As more and more currencies evolve, older ones will rise in value, and trading volumes across the board will increase. Heavyweights like Bitcoin, Litecoin, Ethereum, and Dash will continue to rule the market, but newcomers that offer interesting alternative situations such as Nimiq, which offers an in-browser solution, meaning it will forever be cross-platform.
The idea that users are automatically mining when they login is a great way to create a truly user-powered network, and such a project has the potential to explode over time.
The Nimiq Team
Founder Robin Linus appears to be an experienced web developer and security researcher. He claims to have helped find vulnerabilities in both Google and Twitter, and has founded at least one previous start-up. All of this experience contributes positively to his ability to lead such a project as Nimiq, being that web developers will have to maintain and improve, as well as extend, the project into the future.
Like all such projects, they are likely to hire more developers as they go along, especially after getting funded. As such, at present, they appear to have the chops to complete the task at hand.
Projects which make the blockchain easier for the user are going to be a major win in the near and long-term future. It’s important to invest in them now, while possible. This is one of the earliest that will be entirely based in the browser, but others will follow. You can either jump on this one now, jump on this one later, or jump on a similar play with more promise later. It’s hard to determine from here what will happen. In the same way that Bitcoin now faces actual stiff competition, all first plays in any space will eventually face such competition.
All this being said, we’re going to give Nimiq a 7.95 out of 10.
On June 28th at 1PM UTC, you will be able to invest in the Nimiq token by Ether. Be sure to use the official website. Also be sure to look into the criticism of the model, but also notice that other ICOs have had similar models and have gone just fine for both investors and the product’s users. Thus, such criticism really has to fall under a more generalized category, even if the authors of such critiques believe they are throwing shade on specific coins, they are actually just taking issue with a currently popular method of funding.
And, to be fair and to their credit, this method of funding is not for everyone. It also, like any sort of investment, does not always work out. We try to select ICOs that our investors might actually make some money on, and look into any details that might influence that opinion. That’s our primary role in the matter, but part of that is in ignoring bad ICOs, or reporting on outright scam ICOs. It’s not evident, through our research, that Nimiq is a scam. To the contrary, it’s the first of a promising new breed of cryptocurrency: the user-powered, user-friendly sort.