Learn how to participate in the Nimiq 2.0 Supply Curve Voting Procedure
02 May 2020
The decision on changing the supply curve of Nimiq is a fundamental and far reaching one. We are convinced that it is important to provide the wide range of Nimiq Stakeholders with the opportunity to be part of this process, including everyone from earliest contributors to new supporters that just discovered Nimiq. Over several months now, Team Nimiq has been working on finding and implementing a democratic, secure, and educated way to making the decision regarding the potential change of Nimiq’s Supply Curve. In a nutshell this concerns lowering the current coin supply growth rate ("inflation") by varying degrees and its shorter and longer-term considerations.
[UPDATE 2: The follow-up ranking vote concluded on June 8, 2020 and the NIM supply curve for Nimiq 2.0 has been determined as the "BLUE" curve (community suggestion). See results here.]
[UPDATE 1: First vote concluded May 18, 2020 with "YES" on making an adjustment to the NIM supply curve. See results here.]
The steps taken by Nimiq to arrive at this decision making junction:
The next steps (excluding a preceding test voting round) are detailed in this image which was first presented in a previous blog post.
Here a more detailed description of what to expect:
Testing (https://nimiq-testnet.com/vote): In order to get started, a test voting round will take place from Saturday May 2 to Wednesday May 6 a new test voting round will take place from Saturday May 23 to Tuesday May 26. This way, stakeholders will have a chance to get familiar with the app before the actual vote. Test voting uses the Testnet, so DO NOT USE your Mainnet account(s).
First Vote (https://nimiq.com/vote#change-curve): Should Nimiq adjust the current supply curve? Stakeholders can vote “Yes” or “No” for 10 days: starting on Friday May 8, 2020 at approximately 12:00 noon UTC and ending on Monday May 18 at approximately 12:00 noon UTC (the more exact time will be determined by a specific blockheight target published at the beginning of the vote). [UPDATE: Vote concluded May 18, 2020 with"YES" on making an adjustment to the NIM supply curve. See results here.]
Second Vote (,https://nimiq.com/vote#rank-curves): Given that the first decision resulted in favor of a supply curve adjustment, stakeholders can vote by ranking four options: “Green Curve”, “Red Curve”, “Blue Curve” or “None of these” (1st choice = 1pt, 2nd = 1/2pt, 3rd = 1/4pt, 4th = 1/8pt). This vote will be open for 10 days, starting on Friday May 29, 2020 at approximately 12:00 noon UTC and ending on Monday June 8 at approximately 12:00 noon UTC (the more exact time would be determined by a specific blockheight target published at the beginning of the vote). [UPDATE: Vote concluded on June 8, 2020 and the NIM supply curve for Nimiq 2.0 has been determined as the "BLUE" curve (community suggestion). See results here.]
You can read more about every curve in this dedicated blog post.
In case the second vote outcome concludes that a majority of stakeholders prefer an adjustment different from the curves offered (meaning, “None of them”), the community will have 14 days to come up with a better suggestion. In this case a third vote would be scheduled to decide on accepting or rejecting the new supply curve alternative. It is important to note that if there is no alternative provided by the community, or this third vote ends with a rejection, the task for a final decision will fall back on the shoulders of Team Nimiq, to secure moving forward.
The first vote has been concluded. The second vote will be on the Mainnet at https://nimiq.com/vote#rank-curves. The voting app is available on the Testnet at https://nimiq-testnet.com/vote for you to try out. Click here for free Testnet NIM. Reminder: DO NOT USE your Mainnet account(s) on the Testnet.
Choose the option you would like to vote for. The “VOTE” button will be enabled when you do so.
By clicking the VOTE button, the familiar Nimiq Checkout dialog will appear. If you have multiple addresses, you will be asked to select one.
After selecting your address, you will be prompted for your password. If you are voting with an address stored on a Ledger hardware wallet, connect your Ledger and confirm the transaction in the Ledger Nimiq app. After you confirm, the transaction will be processed and your vote recorded on the Nimiq Blockchain.
After your vote has been submitted, you will be able to see the preliminary results. Note that your vote will take a few minutes to be recorded on the blockchain and enter the calculations. You can still vote again if you change your mind. Also you can vote with every address that has a balance to maximize your vote (instead of moving all your NIM to a single address to vote from). Only the address balances at the end of the voting period count towards the vote. In other words, for your voting balance to count, do not move your funds before the end of the vote.
Your ranked choices will be counted according to a normalized geometric progression (see info icon top right).
That means the 1st choice gets 1 point, the 2nd 1/2 points, 3rd 1/4 points and 4th 1/8 points. Next, the point values are normalized to a total of 1 and the resulting factor will be multiplied with the NIM in your vote. This way, each NIM represents exactly one vote distributed over your choices.
The curve choices are randomized in their position when you enter the voting app. Drag them into the order of your preference before submitting your vote. You can read more about the curves in this Blog as well as this forum discussion.
When you have finalized your ranking, click “Vote” and follow the same instructions detailed above in the guide for first vote from “Step 4”.
Try out our Testnet Vote which will run until Wednesday May 6. The important first vote on Mainnet will begin on Friday May 8 approximately at 12:00 noon UTC. UPDATE: The important first vote on Mainnet has been concluded and resulted with 78.4% in favor of making an adjustment to the NIM supply curve. The second vote on ranking NIM supply curve options will begin on Friday May 29 at approximately 12:00 noon UTC (https://nimiq.com/vote#rank-curves). Try the Testnet Ranking Vote from Saturday May 23 to Tuesday May 26. Nimiq will share all official information and results on its Twitter account so make sure to stay tuned.
[UPDATE: The voting process concluded on June 8, 2020 and the NIM supply curve for Nimiq 2.0 has been determined as the "BLUE" curve (community suggestion)]
As always, we would like to thank everyone for their support and participation in this important decision on the path forward.
None of the statements must be viewed as an endorsement or recommendation for Nimiq, any cryptocurrency, or investment product. Neither the information, nor any opinion contained herein constitutes a solicitation or offer by the creators or participants to buy or sell any securities or other financial instruments or provide any investment advice or service. All statements contained in statements made in Nimiq’s web pages, blogs, social media, press releases, or in any place accessible by the public, and oral statements that may be made by Nimiq or project associates that are not statements of historical fact, constitute “forward-looking statements”. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual future results, performance, or achievements to be materially different from any future results, performance, or achievements expected, expressed, or implied by such forward-looking statements.