Last December, we shared an update on the recent progress being made by Team Nimiq. Times fly by when there is so much going on — with Nimiq and the crypto space in general! Now we have more updates for you, so get comfy, grab your favorite beverage and let’s begin!
LibP2P is a network library created by Protocol Labs and coded in many languages including Rust, which is the one Nimiq is using. This modular network stack is designed to allow projects to mix and match building blocks of networking functionality. On top of that, the LibP2P implementation is built to also work in the browser’s network stack, thus a good step for Nimiq 2.0 to run in the browser while reusing the great work done by Protocol Labs already. Reusing this code has the big advantage of having an independent team working and improving the code instead of us recreating the code and maintaining it. In recent weeks, Nimiq Developers have been wrestling with some edge case bugs while integrating LibP2P into Nimiq 2.0, but it looks like we’re winning!
Intensive work is going towards setting up more and more complex test environments and running the Testnet implementation in it to do more and more thorough testing and debugging to get the Testnet ready for the public release.
As part of the process, a docker image has been created to set up a local Testnet on developers machines. As this will be useful for the Nimiq dev community, the image will be released publicly with the Testnet including documentation and instructions.
To have Nimiq 2.0 run on mobile devices and other low-specs devices, we need to find a smart way to establish consensus on devices without syncing the entire blockchain — similar to the nano clients using NiPoPoW in Nimiq 1.0. The solution is to share a ("zero-knowledge") proof — you can find all the details here — and that code was delivered in January and is now in a debugging and testing phase.
With the Testnet getting closer to completion, the team is planning how to tackle some important details of how staking and unstaking will work optimally from a UI perspective. These topics are only on the drawing table at the moment, but we think they can be interesting for some community members. Nimiq 2.0 will need two transactions for unstaking, one to signal that you no longer want to stake and a second one to retrieve your funds once they are unstaked, which happens after the next macro block, maximum twelve hours later. Nimiq devs have been discussing how to keep the blockchain secure while ensuring a good user experience. The current solution we are working on is to sign both transactions at the same time and create some service that relays the second required transactions into the network after the next macro block — it’s an optional service that will make the system easier to use but does not compromise decentralization.
To improve the blockchain usability, Nimiq devs made it possible to switch validators instantly, with a single transaction. Also, validators can now be referred to by a unique identifier. Even when a validator gets updated, the ID stays the same.
Deployment of the commercial grade infrastructure is in its final stages. This includes separating the three crucial components: public HTLC API, settlement (which knows secrets to be able to send out payments) and clearing (checking for incoming transactions) — which is an important security measure. Also metrics and monitoring are being added to check for errors and be ready to scale. These are the last steps to get the setup production ready.
Simplifying fee structure, making the API easier to use. Improving status information about ingoing and outgoing transactions — which is much more complex for the traditional banking world than for crypto; detect and reimburse transactions that were mistakenly (or unknowingly) submitted as non-instant.
The latest Nimiq Hub can now do crypto-crypto as well as fiat-crypto swaps with the Ledger! Behind the scenes, the Ledger API lib saw a major update. The original implementation was using workarounds for communicating with the Ledger device, but the web standards have dramatically improved and now it was time to replace the workaround with a proper implementation using all these new and beautiful web APIs. While doing that, multi-coin support has been added, allowing the lib to support Bitcoin now. On top of that, Bluetooth support has been added as well, so that work can begin in the Wallet to support the new Ledger Nano X via Bluetooth. The lib has been reworked from scratch with a new architecture, opening it up for reuse by other developers that want to integrate Ledgers into their web apps. The next step is to update the Nimiq Ledger app (the program running on your Ledger device) to the latest Ledger UI standards and adding more functionality.
Front-end team has been working on a new version of the wallet which was released recently. It includes following important updates:
As you might have noticed, the team is completely focused in Nimiq 2.0 and OASIS. While a lot of progress has been made we continue with full energy to tackle the challenges ahead. As always thank you for joining us on this journey.
DISCLAIMER: 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.
Nimiq OASIS and Fastspot have already processed 1'650 successful swaps with over $260'000 in volume during Q1 2021 and more than $375'000 until today! We prepare releasing OASIS with selling crypto enabled and plan for OASIS Pro with KYC to enable higher monthly limits.
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