01 Nov 2019
The Nimiq Ecosystem is maturing and a lot of progress has been made. The team is hard at work on both Nimiq 2.0 and Nimiq Checkout. We understand it can be difficult to keep up with developments and achievements since they’re spread out over the forum, on Telegram, Discordas well as GitHub. To help community members get a quick update on the high-level progress of the project, we want to share this progress report on a regular basis.
If you are not familiar with the members of Team Nimiq, here is a quick summary of the team structure (leaving out legal and operations):
After a considerable amount of research and discussion, the Core Team gave us a first glimpse of where Nimiq 2.0 is going. Pascal (our Blockchain Engineer who recently received an award for his PhD Thesis, congrats!) wrote the first draft of the Nimiq 2.0 Whitepaper. With this initial text, Sven (Technical Writer) and Richy (Community Manager) adjusted the tonality and used the beautiful designs from Overnice (Julian, lead designer) to create the Nimiq 2.0 Whitepaper Update.
To switch between versions of the Whitepaper, you will now find a version selector on the Whitepaper website. We think this will also come in handy in future updates.
The UTXOTree is a novel data structure which will hold the balances of accounts in Nimiq 2.0. Currently, the Nimiq 1.0 Blockchain utilizes Merkle Trees as Ethereum does. For Nimiq 2.0 the Core Team has come up with a way of mixing the UTXO structure used by Bitcoin with the Merkle Trees. If it sounds groundbreaking it’s because it is!
The Core Team recently added a new consensus mechanism to Browser Clients called Pico Consensus. Pico Consensus allows a Browser Client to reach consensus in seconds by downloading a small fraction of information of the Blockchain from peers of the network. If this is not successful for some reason then it would fallback to Nano Consensus, a mechanism with which the Browser client still reaches consensus in tens of seconds. This combination is what we call Nimiq QuickSync. Check it out in the Nimiq Safe!
Now that Jeff (Blockchain Engineer, in charge of releases) has finished cleaning up the code and is fixing the last packaging issues, the Nimiq Rust Node is ready for its release candidate version. As always, it will undergo a review process and we would like to kick it off by asking for support from the community: if you are a Rust developer or you are running a Nimiq Node and you want to support us by testing it in your setup, visit the repositoryand simply follow the instructions in the README.
The Front-End Team has been focusing on developing Nimiq Checkout. After a lot of testing with our soon-to-be-announced ecommerce partner, the integration is close to being complete. This partner will use the Nimiq Checkout to accept BTC, ETH, and NIM as an additional payment option in their online store. We are excited for the first release of Nimiq Checkout and are gearing up to onboard more merchants in time.
Nimiq is part-owner of the German Financial institution WEG Bank AG, which recently announced its new crypto-focused venture TEN31 Bank. The new website of TEN31 Bank has been released and it prominently shows the close relationship of the Nimiq Ecosystem and the TEN31 Bank’s future endeavors.
Furthermore, the recent partnership of WEG Bank AG with the major Point-of-Sale provider Salamantex is noteworthy. Nothing official has been released yet, but the possibilities are indeed exciting.
A Video that quickly and clearly explains the main vision and captures the spirit of Nimiq has been overdue. We aimed to create an informative yet engaging video that community members could share with their friends and say: “See, this is what I’ve been trying to explain to you, a node in a browser!”.
We are happy with the result and started working on the next video. Want to share your opinion on the video, suggest an idea or request a video of a specific topic? Join the forum and create a topic. :)
Thanks for reading. We hope this quick blog post helps you get an overview over the progress of the project.
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.