Nimiq Proof-of-Stake Testnet Release

It’s finally here!

Through dedicated and persistent work we are excited to begin testing the release candidate for a version of The Nimiq Payment Ecosystem with Proof-of-Stake.

Join us in testing it and share your feedback in the comment section of this tweet.

The Nimiq Proof-of-Stake Testnet is Finally Here!

Yes. We are as excited as you are… maybe even a bit more! The Nimiq Proof-of-Stake blockchain (”consensus algorithm”) is finally ready for testing! But, before taking you to the Testing Wallet, we need to highlight a couple of basic concepts 🤓.

What is a Testnet?

The Nimiq Payment Ecosystem has been utilizing a 'Proof-of-Work' consensus algorithm since April 14, 2018. While Proof-of-Work was a reliable and well-researched technology at the time of Nimiq Blockchain's release, Nimiq Developers have continued to research and test innovative technologies that could benefit the ecosystem. Proof-of-Stake presents an opportunity for a consensus algorithm that can confirm transactions in less than a second, while being censorship resistant and consuming less energy.

Now, let's revisit the question: What is a Testnet?

A Testnet is a blockchain network utilized for testing and development purposes. It has the same codebase and rules as its corresponding Mainnet but is isolated and not meant for any real transactions or value transfers.

The Nimiq Proof-of-Stake Testnet will run in parallel to the current Nimiq Network, which is running on Proof-of-Work. Developers can play with it and create their own Staking Pools, meanwhile users can try out staking in the “Testnet Wallet”.

The primary goal of the Testnet is to gather valuable insights to enhance the user experience and security of the protocol, often referred to as “hardening”. This marks a new phase in Nimiq's research on Proof-of-Stake.

Kudos to all developers around the world who made this possible!

After research and development that stretched over the last few years, a feature-complete version of Nimiq Proof-of-Stake is ready. Some parameters still need to be finalized; therefore, aspects of the Testnet are subject to adjustments:

Staking rewards
Minimum stake & Validator deposit
Minimum staking duration
Transaction fees
Penalty behaviour (slashing)
Epoch & batch duration, block timing
RPC & Browser client API

Never send your Mainnet NIM to a Testnet Address

It's important to understand that the Mainnet and Testnet are different. The Mainnet is the live production network where real transactions occur, and the NIM token has actual value. The Mainnet has real economic consequences.

In contrast, the Testnet is utilized solely for testing and development purposes and could be reset unexpectedly at any time, wiping any balance or transaction history. All Nimiq supporters are welcome to test the Nimiq Proof-of-Stake Testnet, but it's crucial to keep in mind that it's a Testnet, not a Mainnet. This means that the Testnet holds no real value and is subject to change. Mainnet NIM sent to a Testnet Nimiq Address could be lost forever.

Let’s test out the Nimiq Proof-of-Stake Testnet!

Enough said! Let’s try it out. Below you can find the most common testing scenarios:

Try out the Testnet Wallet!

Users can access the Nimiq Proof-of-Stake Testnet through the Nimiq Wallet. The Testnet is available using the following URL: wallet.pos.nimiq-testnet.com. In this Webapp, the wallet will connect to the Testnet, allowing users to try out staking and send/receive tokens on the Testnet blockchain.

To begin testing, claim Testnet NIM from the faucet.

Become a Validator

The documentation to become a validator can be found here. You may also join the Nimiq Developer Community. Read all the documentation below to get started.

To learn more, please refer to the official GitHub repository.

Try it out in your Project!

If you are looking to integrate Nimiq in your project, please refer to the client's NPM package. There is also community funding available to support anyone building with Nimiq and there are many creative community members willing to support you too!

What’s Next?

We invite all community members to participate in the Testnet and provide feedback on their experience in the comment section of this tweet.

Team Nimiq and the Community Developers will closely monitor the Testnet, collect data, and incorporate feedback into improvements for the staking protocol. We would like to thank Sander for his outstanding work with NIMSTATS.com, the first Nimiq Proof-of-Stake Blockchain Analyzer.

A blog post with more technical details about Nimiq Proof-of-Stake will follow, but for now all eyes are on the Testnet.

The Nimiq PoS Testnet is an important milestone on the path to making the Nimiq blockchain more energy efficient and increasing its speed by orders of magnitude, all the while maintaining the cornerstones of decentralization and censorship resistance. We look forward to embarking on this next phase of the Nimiq blockchain together with you.

Pura Vida

Team Nimiq

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. 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.