Index

General Information
Part A: Information about the offeror or the person seeking admission to trading
Part B: Information about the issuer, if different from the offeror or person seeking admission to trading
Part C: Information about the operator of the trading platform in cases where it draws up the crypto-asset white paper and information about other persons drawing the crypto-asset white paper pursuant to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114
Part D: Information about the crypto-asset project
Part E: Information about the offer to the public of crypto-assets or their admission to trading
Part F: Information about the crypto-assets
Part G: Information on the rights and obligations attached to the crypto-assets
Part H: Information on the underlying technology
Part I: Information on the risks
Part J: Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts

2026-08-06

This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The person seeking admission to trading of the crypto-asset is solely responsible for the content of this crypto-asset white paper.

This crypto-asset white paper complies with Title II of Regulation (EU) 2023/1114 of the European Parliament and of the Council and, to the best of the knowledge of the management body, the information presented in the crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.

The crypto-asset referred to in this crypto-asset white paper may lose its value in part or in full, may not always be transferable and may not be liquid.

FALSE

The crypto-asset referred to in this white paper is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council or the deposit guarantee schemes under Directive 2014/49/EU of the European Parliament and of the Council.

Warning

This summary should be read as an introduction to the crypto-asset white paper. The prospective holder should base any decision to purchase this crypto-asset on the content of the crypto-asset white paper as a whole and not on the summary alone. The offer to the public of this crypto-asset does not constitute an offer or solicitation to purchase financial instruments and any such offer or solicitation can be made only by means of a prospectus or other documents pursuant to the applicable national law.

This crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129 of the European Parliament and of the Council or any other offer document pursuant to Union or national law.

NIM is the native asset of the Nimiq blockchain, designed as decentralised, censorship-resistant digital cash and a medium of exchange that uses a browser first node architecture to enable non-custodial payments. It operates on the Proof-of-Stake Albatross consensus mechanism and supports interoperable value transfer across the Nimiq network. The total maximum supply of NIM is capped at 21 billion tokens. NIM is divisible to five decimal places (1 NIM = 100,000 luna), allowing for micropayments.

Not applicable

NIM token has been tradable across multiple centralised and decentralised exchanges worldwide, including Gate.io, MEXC and KuCoin. Nimiq Network Ltd. is seeking its admission to trading on Baden-Württembergische Wertpapierbörse GmbH, and is also working on the listing process for other crypto-assets trading platforms regulated within the EU.

This admission would allow existing holders to trade NIM on regulated EU trading platforms, ensuring transparent price discovery and stronger market depth. It also supports broader token distribution, which is essential for decentralised governance and wider stakeholder participation in ecosystem decisions.

Nimiq Network Ltd. is also working the listing process on exchanges such as Bitpanda and KuCoin, authorised CASPs within the EU to provide other crypto-asset services.

Nimiq Network Ltd.

2017-06-23

391200RK8DW9GC5VC131

+50640002887

info@nimiq.com

Nimiq Network Ltd is the company that executed the token generation event and currently serves as the treasury company for the project managing the funds used for the continuation of the project and development of the Nimiq blockchain.

Not applicable

TRUE

Over the past three years, the Nimiq Project has demonstrated consistent growth in net assets, controlled and strategic use of funds, and successful execution of development milestones. Financial performance and position have remained stable and are consistent with the size, complexity, and operational goals of the business.

The net assets of the Nimiq Project have shown steady growth over the three-year period. For the period from August 2022 to July 2023, total net assets amounted to USD 13,760,000. These increased to USD 15,310,000 for the period from August 2023 to July 2024 and reached USD 19,540,000 for the period from August 2024 to July 2025. This growth reflects favorable developments in cryptocurrency market values, strategic diversification of holdings, and consistent management of reserves. The key assets include Bitcoin, Ethereum, NIM tokens, stakes in TEN31 (WEG) Bank, real estate holdings, and loans to affiliated foundations.

Expenses over the period have been allocated prudently, reflecting the project’s operational priorities. Product development, contracting, and compensation covered core research, protocol development, including the transition to Proof-of-Stake, app development, and broader ecosystem improvements. Monthly contractor fees remained moderate at approximately USD 6,000–7,500 per contractor, with 25-30 contractors engaged, resulting in total monthly contractor costs around USD 200,000 with total annual spending increasing from USD 1,666,700 in the period from August 2022 to July 2023, to USD 1,952,800 in the period from August 2023 to July 2024, and USD 2,190,300 in the period from August 2024 to July 2025. The increase is mainly attributable to inflation adjustments and the completion of key development milestones.

Marketing, community, and content expenses, including adoption programs like “Kryptostadt”, “Criptociudad” and “Cryptocity” as well as Bug Bounty initiatives, increased from USD 383,300 to USD 759,400 over the three periods to support the Proof-of-Stake upgrade and Nimiq Pay launch. Legal, administration, and tax costs rose from USD 136,900 to USD 252,400 to protect intellectual property and ensure compliance. Digital operations, travel, and physical operations remained broadly stable, while extraordinary expenses for integrations, pre-staking, and infrastructure ranged from USD 353,100 to USD 545,200.

The project maintained a steady average monthly burn rate, approximately USD 230,000 in the period from August 2022 to July 2023, USD 255,000 in the period from August 2023 to July 2024, and USD 302,000 in the period from August 2024 to July 2025, excluding extraordinary expenses. Product development and core operations progressed according to plan, with key milestones, including the release of Proof-of-Stake in November 2024, successfully achieved. Marketing and adoption efforts scaled appropriately in response to development progress and ecosystem growth, while legal, administrative, and operational costs were carefully managed to align with business expansion and asset protection objectives.

FALSE

Nimiq

Nimiq is a browser-first Layer 1 payment protocol designed to enable accessible value transfers, with a focus on usability and broad crypto adoption. The protocol supports peer-to-peer electronic cash payments, cross-border transactions for individuals and merchants, and in-browser node operation.The Nimiq ecosystem also includes applications for charitable donations and tools to facilitate adoption by users and developers.

FALSE

Past milestones

The project commenced in Q2  2017 with the public launch of its blog and a token generation event. In Q4 2017, the Luna testnet was released, the Identicon avatars were introduced, and development accelerated.

By Q1 2018, a bug‑bounty programme was launched and NIM token activation took place. In Q2 2018, Nimiq’s mainnet went live, pool mining was enabled, its first exchange listing achieved, and Ledger Nano S support added.

In Q3 2018, the Nimiq swag shop opened, the first transparency report was released, and the crypto‑community saw the first meet‑up along with a brand refresh and a marketing plan. In Q4 2018, community financing mechanisms were launched, a collaboration with Trinkler Software began, and research into crypto‑adoption started as the NET version reached end‑of‑life.

In Q1 2019, the first Reddit AMA was held, the OASIS concept was unveiled, and the Albatross consensus algorithm announced alongside integration with Trust Wallet.

In Q2 2019, the project acquired a stake in TEN31 Bank (formerly WEG), launched Keyguard & Hub, released a Beta Rust node, and provided a WordPress web‑shop plugin. In Q3 2019, the Cashlinks tool was introduced, the Nimiq 2.0 / Proof‑of‑Stake whitepaper published, a new nimiq.com website launched, and the Albatross testnet activated. In Q4 2019, the first OASIS test commenced, a holiday‑cards app released, and the WooCommerce multi‑currency checkout plugin rolled out.

In Q1 2020, the Albatross demonstrator appeared, Cryptopayment.link launched, the Donation Button Maker tool released, and Handelsbanken integration progressed. In Q2 2020, Nimiq OASIS entered a closed beta, multi‑language support was added, the Nimiq Wallet 2.0 / PoS beta released, a community vote on the supply curve held, and the Albatross alpha testnet launched. In Q3 2020, protocol improvements were introduced, a staking‑calculator tool deployed, the Albatross protocol implementation proceeded, and the sync protocol (macro & nano sync) updated. In Q4 2020, Bitcoin support was added to the Nimiq wallet, the FastSpot API released publicly, crypto‑to‑crypto swaps became available in‑wallet, and Nimiq OASIS moved into private beta.

During 2021, Nimiq OASIS saw its public release, integration with the merchant payments partner Salamantex took place, SuperSimpleSwap.com went live, and the Cryptopayment.link dashboard launched.

In 2022, the Easy Pool devnet for staking within the wallet came online, the Nimiq PoS devnet launched, Cryptopayment.link staff view functionality added, a new Nimiq website debuted, and the SuperSimpleSwap referral programme and widget rolled out.

In 2023, the Nimiq Crypto Map launched, USDC (on Polygon) support appeared in the Nimiq wallet, the Nimiq Proof‑of‑Stake testnet deployed, and browser compatibility with WebAssembly (WASM) upgraded.

In 2024, the Nimiq PoS bug‑bounty programme was scheduled for launch.

On November 19, 2024, Nimiq launched its Proof-of-Stake (PoS) blockchain, marking a major milestone in the protocol’s evolution and introducing a new consensus mechanism designed to improve scalability, security, and energy efficiency.

Also in 2024, NAKA Payments were integrated into the Nimiq Pay mobile application, enabling users to spend their crypto more easily through card-based payments and expanding real-world payment utility.

In 2025, Nimiq underwent a strategic and organisational realignment to strengthen operational efficiency and support the next phase of ecosystem and product development. The updated structure introduced dedicated governance bodies including the Nimiq Foundation Board and Strategy Committee to oversee mission alignment, strategic priorities, and operational execution.

On August 28, 2025, Nimiq launched a treasury accumulation initiative to acquire NIM tokens from the open market, aligning treasury reserves with the long-term development of the ecosystem and reinforcing the project’s financial foundation.

In November 2025, Nimiq introduced the Multisig Shared Wallet, a feature that enables multiple users to jointly control a wallet and approve transactions collectively. The wallet allows participants to define the number of signers (up to 16) and the number of required approvals needed to execute a transaction, ensuring that funds can only be moved once the predefined approval threshold is met. This functionality improves security and enables collaborative fund management for use cases such as team treasuries, shared accounts, and organizational funds.

Future milestones

Looking further beyond, research activities include the UTXO‑Tree, private transactions, governance automation, an easy-to-build mini app framework, and continued design & development work.

The total final supply of NIM, as defined by the Nimiq blockchain protocol over an approximately 100-year period amounts to 21,000,000,000 NIM. As of the end of July 2025, the circulating supply was approximately 13,283,569,946 NIM, representing approximately 63.3% of the total final supply.

Out of the total supply, 5% was allocated to the Token Sale NET. As of the end of July 2025, 861,049,052 NIM from this allocation had been activated and form part of the circulating supply. The remaining approximately 188,950,948 NIM has not yet been activated and remains visible at specific on-chain addresses. Although the activation deadline has passed, activation requests continue to be processed manually on a case-by-case basis in accordance with KYC/AML requirements. For prudential purposes, these tokens are considered part of the circulating supply. All other NIM have entered circulation through mining (prior to the transition to Proof-of-Stake), staking (following the transition), or release via vesting mechanisms.

A total of 88% of the final supply, corresponding to 18,480,000,000 NIM, is designated as mintable over approximately 100 years from April 2018. Prior to the protocol upgrade to Proof-of-Stake in November 2024, 10,373,109,654 NIM were issued as mining rewards. Following the transition, an additional approximately 677,768,145 NIM have been issued as staking rewards, resulting in a cumulative total of approximately 11,050,877,799 NIM, representing approximately 52.6% of the final supply. The emission curve has remained continuous and unchanged throughout the transition, in accordance with community consensus.

The Nimiq Foundation allocation represents 2.5% of the total supply, corresponding to 525,000,000 NIM, subject to a vesting schedule of 26,250,000 NIM every six months over a period of 10 years commencing in October 2018. As of the end of July 2025, 367,500,000 NIM (1.75% of the total supply) has vested and forms part of the circulating supply. These tokens have not been expended, and the majority, amounting to 341,250,000 NIM, is currently staked to support network security under the Proof-of-Stake mechanism.

The ImpactX Foundation allocation represents 2% of the total supply, corresponding to 420,000,000 NIM, and is subject to a vesting schedule of 21,000,000 NIM every six months over 10 years, also commencing in October 2018. As of the end of July 2025, 294,000,000 NIM (1.4% of the total supply) has vested and is included in the circulating supply. These tokens have not been expended, and the majority, amounting to 273,000,000 NIM, is currently staked. In June 2021, an amount equivalent to USD 33,780 (1 BTC) was donated to the charity: water Bitcoin Trust through an interest-free loan from Nimiq to the ImpactX Foundation.

The allocation to the Nimiq team and early contributors represents 2.5% of the total supply, corresponding to 525,000,000 NIM distributed across multiple vesting contracts. Two vesting schedules were applied: one providing periodic releases every six months over three years for core contributors, and another providing accelerated distributions at months three and six for team members, early contributors, and future allocations.

Between the end of July 2023 and the end of July 2024, funds were allocated across several operational categories, reflecting the project’s strategic priorities and commitments. These expenses were covered using a combination of fiat currency and crypto-assets, converted at the time of use. The average monthly expenditure, excluding one-off costs, was approximately USD 255,000.

In product development and contracting, approximately USD 1.95 million was allocated. This category covers all research, design, implementation, and ongoing maintenance related to the Nimiq protocol, with particular emphasis on the transition from proof-of-work to proof-of-stake. It also includes development work for the Open Asset Swap Interaction Scheme (OASIS), Cryptopayment Link, Crypto Map, Nimiq Pay mobile applications (iOS and Android), and related systems. A portion of this budget, approximately USD 260,000, remains reserved and will be released upon the successful completion of key development milestones, including the mainnet deployment of Nimiq’s proof-of-stake upgrade.

In marketing, content, and community engagement, approximately USD 431,000 (12.7% of total expenditure) was allocated. Funds in this category supported content creation in written and video formats, branding, promotional materials, sponsorships, community surveys, rewards programmes, social media management, and participation in industry conferences. It also included phased contributions to initiatives such as Blockchain for Europe and regional adoption programmes under the “Cryptocity” initiative in Europe and Latin America. Additional reserves were set aside for future community grants and listing-related costs.

In Legal, Administration, and Tax Compliance, approximately USD 213,000 (6.3% of total expenditure) was used. This category includes corporate maintenance, legal review of contracts and internal policies, trademark protection, accounting services, and consultancy fees. The spending also reflects preparatory work aimed at regulatory alignment within the European Union, including the formation of a new operational entity to support OASIS compliance under EU legal frameworks.

For Digital Operations and Equipment, approximately USD 166,000 (4.9% of total expenditure) was used. These costs include infrastructure hosting, software licences, development tools, communication services, and hardware reimbursements for a growing team. The increase in this category is largely attributed to expanded hosting capacity.

In Travel and Events, approximately USD 141,000 (4.1% of total expenditure) covered transportation, accommodation, catering, and team-building activities, including support for hackathons. A modest reduction in costs was achieved by relocating certain events to a European base and optimising the frequency and scale of hosted events.

In Physical Operations and Office Space, approximately USD 147,000 (4.3% of total expenditure) was used. These funds covered office rent, workspace maintenance, and operational security in line with the needs of a distributed development team.

In Extraordinary Expenses, approximately USD 353,000 (10.4% of total expenditure) was used. These costs include audit fees and reserves for the bug bounty programme associated with Nimiq’s proof-of-stake implementation, as well as upfront legal costs related to acquiring a regulatory umbrella for the operation of OASIS within the European Union. Additional legal and technical expenses are expected as the compliance framework continues to develop.

Total expenditure for the reporting period amounted to approximately USD 3.4 million, of which USD 3.05 million was classified as non-extraordinary operational expenditure.

By admitting the NIMIQ asset to trading, holders of the asset will gain transparent price discovery and improved liquidity. This enables the project’s community and ecosystem participants to more easily enter and exit positions, supporting a dynamic and efficient market.

Nimiq Network Ltd is seeking admission to trading on Baden-Württembergische Wertpapierbörse GmbH and is also working on the listing process for other crypto-assets trading platforms regulated within the EU.

XSTU

Nimiq Network ltd. is seeking admission to trading on cryptocurrency trading platforms operating within the EU, subject to each platform’s independent listing procedures, compliance assessments, and technical integration requirements. Once admitted and verified, NIM will be available to users in supported jurisdictions, broadening regulated market access and liquidity for the token. Investors can access trading on trading platforms by registering an account through the website or mobile application, completing identity verification (KYC/AML), and meeting age and jurisdictional eligibility criteria.

Trading platforms may apply a service fee calculated as a percentage of each transaction, with the exact amount disclosed to the user prior to execution. Deposits and withdrawals involving fiat currency may also be subject to additional commissions imposed by external payment service providers.

Not applicable

Not applicable

Germany

Germany

Crypto-assets other than asset-referenced tokens or e-money tokens

The NIM token functions as the native currency of the Nimiq blockchain and is used to transfer value, pay transaction fees, and participate in the network's proof-of-stake consensus. With the launch of Nimiq 2.0 and its migration to the Albatross consensus algorithm, NIM holders can stake their tokens to become validators or delegate their stake to others, earning rewards for contributing to block production and finality. The Nimiq blockchain is specifically designed for browser-native operation, enabling users to run wallets and participate in the network directly through web interfaces without installing external software.

NIM is also used within ecosystem applications and currently includes several live functionalities. These include atomic swaps between NIM, Bitcoin, and USDT and USDC. Nim is used as well in the Nimiq Pay mobile application available on iOS and Android. NIM is further integrated into merchant payment systems, including point-of-sale terminals via partners like NAKA, allowing businesses to accept NIM as a means of payment.

Holders may transfer, store, or otherwise utilise NIM as a medium of exchange within the Nimiq ecosystem or on external markets.

From time to time, the Nimiq team or community may organise network-wide votes (for example, on supply-curve parameters). Participation in these votes depends on holding NIM in a self-custodied address at the relevant snapshot.

On occasions where the foundation initiates governance votes (for example, supply-curve or parameter selection), voting is exercised by sending a minimal-value transaction containing the voter’s choice in the transaction data field. Eligibility depends on holding NIM in a self-custodied address at the snapshot block height. Depending on the governance process, votes may either be weighted by the NIM balance held at the snapshot or follow alternative rules, such as one vote per address. Votes are for informational purposes only and do not represent a legal right nor incur a legal obligation.

The following functionalities are currently under development and not yet live, Nimiq Pay Mini-App Framework and the Nimiq Bridge. Additional features proposed for future integration include UTXO-Tree, private transactions, governance automation, and advanced research, design, and development components.

NIM is the native asset of the Nimiq blockchain, designed as decentralised, censorship-resistant digital cash and a medium of exchange that uses a browser first node architecture to enable non-custodial payments. It operates on the Proof-of-Stake Albatross consensus mechanism and supports interoperable value transfer across the Nimiq network. The total maximum supply of NIM is capped at 21 billion tokens. NIM is divisible to five decimal places (1 NIM = 100,000 luna), allowing for micropayments.

https://www.nimiq.com/

2026-09-04

2026-09-03

Nimiq Network Ltd does not currently provide any other services.

English

VW1SKQ9LS

2TF3Z8C8J

FALSE

TRUE

TRUE

Not applicable as the token is not associated with any legal claim of ownership, profit participation, entitlement to dividends, or repayment obligations from an issuer or its affiliates. NIMIQ holders may have functional rights, derived from the protocol’s consensus rules rather than from contract law, which are further described as crypto-asset functionalities in F.2.

Not applicable as the token confers no ownership or financial claims as of the date of this white paper.

The requirements set out below constitute technical preconditions and user responsibilities necessary to access and maintain their functional rights mentioned in G.1 and further described in F.2.

Any user may download or run a Nimiq node (browser, light, or validator client) and thereby participate directly in consensus. This activity automatically exercises the right of network access and transaction validation. No prior approval or registration is required.

Staking is activated by committing NIM to a validator contract. Once the stake is locked, the validator participates in block production and earns protocol-defined rewards. The right to rewards is exercised by maintaining uptime and adherence to consensus rules. Rewards accrue on-chain and can be claimed or compounded through wallet interfaces or validator software.

NIM’s serve as a payment medium is exercised by broadcasting signed transactions through the peer-to-peer network. The right to transact is unrestricted, subject only to network fees and technical limitations.

Through the Community Funding Board, holders or developers may submit proposals for ecosystem funding. While not a direct on-chain governance mechanism, it operationalises the participatory right of engagement.

Participation in staking or node operation entails compliance with consensus rules. Validators must maintain uptime, follow protocol updates, and avoid double-signing or misbehaviour that could lead to slashing or forfeiture of rewards.

Each purchaser is solely responsible for securing private keys and safeguarding wallet access.

Validators must avoid double-signing and follow protocol upgrades. Failure to comply results in the protocol automatically enforcing penalties (reduction of stake or forfeiture of rewards).

Not applicable as the token confers no ownership or financial claims as of the date of this white paper.

The functional rights described in F.2 may be modified only through the adoption of a new network consensus rule-set, software upgrade, or governance decision that becomes active across the network. Because Nimiq is open-source and permissionless, any modification must occur through decentralised coordination among node operators, validators, and the reference-client maintainers.

Modifications to staking logic, reward distribution, or transaction rules take effect only when a majority of network nodes adopt new software implementing those changes. Each participant retains the freedom either to upgrade or to continue running the previous version (a potential fork condition).

Operational rules within the Proof-of-Stake system can be changed through code updates validated by consensus majority. Stakers implicitly accept such updates by continuing to operate on the upgraded chain.

Proposals originating from the Community Funding Board or open-source contributors may introduce or adjust protocol modules. Adoption follows peer review, testnet deployment, and eventual mainnet consensus.

Participation in an upgrade is voluntary. Users who reject a modification retain the right to operate an alternative chain version, subject to economic viability.

Where possible, upgrades preserve balances and staking positions automatically. When migration is necessary, holders must execute an explicit conversion transaction as instructed by the Foundation.

Because NIM rights arise from software operation rather than contract, modifications are effective only insofar as users adopt the revised code. There is no legal compulsion or off-chain authority capable of enforcing altered rights. The de facto condition for change is consensus adoption by network participants.

Not applicable

FALSE

TRUE

NIM tokens are freely transferable and have been listed globally on several centralised and decentralised exchanges. Currently, it is intended to seek the admission to trading of NIM on EU-regulated trading platforms, notably Baden-Württembergische Wertpapierbörse GmbH. Furthermore, NIM is also in the listing process on exchanges such as Bitpanda and KuCoin, which are CASPs authorised to provide other crypto-asset services.

There are no restrictions on the transferability of NIM crypto-assets admitted to trading.

FALSE

Not applicable

FALSE

Not applicable

FALSE

Not applicable

There is no written legal agreement between the issuer and the crypto-asset-holder that sets out which jurisdiction's courts will have authority to deal with a dispute between the crypto asset-holder and an issuer. In the absence of such an agreement, the laws of the competent court will depend on the location of an issuer and the given crypto asset-holder and characteristic performance of the legal relationship, and any agreed intention of an issuer and crypto asset-holder.

There is no written legal agreement between the issuer and the crypto-asset-holder that sets out the laws that govern the legal relationship between those two parties. In the absence of such an agreement, the laws that govern that relationship will depend on the location of an issuer and the given crypto asset-holder and characteristic performance of the legal relationship, and any agreed intention of an issuer and crypto asset-holder.

Networking, transport and session

Nimiq nodes form a peer-to-peer (P2P) overlay and propagate blocks and transactions with a focus on low-latency micro-block cadence. In the proof-of-stake (PoS) rollout materials, Nimiq states that creating and sharing micro blocks can take less than one second, which is the intended spacing for steady-state operation. When a leader fails to produce, a skip micro block is broadcast; it is signed by over two-thirds of the validators to keep the chain live until the next slot. For macro blocks, the network enters a Tendermint-inspired Byzantine fault tolerance (BFT) round where validators exchange pre-votes and pre-commits and then aggregate signatures for finality. At the client boundary, Nimiq's primary integration path is the Web Client, a JavaScript library powered by the Rust consensus implementation compiled to WebAssembly, enabling applications and the official Wallet to run a light node directly in the browser without any server infrastructure. For operators running full nodes or validators, a JSON-RPC 2.0 interface is also available over HTTP, with WebSocket endpoints for event subscriptions; this path targets backend services and infrastructure operators rather than end-user-facing applications.

The Rust reference implementation known as core-rs-albatross exposes networking modules and a Remote Procedure Call (RPC) server as part of the node, with libp2p-based components present in the repository layout and an embedded RPC front end. This repository is the canonical source for the production PoS client and underpins the mainnet deployment. For browser-centric applications, the ecosystem also includes a Web Client and the Hub component to broker wallet access and key management across sites, allowing web apps to communicate with a local or remote node through standard endpoints while maintaining a user-friendly security boundary.

Serialisation and data structures

Protocol objects such as blocks, headers, and proofs are specified with explicit field sets and cryptographic commitments. The micro-block header includes, among other fields, state_root, body_root, and history_root, which is a Merkle Mountain Range (MMR) over all transactions seen so far in the epoch. The macro-block header mirrors these commitments and adds a justification section where an aggregated Boneh–Lynn–Shacham (BLS) signature attests the pre-commit quorum. The protocol also defines a compact trie-diff for state updates between blocks. These choices allow light clients to reconstruct and verify state transitions with only headers and succinct witnesses, while full/history nodes store the complete state and history tree on disk.

At the network edge, application payloads are serialised according to the protocol’s field layout and included in the micro-block body, which is itself committed by body_root. Macro blocks, by contrast, do not carry user transactions and therefore serve as structural checkpoints and sources of finality. The separation of concerns execution in micro blocks, finality in macro blocks, simplifies how serialisation concerns map to consensus: object layouts stay uniform while their placement in the chain determines whether they alter state (micro) or certify it (macro).

Cryptography and key material

Nimiq uses well-established primitives in distinct roles. Edwards-curve Digital Signature Algorithm using Curve25519. Ed25519 signatures authenticate micro-block proposals and individual transactions, providing fast verification for the high-frequency path. User-facing key management additionally supports passkey-based account access via the WebAuthn/FIDO2 standard. For macro blocks, validators run a BFT vote and aggregate their BLS shares into a single multi-signature that becomes the macro justification; this gives compact finality proofs that light clients can check against the macro header. Hash commitments rely on BLAKE2b and BLAKE2s. SHA-256 is additionally supported within Hashed Time-Locked Contracts (HTLCs) to enable cross-chain atomic swap compatibility with external networks such as Ethereum. Leader selection for micro blocks and macro block proposers uses a Verifiable Random Function (VRF) referred to as VXEdDSA, which derives a per-slot randomness output from the previous block’s seed and the would-be leader’s secret, ensuring unpredictability and fairness proportional to stake. Nimiq also employs recursive zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge) for blockchain state compression. A dedicated prover node generates an incrementally-extended SNARK proof covering the chain of macro block headers from genesis; nano-style clients use this proof to verify chain validity without downloading historical block data, keeping synchronisation data fixed at approximately 400–500 kB irrespective of chain length.

Ledger, execution and APIs

Nimiq’s ledger is account-based. User transactions are executed in micro blocks, which advance account balances and other state immediately upon inclusion.

Developers building browser and web applications access the chain primarily through the Nimiq Web Client, a JavaScript/TypeScript SDK backed by the Rust implementation compiled to WASM, which connects directly to the network from within the browser without requiring a server. For back-end services, infrastructure operators, and validators, a JSON-RPC 2.0 interface is available over HTTP, with WebSocket endpoints for real-time subscriptions to blocks, transactions, and validator events, allowing server-side applications to track micro-block execution and macro-block finality through standard request/response semantics.

APIs and interfaces

Nimiq’s application stack emphasises web-first usability. The Nimiq Web Client is a browser-friendly node that can connect to the network directly, enabling light-style verification from within a standard web environment. The Nimiq Hub provides a background service that mediates access to keys and accounts across multiple sites, so that decentralised applications (dApps) can request signatures or balances without each one implementing its own key store. The official Wallet is open-sourced and designed for the web, integrating with Hub and the client so end-users can transact without running a heavyweight desktop node.

Nimiq’s production client is the Rust implementation found in core-rs-albatross. It encompasses consensus, networking, storage, the transaction memory pool, and an embedded RPC interface. This core forms the full node and validator, while the nimiq/core npm package, a WebAssembly build of core-rs-albatross, and Wallet projects target browser environments and user interfaces, including a web-capable client and the Hub integration to manage keys and account access.

Nimiq distinguishes multiple node roles and synchronisation paths to match operator capabilities and application needs. Full nodes track and verify all micro and macro blocks; history nodes retain complete historical data; and light or nano-style clients rely on macro-header finality and succinct history/state commitments.

Nimiq runs a PoS consensus named Albatross. For micro blocks, a validator is picked by a VRF to act as proposer for the current slot, with selection probability weighted by stake. The proposer assembles transactions from the mempool, executes them, and broadcasts the block. If the proposer is absent or faulty, the protocol emits a skip micro block, an empty block that does not execute transactions, so time progresses without compromising liveness. The VRF seed for leader selection is derived from the previous block’s seed and the leader’s secret, preventing prediction or grinding by adversaries while keeping selection unbiased.

At macro boundaries, the protocol switches to a Tendermint-style BFT round. Validators exchange votes, and once at least two-thirds have pre-committed to the same block, their votes are aggregated into a single BLS multi-signature that becomes the macro block’s justification. This confers immediate finality for the closed batch or for the closed epoch. Election macro blocks also update the validator set for the next epoch based on stake distribution.

Nimiq’s incentives combine transaction fees from high-frequency micro blocks with periodic block rewards realised in macro blocks. Micro-block producers collect the user-paid fees for the transactions they include and execute; macro blocks issue reward transactions that distribute the epoch/batch rewards and accumulated fees to validators according to the consensus rules, without carrying user transactions themselves. This division ensures that fee revenue flows continuously with each micro block while inflationary or protocol-level rewards are settled at predictable, finalised checkpoints.

Validators participate by staking NIM, Nimiq’s native token, running the consensus software, and staying online to produce, vote, and validate. Validators must meet a minimum stake and that their power is proportional to stake; set composition is updated at election macro boundaries. By design, Nimiq’s micro-block path follows a straightforward fee-to-proposer model, and macro rewards are protocol-defined.

Nimiq’s Web Client and RPC interface allows wallets and services to estimate and monitor fees and to track when fees included in micro blocks become final at macro boundaries. Because macro blocks aggregate BLS votes for explicit finality, downstream services can treat balances affected by prior micro blocks as settled once the corresponding macro appears, which reduces the need for deep chain reorganisation guards in application logic. This separation of fast execution and periodic finality, combined with simple fee flows, gives predictable economics for both users and operators.

FALSE

TRUE

HackerOne Code Security Audit: Core PoS Client, April–May 2024

• Object: HackerOne performed a code security audit of the Nimiq core-rs-albatross repository between April 1 and May 6, 2024. The scope covered the Core PoS client implementation, reviewed by two security specialists with expertise in Rust, JavaScript, and TypeScript.
• Results: 15 findings were identified. No critical or high issues were found. Four were classified as medium severity, nine as low, and two carried no security rating. Medium findings covered denial-of-service, resource exhaustion, dependency vulnerabilities, and a cryptographic implementation weakness. Low and unrated findings related to timing attacks, credential exposure, configuration errors, and minor performance issues.
• Actions: All 15 findings were recorded as open at the time of report delivery on May 10, 2024. No remediation status was published within the audit period. Nimiq was entitled to a free re-review within 90 days; the outcome has not been publicly disclosed.

Nimiq Bug Bounty Programme: HackerOne (ongoing)

• Object: Nimiq operates a public bug bounty programme on HackerOne covering the Core PoS client, Wallet, Keyguard, Ledger integration, Hub, and Testnet. The programme targets vulnerability classes including remote code execution, fund theft, inflation attacks, Netsplit, and denial-of-service conditions, with severity assessed using CVSS.
• Results: As of March 2026, 11 reports have been resolved. Maximum rewards reach USD 50,000 for critical Core PoS vulnerabilities. Full details at (https://www.nimiq.com/bug-bounty/) and https://hackerone.com/nimiq.
• Actions: All 11 resolved reports have been addressed under the programme's responsible disclosure policy.

Irreversibility of transactions

Once included and finalised by a macro block, transfers of NIM are final and cannot be reversed at protocol level; any corrective outcome requires control of the relevant private keys.

Market volatility

The market price of NIM may fluctuate sharply due to broader crypto-asset conditions, venue depth, and project-specific developments.

Liquidity conditions

Periods of thin order-book depth may widen spreads and increase slippage for NIM, particularly around listings or stressed market conditions.

Large transactions effects

Large or closely sequenced orders by significant holders can materially move the price of NIM and affect execution quality.

Listing/access & venue dependency

Admission, delisting, geo-restrictions, or venue policy changes can impair access to trading NIM, affecting liquidity and price discovery.

Key custody & operational security

Loss or compromise of private keys results in permanent loss of control over NIM; protocol rules cannot restore access.

Regulatory exposure & multi-jurisdiction complexity

Nimiq may face regulatory requirements or restrictions across jurisdictions as treatment of crypto-assets evolves.

Internal controls & operational integrity

The Nimiq treasury accumulation programme is discretionary and executed directly by the team non-programmatically. Weak or undocumented internal processes may increase the risk of execution errors, misallocation, or delays in treasury operations, affecting financial transparency and stakeholder confidence.

Key-person dependence

Loss or unavailability of core team members may delay protocol upgrades or ecosystem support delivery.

Regulatory exposure & multi-jurisdiction complexity

Nimiq may face regulatory requirements or restrictions across jurisdictions as treatment of crypto-assets evolves.

Volatility & liquidity

NIM can experience rapid price swings, and liquidity varies across venues and trading pairs.

Utility & demand dependency

Long-term value depends on continued adoption of the Nimiq protocol by users and developers.

Large-holder concentration

Transfers by sizable NIM holders can materially affect order books, with or without manipulative intent.

Custody & key management

Users must securely manage private keys and backup files. Loss of access credentials leads to permanent loss of funds.

Irreversibility

Once included and finalised by a macro block, transfers of NIM cannot be reversed by protocol mechanisms.

Organisational dependence

The Nimiq project is maintained and developed by the Nimiq Foundation, a non-profit organization responsible for protocol evolution and ecosystem support.

Timeline & delivery risk

Upgrade deployment and validator onboarding may be delayed due to readiness, testing, or infrastructure transitions.

Quality assurance & regressions

Despite testing and audit attestation, updates may introduce regressions or require emergency patches.

Third-party dependency

Nimiq’s crypto-fiat payment partnerships rely on external third parties such as NAKA and Bluecode.

Consensus & network layer

Collusion, censorship, or partitioning among validators could impede transaction finality or participation in consensus.

Execution & resource constraints

Validator uptime and signing-key management are critical. Misconfiguration or outages may lead to missed blocks, jailing, and forfeited rewards.

Cryptographic risks

Vulnerabilities in cryptographic libraries or future breakthroughs may compromise the integrity of the protocol.

Protocol/client updates

Chain upgrades and client releases may cause temporary desynchronisation or compatibility issues during rollout.

Infrastructure & service dependencies

Disruptions in RPC endpoints, block explorers, or indexers may affect availability and user access to state information.

Code quality and bugs

Software bugs and defects in new Nimiq releases or updates could compromise system functionality, security, and user trust

Issuer-Related Risks

• Internal controls & operational integrity: Nimiq publishes annual transparency reports and discloses the existence and terms of its discretionary NIM accumulation plan. While execution remains non-programmatic, public reporting provides some external visibility into treasury activity and governance intent.

Crypto-Assets- related Risks

• Large-holder concentration: Nimiq discloses treasury holdings, accumulation activity, and token emission through public posts and transparency reports. These disclosures reduce information asymmetry by allowing external observers to track major holder behaviour, though they do not prevent market impact from large transfers.

Project Implementation -Related Risks

• Organisational dependence: Protocol changes require adoption by decentralised node operators and cannot be enforced unilaterally.
• Timeline & delivery risk: The PoS upgrade followed a release-candidate process with clear staging and contingency messaging, including forward-looking risk warnings.
• Quality assurance & regressions: A private code audit has been conducted on Albatross PoS implementation by HackerOne.

Technology- Related Risks

• Code quality and bugs: A live bug bounty programme is maintained with scope covering theft, inflation, denial-of-service, and netsplit risks.

Nimiq Network Ltd,

391200RK8DW9GC5VC131

NIM

Nimiq runs a PoS consensus named Albatross. For micro blocks, a validator is picked by a VRF to act as proposer for the current slot, with selection probability weighted by stake. The proposer assembles transactions from the mempool, executes them, and broadcasts the block. If the proposer is absent or faulty, the protocol emits a skip micro block, an empty block that does not execute transactions, so time progresses without compromising liveness. The VRF seed for leader selection is derived from the previous block’s seed and the leader’s secret, preventing prediction or grinding by adversaries while keeping selection unbiased.

At macro boundaries, the protocol switches to a Tendermint-style BFT round. Validators exchange votes, and once at least two-thirds have pre-committed to the same block, their votes are aggregated cret, preventing prediction or grinding by adversaries while keeping selection into a single BLS multi-signature that becomes the macro block’s justification. This confers immediate finality for the closed batch or for the closed epoch. Election macro blocks also update the validator set for the next epoch based on stake distribution.

See H.5

2026-01-01

2026-08-02

Data provided by the MiCA Crypto Alliance as a third party, with no deviations from the calculation guidance of Commission Delegated Regulation (EU) 2025/422, Article 6(5).

Full methodology available at: https://www.micacryptoalliance.com/methodologies/mica-methodologies-for-standardized-sustainability-reporting

Data provided by the MiCA Crypto Alliance as a third party, with no deviations from the calculation guidance of Commission Delegated Regulation (EU) 2025/422, Article 6(5).

Full methodology available at: https://www.micacryptoalliance.com/methodologies/mica-methodologies-for-standardized-sustainability-reporting

Data provided by the MiCA Crypto Alliance as a third party, with no deviations from the calculation guidance of Commission Delegated Regulation (EU) 2025/422, Article 6(5).

Full methodology available at: https://www.micacryptoalliance.com/methodologies/mica-methodologies-for-standardized-sustainability-reporting

Land use: 915.73734 m²

Data provided by the MiCA Crypto Alliance as a third party, with no deviations from the calculation guidance of Commission Delegated Regulation (EU) 2025/422, Article 6(5).

Full methodology available at: https://www.micacryptoalliance.com/methodologies/mica-methodologies-for-standardized-sustainability-reporting

Data provided by the MiCA Crypto Alliance as a third party, with no deviations from the calculation guidance of Commission Delegated Regulation (EU) 2025/422, Article 6(5).

Full methodology available at: https://www.micacryptoalliance.com/methodologies/mica-methodologies-for-standardized-sustainability-reporting

Data provided by the MiCA Crypto Alliance as a third party, with no deviations from the calculation guidance of Commission Delegated Regulation (EU) 2025/422, Article 6(5).Estimates on individual node weight, hazardous components and depreciation rate are used.

Full methodology available at: https://www.micacryptoalliance.com/methodologies/mica-methodologies-for-standardized-sustainability-reporting

Data provided by the MiCA Crypto Alliance as a third party, with no deviations from the calculation guidance of Commission Delegated Regulation (EU) 2025/422, Article 6(5). Usage of natural resources is approximated through land use metrics. Land use, water use and water recycling are calculated based on energy mix-specific estimates of purchased electricity land intensity, purchased electricity water intensity, and water recycling rates.

Full methodology available at: https://www.micacryptoalliance.com/methodologies/mica-methodologies-for-standardized-sustainability-reporting