Nimiq NIM to FOAM FOAM Exchange

Crypto Pair Details: NIM to FOAM

Nimiq NIM

Nimiq is a browser based blockchain. It was written in Javascript ES6 and because of this, the complete blockchain runs in the browser. The main goal of Nimiq is to solve the payment solution, and to provide a browser based payment solution of sending money. They also have nearly instant transactions as well. Nimiq is a CPU only mineable coin, since it uses the Aragon2D algorithm. Nimiq intends to lower barriers of entry for blockchain technology, and make it accessible for mainstream use. With an operational betanet already live, users can experience how simple it is to mine inside a browser - installation free. Nimiq is making blockchain technology as accessible as the internet, with a vision to truly decentralize the web. Current available cryptocurrencies are complicated and counterintuitive for the average person to use. True internet decentralization is impossible if access to blockchain technology is limited to only the technically oriented people. Until blockchain can be picked up with general recognition and general usage, its true power remains unrealized. Nimiq originally began as an ERC20 (Ethereum) token, known as NET or Nimiq Exchange Token. Nimiq held its ICO throughout June and July of 2017, and raised over 10 million USD. NET trading was enabled shortly after the ICO, and development began on the project’s Github. NET was converted to NIM, the currency that is based on the Nimiq blockchain and network, on March 31st of 2018. Nimiq’s wallet (Nimiq Safe) is built right into the Nimiq website, which means there is no need to download or sync a wallet application. The wallet will lead you through a setup guide, which will help backup and secure your wallet in the case of data loss. As the Nimiq wallet is based in the browser, however, erasing your cache could delete your balance – so keeping a backup is highly recommended.

FOAM FOAM

FOAM is an open protocol for proof of location on Ethereum. Our mission is to build a consensus driven map of the world, empowering a fully decentralized web3 economy with verifiable location data. FOAM incentivizes the infrastructure needed for privacy-preserving and fraud-proof location verification. The starting point for FOAM is static proof of location, where a community of Cartographers curate geographic Points of Interest on the FOAM map. Through global community-driven efforts, FOAM’s dynamic proof of location protocol will enable a permissionless and privacy-preserving network of radio beacons that is independent from external centralized sources and capable of providing secure location verification services. FOAM Token Functionality 1. Add and Curate Geographic Points of Interest The FOAM Spatial Index Visualizer allows Cartographers to participate in interactive TCR POIs on a map. Users can add points to the map, validate new candidates and verify the map by visiting real world locations. The FOAM Token Curated Registry unlocks mapping in a secure and permissionless fashion and allows locations to be ranked and maintained by token balances. Users can deposit FOAM Tokens into POIs on the map to increase attention those POIs might receive. 2. Signal for Zone Incentivisation A further potential use of the FOAM Token by Cartographers is to stake their FOAM Tokens to Signal. Signaling is a mechanism designed to allow Cartographers to incentivize the expansion and geographic coverage of the FOAM network. To Signal, a Cartographer stakes FOAM Tokens to a Signaling smart contract by reference to a particular area. These staked tokens serve as indicators of demand, and are proportionate to (i) the length of time staking (the earlier, the better), and (ii) the number of tokens staked (the less well-served areas, the better). In the context of the contingent Dynamic Proof of Location concept (described further in the Product Whitepaper), these indicators are the weighted references that determine the spatial mining rewards. 3. Contribute to Potential Secure Location Services as Zone Anchor or Verifier The FOAM protocol may allow users to provide work and secure localization services and location verification for smart contracts and be rewarded for their own efforts with new FOAM Tokens in the form of mining rewards. Devices and real world contracts can be programmed to designate attestations and track interactions and transactions on the map. With the addition of necessary radio hardware by individual users and the grass roots expansion of the FOAM network, it may be possible for location status to be proved in a different manner. Location could be proved through a time synchronization protocol that would ensure continuity of a distributed clock, whereby specialized hardware could synchronize nodes’ clocks over radio to provide location services in a given area. As explained further in the following paragraph, this ‘Dynamic Proof of Location’ is contingent on a number of factors outside of Foamspace’s control.

SOURCE: COINGECKO

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