Nimiq NIM to Nectar NEC Exchange

Crypto Pair Details: NIM to NEC

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.

Nectar NEC

The Nectar token is not intended to raise funds for Ethfinex, and will not be sold through any form of crowdsale, ICO or fundraising mechanism. Instead, the Nectar token will act as a loyalty token. The NEC is designed to maintain liquidity and market efficiency through the incentivisation of platform loyalty. Users who choose to register for the scheme and take on the role of market maker on the Ethfinex platform, or using integrated decentralised exchange protocols, will automatically generate NEC’s, as a loyalty reward, and subsequently earn a stake in the future development, governance and success of the platform. NEC will adhere to the ERC20 Token Standard to ensure cross-compatibility with alternate exchange protocols interfacing with Ethfinex. This allows other protocols and exchanges to reward users for the liquidity they contribute. The fundamental purpose of the Nectar token is to reward market makers for the value they create, in turn encouraging them to maintain market thickness and minimised spreads on the platform trading pairs. Loyalty points entitle holders to loyalty rewards held in the Liquidity Token Smart Contract, which can be redeemed (in part or in whole) through the Redeem Mechanism upon request. Loyalty points can be traded on a secondary market amongst white listed Ethfinex users. If no tokens are redeemed at the end of a 28 day cycle, the total supply of NEC will grow. Ethfinex will hold an initial supply of NEC which will not grow over time — as a result, the percentage ownership will gradually decrease as new tokens are issued and redeemed. The exact governance mechanism will be particularly important in ensuring the details and implementation of the token can be refined in time for the Ethfinex launch. Defining the perfect liquidity incentive mechanism will be impossible without continuous testing and feedback in real markets, and the governance will complete the loop in allowing improvements to take place. Following community feedback, we have decided against the internal redesign of the chosen governance mechanism; instead, we will look to adopt the industry best practise. There are a number of fantastic projects in the space who are currently working on this, such as Aragon and District0x, some of whom we are in contact with, and we are eager to refine our governance model in accordance with them. Ethfinex has come out with a smart solution and is not organizing a direct ICO but I see it as an indirect one with a long-term range into the future where decentralized exchanges will be the future or crypto-economy. Ethfinex’s and Nectar’s token development will bring all the ERC20 tokens under one platform dedicated to Ethereum token economy which in itself will be a huge thing. The total initial supply of NEC is 1 billion tokens out which the current circulating supply is 500,000,000 NEC. This supply will be distributed to the team and early adopters as loyalty points and this will also keep growing every 30 days, with new tokens being created based on market maker programme.

SOURCE: COINGECKO

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