Technical Q&A Video

#1

Hi everybody. I am planning a technical video with questions to the Core (Blockchain Team). Please leave questions below.

– EDIT –

Thanks everybody who participated. We shot the video and we will be publishing it after we sync it (we used a studio microphone for surround sound, a lavalier microphone for Hi-quality audio and two cameras).

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#2

Thank you for the opprotunity!

  1. What pros and cons has the albatross testnet shown? Obviously, albatross is a “barbones” and has to be fine-tuned for a specific algorithm.
    -What were expected results and actual?
    -Did you meet unexpected problems/issues that complicate the consensus model?
    -Did some results exceed your expectations?

  2. The new keyguard - how easy will it be to integrate it to existing webpages? :slight_smile:
    -Is the new keyguard reworked with only NIM in mind? Or it might be ready to support “out of the box” fiat (or show fiat equivalent of NIM being payed)? Any chance to support crosschain tokens?

  3. Not really techical - will NIM be used/lised on agora trade before the transition to albatross/other consensus model? Are there any technical hiccups that prevent NIM for being used in agora trade

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#3

Great! How much do you plan to record @Richy ? It would be great to have a longer video than usual (30 minutes?).

Here are my questions:

  1. What does the team think of the rise of DAG-based protocols recently in the industry, notably in terms of robustness and security? Did the team already experiment with DAG?

  2. How do you plan to encourage liquidity on the network and compensate for the double incentive to hoard NIM with PoS (staking reward+limited supply) compared to PoW?

  3. If we go for the staking route, do you have some ideas to make it as easy as possible to stake?

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#4
  1. How does pico consensus work, and how’s it different from nano consensus?

  2. Did nimiq team modify anything from the Nipopow paper when implementing the nano consensus?

  3. Did nimiq team explore any privacy option when designing nimiq 2.0? If yes, what are they?

  4. When real whitepaper :joy:

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#5

Will Nimiq be intergated in classical payment terminals? This should be possible thanks to OASIS. You could call the Service “NIMIQ PAY”

#6

With the plans of Nimiq OASIS, it will be possible to get added to SEPA.

Also a Nimiq Woocommerce plugin has been created. It uses the new Keyguard so still only available for Testnet. But for merchants who use Woocommerce as their payment backend, adding Nimiq as a payment gateway will become really easy.

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#7

Any chance Nimiq gets integrated on Liquidity Network? You just need to implement a tiny bunch of code to do that according to Arthur

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#8
  • What has changed for sushipools dumb mode to be implemented given that the proposal to implement stratum was rejected during last year meetup in Amsterdam because it was too centralized?
  • With Nimiq 2.0 will there be a PoS pool implementation?
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#9

Thank you to the team for the opportunity to ask questions and voice some thoughts. These questions are all economic or philosophical and related to the possible switch to Proof of Stake:

  1. Let’s assume that Nimiq switches consensus models from proof of work (POW) to proof of stake (POS). In order for someone to acquire NIM for purchases, or for the purpose of staking, they would either need to buy NIM directly or receive a NIM payment. Since the current POW consensus model allows anybody with electricity and an internet-connected device to take part in securing the network and earn NIM for doing so, how might the switch from POW to POS affect the widespread adoption of NIM? Will it limit the number of people using the network because of difficulty acquiring NIM? What about people who don’t have access to banks and are unable to purchase NIM directly? If they don’t receive a NIM payment for goods or services, are they effectively blocked from using the network?

  2. Locking NIM into staking wallets will remove significant liquidity from the network. Is there a danger that an entity with lots of money and large NIM holdings (company, government, etc) could purchase enough NIM on the open market to cause a sudden spike in value per NIM? Hypothetically they could use the NIM they already hold to make many high-value purchases at deflated NIM prices (since value of NIM versus fiat will have spiked), and afterwards dumping the newly-purchased NIM back onto the market causing the spike to reverse. Example: let’s say 1 NIM = 1 USD. I can buy a $250,000 lambo with 250,000 NIM. If I had significant resources I could temporarily manipulate the price so that 1 NIM = 2 USD, then I could buy the lambo for 125,000 NIM. Afterwards I sell the NIM I recently purchased to return the price to 1 NIM = 1 USD. It seems this could be mitigated if OASIS becomes widely adopted, but in a POS system many merchants might be inclined to stake their NIM as they receive payments rather than convert to fiat. So the question is, have you considered this as a possible threat to merchants (or others) accepting the network as a viable means of payment and value transfer?

  3. If Albatross is adopted and blocktimes drop to ~1 second. How will block rewards then be calculated? Will there still be a total 21 billion NIM limit? Will view changes or other network delays affect the block rewards for any particular block? Will slashed NIM be subtracted from the 21 billion or will new NIM be added?

  4. If holding NIM in a POS wallet generates steady returns, will there be less incentive for people to use it as money, and more incentive to hold it as an investment? Example: If I spend 1 NIM in a POS system, I am not only spending the current market value of that NIM, but also any future block rewards and transaction fees I might have earned from staking that NIM. Given Nimiq’s goal of becoming a major payment coin, is the switch to POS and the possibility of NIM being treated as a “dividend-paying” investment in line with that goal?

  5. If the punishment to a POS validator for a technical glitch or being hacked is a slashing and loss of staked NIM, will non-technical users of the network be less-inclined to stake their NIM for fear of losing it? If this were the case the only people who would maintain the value of their NIM (via block rewards and transaction fees) would be people with knowledge of computers and programming. What effect will this have on the security of the network? Will it cause centralization? Will it discourage people from using the network as their NIM would be constantly losing value against their tech-savvy peers?

  6. Finally, if there were a critical flaw in the POS code, has there been any discussion of situations in which transactions will be reversed or NIM locked, and a new forked chain started similar to the Ethereum/Ethereum Classic fork caused by the DAO hack?

Thank you for considering my questions, and I welcome any thoughts and debate from within the community.

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#10

END OF QUESTIONS

Thanks everybody who participated. We shot the video and we will be publishing it after we sync it (we used a studio microphone for surround sound, a lavalier microphone for Hi-quality audio and two cameras).

1 Like