What to do with Nimiq OASIS fees

The more OASIS is used, the more NIM is used: Every time someone transacts via OASIS a 1% fee applies for the use of the OASIS API. For at least the first 24 months from its official launch, the collected fees are used to buy NIM off the market, which then are held by the Nimiq Foundation to increase scarcity and for the future benefit of the project.

What to do with this FEE? Share your thoughts.

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I think it’s important for some part of the fee to go to Nimiq holders as a way to incentivize spending, thus increasing the liquidity in the Nimiq ecosystem. I assume that more shops/projects/services will open up before launch of OASIS, or soon after. People follow money and if OASIS works as well as we think it will work, it will bring a lot of attention to Nimiq.

I think there are an infinite amount of options, here are just a few:

Holders only

1% redistributed to coin holders by % of their holdings

The Nimiq holders will be both rewarded and incentivized to spend the Nimiq that they receive, not only that but I believe that there will be a lot of goodwill from holders towards both the Nimiq developers, and OASIS. Furthermore, it becomes in their interest to promote it, it will be an organic referral system. Think of stimulus cheques and how they spur liquidity in the market, people see it as free money and often spend it as fast as they can.

I do believe there needs to be a way to stop NIM being bought prior to any redistribution, and then instantly dumped, perhaps this can be worked out by a time limit perhaps for NIM which hasn’t changed wallets in a month, a week, a day?

Or maybe with completely random times of redistribution? Maybe between a week or three months? Completely random so it doesn’t affect trading NIM - we don’t want price spikes/dumps every time redistribution’s are made.

There is a lot of potential here, we could even set up a way to have a crowdfunding addon to this redistribution, where the user has an opportunity to put 25% of the 1% into building the network and ecosystem, or let the time lock on it (a year) run out!

50/50 charity/holders

0.5% to the Nimiq charity
0.5% redistributed to coin holders by % of their holdings

Nimiq will be a force for good through the charity, making the world a better place whilst also getting recognition for the charity work it pursues. While the holders and network get the benefits listed above, maybe a little reduced in some areas.

The referral

1% to those who refer others to use OASIS (on whatever basis you choose)

OASIS will receive a lot more instant publicity and usage if this model is enacted, but it will also become quite spammy and might turn people off or represent OASIS as a little dodgy

Perhaps the best of all worlds

0.33333333333% to the Nimiq charity
0.33333333333% redistributed to coin holders by % of their holdings
0.33333333333% to those who refer others to use OASIS (on whatever basis you choose)

  • pretty rough but it’s a start
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There needs to be an incentive to implement OASIS in “everyday software” like POS. The big players in the POS market are international companies followed by the smaller ones who may offer features and benefits not found elsewhere. However, how would these POS software developers even know about Nimiq, yet OASIS? The same goes for website offerings that offer SaaS such as e-commerce, shopping carts and so on. Everyone knows about credit/debit card and PayPal implementation. Those are “must have” for any POS software or website to even function. OASIS (API) needs follow that lead.

As such, the fees will need to be used to further develop and market OASIS.

Thanks @mikaelarhelger. Very good point. Are you think marketing like sponsored ads, reviews, mentions, etc or more like referral rewards, rewards for integrators and developers, etc.

Well, I am not a marketing guy (sales yes) but one things is for sure (for any crypto): Adoption is the key to success. If there will be an API that is so easy to implement, it may not take much for the small POS software vendors to implement and followed later by the bigger more matured POS software vendors.

To incentivise those POS software vendors “familiar” with crypto maybe easier than one thinks: Give them some NIM! After all, it will eventually be a form of payment. In any case, you will make it up with transaction fee (currently set at 1% from what I read which competes effectively with the existing established methods).

However, a good working Open Source POS on mobile (Android, Linux, Windows) would be surely a great app and probably the best way forward! Anyone can copy the code in their own POS software easily, I suppose.

My 2 NIM worth :wink:

Very good read about adoption:

“Massive Worldwide Cryptocurrency Adoption is about to take place — But not in the way you think it…” by Richard Knight https://link.medium.com/64vvfkldV8

It’s an interesting read. But given the fate of TON and Libra, I would take it with a grain of salt.

Got it. Coming back to adoption, Nimiq wants to become a name in the world of payment processing. As such any new partnership can be announced in the news. Some of the players:

  • Square Point of Sale
  • Vend POS
  • Bindo POS
  • Erply
  • Intuit QuickBooks Point of Sale
  • NCR Silver
  • Shopify POS
  • ShopKeep
  • Toast
  • Lightspeed Retail POS
  • Revel Systems POS

They are the one who will do the marketing for you.

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I think the article misses an important point which is: Asia didn’t have a real electronic payment infrastructure up to the last decade (Japan and Korea set apart of course) therefore the jump to mobile payment was made with very little friction.

In the West we have credit cards since half a century, even the smallest stores have a PoS terminal connected to Visa or Mastercard and as such there is a lot of inertia and very little incentive to move away from something that’s already convenient. Especially as the UX is still progressing with RFID card chips allowing contactless payments.

I’m not discouraging integration in existing solutions, far from that, but imo for Nimiq to be really successful there is a need to conquer uncharted territories, it’s easier to establish yourself where there is no pre existing resistance. Otherwise we’re just another horse in the race.

How I see it is that there something that doesn’t work in the legacy payment infrastructure and it’s online micropayments, Startups try and keep failing at that probably because they have to deal with all this systemic overhead and as a result it’s not true micropayment (I don’t consider a dollar/euro to be a “micro” sum personally, a penny or five however maybe).

This article of Wired should be the heart of Nimiq target:

don’t really want a flying car, but I do want to be able to shed pennies (and fractions of pennies) as I browse news or read fiction online. I want to easily support artists and writers without having to set up an account, create a password, fork over my credit card details, and commit to an ­ongoing­ relationship that involves receiving a new piece of spammish email at least once a week.

What would such a system look like? It would be as seamless as browsing itself. It could have an automatic mode (a news subscription consortium, for instance, could silently disperse payments to individual publications as I read articles from members) or a one-click mode. (Stumble across a nice poem on some unfamiliar site? A small green button on your browser lights up, and you can make a one-time contribution.) And, much as Apple Pay already does now, vendors wouldn’t necessarily get your account information, just a cryptographic payment token that’s good for exchange or verification.

The UX of a payment system like that combined with the properties an open source, decentralized and censorship resistant currency is pretty much Nimiq.
Of course we would still need Albatross to bolster the viability of such model and maybe have some privacy solutions but the basis are here.

I think there is a BIG opportunity for Nimiq to market itself as an all-in-one “next-gen” micropayment package combining Albatross and OASIS.

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