Finance

Nimiq Launches Pre-Staking Program Ahead of Proof-of-Stake Migratio

2 months ago
Bitcoin Ethereum News

Key highlights:

  • Nimiq has introduced a pre-staking campaign for $NIM holders in preparation for its transition to Proof-of-Stake (PoS).
  • The initiative will distribute 200 million NIM in rewards, including bonus incentives for early participants.
  • Pre-staking ensures a smooth migration to a decentralized and energy-efficient PoS consensus system.

Nimiq rolls out pre-staking program for $NIM holders

Nimiq is a Layer-1 blockchain focused on payment ad they have just announced a new pre-staking campaign for holders of its native token, $NIM. The campaign is a key milestone in the project’s transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS), offering early participants a share of 200 million NIM in rewards.

The pre-staking initiative is designed to secure the network as it prepares for the full migration to PoS. This change aims to make Nimiq’s blockchain more energy-efficient while enhancing decentralization by encouraging broad participation from validators.

Participants can improve their pre-staking rewards through a range of strategies. By staking early, choosing underrepresented validators, and completing Nimiq quests, holders can increase their chances of earning bonus rewards.

The pre-staking campaign runs from October 7 to November 10, 2023, with rewards claimable directly through a dedicated dashboard. Beyond the 100 million NIM allocated for pre-staking rewards, an additional 100 million NIM will be distributed via a bonus giveaway. Early adopters will be selected at random to receive extra NIM as part of this incentive.

“Nimiq’s long-awaited migration to Proof-of-Stake marks the beginning of a completely new era for the project. Not only does it drastically reduce the blockchain’s energy consumption, but more importantly, it introduces near-instant transactions for a significantly enhanced payment experience. Once the migration is complete, we can focus on expanding Nimiq’s global adoption to make NIM the most widely accepted cryptocurrency on the planet.” —Max Burger, Ecosystem Developer at Nimiq

What is Nimiq?

Nimiq is a decentralized payment network built on its own blockchain, designed to offer fast, low-cost transactions accessible to all. The platform’s ecosystem enables digital currency use for payments and remittances, while also offering passive income opportunities. Nimiq’s shift to Proof-of-Stake aligns with its goal to create a sustainable, globally-available monetary system that puts users in control of their own assets.

The bottom line

With its pre-staking program and the upcoming transition to Proof-of-Stake, Nimiq is setting the stage for a more sustainable and decentralized future. This migration is supported by community involvement and substantial rewards and therefore marks a significant step forward for the network as it seeks to expand its global reach.

Source: https://coincodex.com/article/48564/nimiq-launches-pre-staking-program-ahead-of-proof-of-stake-migratio/