Nimiq Kicks Off Its Long-Awaited Migration to PoS with 200 Million In Rewards
Berlin, Germany, October 7th, 2024, Chainwire
Layer-1 payments blockchain Nimiq has announced a pre-staking campaign for $NIM holders, marking a crucial step towards its highly anticipated migration to Proof-of-Stake (PoS). This initiative not only offers substantial rewards to early participants but also paves the way for the network’s transition to a more energy-efficient, decentralized PoS consensus.
Nimiq is preparing to upgrade its consensus algorithm from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Pre-staking is an essential step for the successful transition to Nimiq PoS, as a secure migration depends on maximizing the total amount of $NIM pre-staked and distributing it across as many validators as possible. The Pre-Staking Rewards campaign incentivizes all Nimiq holders to pre-stake and contribute to a more decentralized Nimiq network.
Participants can increase their chances of receiving bonus rewards by optimizing their pre-staking strategy through various multipliers: staking early for a time-based boost, choosing an underdog validator to promote even distribution across all validators, and increasing their ranking in the Nimiq Space by completing Nimiq quests.
Nimiq’s pre-staking program can be accessed by logging in to the dedicated dashboard created for the campaign. Here, community members can register for the pre-staking program and select the Nimiq account address they intend to use for pre-staking. You can find more details in Nimiq’s blog post announcement.
“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 said.
The pre-staking program will run from October 7 until November 10 with participants eligible for rewards that will be directly claimable within the pre-staking dashboard. In addition to sharing 100M in $NIM pre-staking rewards, participants will be eligible for a bonus giveaway earmarked for community members who join the campaign at the earliest opportunity. Winners of the bonus giveaway will be drawn at random from eligible entries over the course of three rounds, resulting in 100 pre-stakers receiving additional $NIM rewards. This results in a whooping 200 Million NIM allocated for pre-staking rewards and giveaways.
Through maximizing participation in its pre-staking campaign, Nimiq will ensure that its network is ready for the subsequent activation phase and the migration to Proof of Stake, planned for November 19th.
About Nimiq
Nimiq is a decentralized payment system built on a unique blockchain. Its financial ecosystem includes a digital currency, fast payments, cheap remittances, and passive income available to everyone. Nimiq’s upgrade to Proof of Stake will support its goal of serving as a sustainable monetary system where individuals are in full control of their own money, can use it globally and use it to achieve financial freedom.
Learn more: https://www.nimiq.com/
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Disclaimer
Participation in the Pre-staking Reward and Bonus campaign is subject to restrictions. United States citizens or Green Card holders, as well as residents of countries under U.S. trade embargoes or sanctions, as listed by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), are not eligible.
Nimiq reserves the right to verify participant eligibility, including residency status, and may disqualify individuals who provide false information. Additionally, any unauthorized manipulation or use of prohibited aids will result in exclusion from the campaign. The campaign may also be modified, suspended, or terminated due to unforeseen circumstances, including unauthorized third-party interventions or technical issues. Team members of Nimiq, the Nimiq Foundation, and related entities such as ImpactX Charity are also barred from participating.
