Nimiq Begins Transition to Proof-of-Stake with Massive 200 Million $NIM Rewards
The post Nimiq Begins Transition to Proof-of-Stake with Massive 200 Million $NIM Rewards appeared on BitcoinEthereumNews.com.
Layer-1 payments blockchain Nimiq has announced the launch of a pre-staking campaign for $NIM holders, marking a significant step towards its long-awaited migration to a Proof-of-Stake (PoS) consensus mechanism. This pivotal move not only offers substantial rewards to early participants but also lays the groundwork for the blockchain’s transition to a more energy-efficient, secure, and decentralized PoS model. A Major Step Towards Sustainability Nimiq, known for its decentralized payment solutions, is in the process of upgrading its consensus algorithm from the energy-intensive Proof-of-Work (PoW) to the more sustainable PoS. This upgrade is crucial for reducing the blockchain’s environmental footprint while enhancing its overall efficiency, including faster transaction times and reduced energy consumption. The pre-staking campaign, an essential phase in this migration, aims to maximize the amount of $NIM tokens pre-staked across the network and distribute them among as many validators as possible. This decentralization effort will help ensure the network’s security and long-term stability once the PoS model is fully implemented. How Pre-Staking Works The Pre-Staking Rewards campaign incentivizes $NIM holders to pre-stake their tokens ahead of the official migration. Participants can optimize their staking strategy by taking advantage of various multipliers and rewards designed to promote fair distribution and network security. These incentives include: Time-Based Boost: Participants who stake their tokens early will receive additional rewards, encouraging prompt involvement. Validator Selection: By choosing less popular or “underdog” validators, stakers can further increase their chances of earning bonus rewards, ensuring that validation power is evenly spread across the network. Nimiq Quests: Completing tasks within the Nimiq ecosystem can help participants increase their ranking in the Nimiq Space, leading to greater rewards. The pre-staking process is managed through a dedicated dashboard where community members can register, select their staking accounts, and monitor their progress. This user-friendly interface streamlines participation in the…
Filed under: News - @ October 8, 2024 12:19 am