Pre-staking for $NIM holders has been announced by Layer-1 payments blockchain Nimiq, which is a significant step toward its much awaited migration to Proof-of-Stake (PoS). This initiative not only prepares the way for the network’s transition to a more energy-efficient, decentralized proof of stake consensus, but it also pays out considerable rewards to early participants.
Nimiq is getting ready to switch from Proof-of-Work (PoW) to Proof-of-Stake (PoS) as its consensus algorithm. To ensure a safe migration, pre-staking is a crucial step. This is because a secure migration requires maximizing the total amount of $NIM pre-staked and dividing it among the maximum number of validators. All Nimiq holders are encouraged to pre-stake and contribute to a more decentralized Nimiq network via the Pre-Staking Rewards program.
Nimiq is a unique blockchain-based decentralized payment system. A digital currency, quick payments, cheap transfers, and universally accessible passive income are all part of its financial ecosystem. The upgrading of Nimiq to Proof of Stake will help it realize its objective of acting as a sustainable monetary system that gives people complete control over their money, enables them to utilize it anywhere in the world, and helps them attain financial independence.
By maximizing their pre-staking strategy through a variety of multipliers—staking early for a time-based boost, selecting an underdog validator to promote even distribution across all validators, and raising their ranking in the Nimiq Space by finishing Nimiq quests—participants can raise their chances of earning bonus rewards.
One may access Nimiq’s pre-staking program by logging onto the campaign’s dedicated dashboard. Community members may choose the Nimiq account address they want to use for pre-staking and register for the pre-staking program here. Further information is available in the blog post announcement from Nimiq.
Max Burger, Ecosystem Developer at Nimiq said:
“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.”
Participants in the pre-staking program will be eligible for incentives that may be directly claimed via the pre-staking dashboard. The campaign will run from October 7 through November 10. Participants will share 100 million in $NIM pre-staking rewards in addition to a bonus giveaway reserved for community members who sign up for the campaign as soon as possible. Over the course of three rounds, winners of the bonus prize will be selected at random from among eligible entrants, with an extra $NIM reward given to 100 pre-stakers. As a consequence, an incredible 200 million NIM is set aside for rewards and pre-staking prizes.
By making the most of its pre-staking effort, Nimiq will make sure that its network is prepared for the next stage of activation and the November 19th Proof of Stake migration.
Visit https://www.nimiq.com/ to learn more.
