PRESS RELEASE

NET Tokens Set To Be Frozen Forever: Time Is Running Out To Activate Your NIM

Nimiq announce NET token end-of-life: The last and final opportunity ends on Friday November 30, 2018 (3:00 PM GMT).

Surfacing in early 2017, Nimiq is the first browser-based blockchain and aims to be the most accessible, high performance, decentralized payment system. The Nimiq mainnet and its native NIM token have been operational since successful launch on April 14, 2018. Holders of the existing Ethereum-based (ERC20) NET token, claim their corresponding NIM tokens through the NIM Activation process. This process is coming to an end and with it the NET token smart contract will be terminated.

NIM Tokens

Following three deadlines take more than seven months of time to activate. The Nimiq team recently extended the NIM Activation grace period and now are giving NET holders a final chance to make use of their NET and claim corresponding NIM tokens. As of publication, around ~1’600 NET addresses had a balance of 10 NET or more with a total of ~20% of the original NET token.

The last and final opportunity to complete NIM Activation ends by Friday November 30, 2018 (3:00 PM GMT). The NET tokens’ sole purpose is to use them to activate corresponding amounts in NIM tokens. The NET token smart contract may stop in conjunction and all blockchain movement of NET tokens immutably may end. NET holders should also expect delisting and ceasing of exchange trading any time prior to that deadline.

NIM Activation is done at a ratio of 100 NIM token per 1 NET token. Hence takes respective NET out of circulation. NET holders should be aware that they must pass a KYC process to activate their NIM.

Details about end-of-life of NET token and instructions on this last chance to put your NET token to use and activate NIM are published on Nimiq’s official blog

Conclusion

The Nimiq team has also expressed concerns over bad actors taking advantage of the activation period. They have warned users that actors could impersonate the project.

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Note: This press release is for an informational purpose only. Coinpedia is not responsible for the accuracy of the content provided in the article. Thereby, readers are advised to consider the company’s policy & T&C before making any investment.

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