New report for the period following July 2018
In line with the last report, we would like to present an updated overview of the assets and use of funds for the Nimiq project, as well as updated details of the distribution of NIM tokens with circulating and total supply. The period covered since the last report is August 1, 2018 through June 30, 2019. The report indicates a significant reduction in expenses and burn-rate due to reduced operational overhead (not a reduction in team size).
The Nimiq Project continues to hold a variety of liquid and non-liquid assets. The 9.9% stake in German WEG Bank AG is a new acquisition. Note that the crypto assets are considered not liquid. As of the end of June 2019 the Nimiq Project had the following assets (valued at the time of finalizing this publication):
Total Net Assets: ~US$ 10.55 Mio
The use of funds from the end of July 2018 up to the end of June 2019 breaks down as follows:
Product Development Contracting, Compensations: This includes all research, design, implementation and maintenance work and consultation of third parties regarding the Nimiq protocol and apps related to nimiq.com.
Subtotal US$ 1’783.1K, ~48.2%
Marketing, Listings, Content, Community: This includes expenses related to creating marketable video and written content, branding, listing integration fees, swag production, and community rewards. It also includes community programs such as the Hackerone Bug Bounty Program and the sponsorship of the BLDT Summer School Princeton & Vienna University as well as the Blockchain Research Group at Stanford University in California.
Subtotal US$ 907.6K, ~24.5%
Legal, Administration: This includes legal and administrative expenses regarding corporate restructuring, accounting, professional support from MME Legal | Tax | Compliance, Lara Legal Corp, Sielva Management, Grant Thornton Bankrevision AG and Lucris Finance AG
Subtotal US$ 182.2K, ~4.9%
Digital Operations, Equipment: This includes expenses related to hosting, hardware, software, licensing, and other development tools and platforms.
Subtotal US$ 106.4K, ~2.9%
Travel, F&B: This includes expenses related to transportation, hotel, food/beverage, and team building.
Subtotal US$ 171.8K, ~4.6%
Physical Operations, Rent: This includes expenses related to rent and maintenance.
Subtotal US$ 160.8K, ~4.4%
Investments, Infrastructure: This includes the WEG Bank AG 9.9% stake (partially loan financed) and construction of utility infrastructure, three simple platform accommodations and additional workspace on a small portion of the ~9.5 total acres of the Nerd Campus (already resulting in ongoing rental savings).
Subtotal US$ 387.3K, ~10.5%
Total Use of Funds: ~US$ 3’699.2K
Nimiq has drastically reduced legal (minus ~25%), digital operations (minus ~35%), physical operations (minus ~30%) and travel/f&b (minus ~60%) related expenses (time frame adjusted). As of July, contractor compensations were restructured to include goal-driven components so that the monthly burn-rate as of the end of July is down to around US$ 170K (excluding one-time or irregular expenditures and short-term contract expenses).
In this second part, we would like to describe the distribution of NIM tokens, showing details of accounts and vesting contracts as well as the circulating and total supply as of the end of July.
Live summary of NIM supply: http://nim.sh/stats/supply.txt
Just the current circulating NIM supply: http://nim.sh/stats/supply/circulating/nim.txt
The total final NIM supply in ~100 years by design of the Nimiq Blockchain protocol: 21'000'000'000 NIM
NIM activated from Token Sale NET (5% of final total): As of June 30 2019, 845’097’617 NIM have been activated from NET and are part of the circulating supply. The remaining difference (~204'902'383 NIM) that has not been activated from NET is visible at account addresses NQ69 9A4A MB83 HXDQ 4J46 BH5R 4JFF QMA9 C3GN and NQ15 MLJN 23YB 8FBM 61TN 7LYG 2212 LVBG 4V19. Though the deadline for activating NIM has long passed, Nimiq is processing requests on a case by case, manual basis (applying the same conditions of KYC/AML). Being conservative, Nimiq considers them part of the circulating supply.
All other NIM are either acquired through mining or released through a vesting contract (all vesting durations are measured from April 14 2018).
NIM minable (88% of final total): 18'480'000'000 NIM over ~100 years. As of the end of June (~12.3% of final total): 2’593’189’595 NIM, part of circulating supply. The live amount is available here: http://nim.sh/stats/supply/mined/nim.txt
Nimiq Foundation (Project, 2.5% of final total): 525'000'000 NIM at vesting contract address NQ09 VF5Y 1PKV MRM4 5LE1 55KV P6R2 GXYJ XYQF. Vesting is 26'250'000 NIM every 6 months over 10 years. First vesting was in October 2018, as of the end of June, 52’500’000 NIM are part of the circulating supply.
ImpactX Foundation (Charity, 2% of final total): 420'000'000 NIM at vesting contract address NQ19 YG54 46TX EHGQ D2R2 V8XA JX84 UFG0 S0MC. Vesting is 21'000'000 NIM every 6 months over 10 years. First vesting was in October 2018, as of the end of June, 42’000’000 NIM are part of the circulating supply.
Nimiq Team & Early Contributors (2.5% of final total): 525'000'000 NIM at 82 vesting contract addresses, see https://pastebin.com/raw/1eDwDF45. Vesting schedule A (for creators) is 35'000'000 NIM every 6 months over 3 years and vesting schedule B was 157'500'000 NIM month 3 and month 6 (team, early contributors and future team member allocation).
Recommended Block Explorer for Account and Contract Addresses: https://nimiq.watch
DISCLAIMER: Due to varying exchange rates and ongoing accounting, numbers are approximations. The financial information referenced in this report has not been audited internally or externally by a chartered accountant or similar accounting professional. Nimiq has prepared the information in good faith. Nimiq cannot certify or attest to the complete accuracy or validity of the information presented herein until such records have been audited and certified by a financial professional.
None of the statements must be viewed as an endorsement or recommendation for Nimiq, any cryptocurrency, or investment product. Neither the information, nor any opinion contained herein constitutes a solicitation or offer by the creators or participants to buy or sell any securities or other financial instruments or provide any investment advice or service.
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