Nimiq OASIS is where you can "atomic swap" everything or buy and store Bitcoin, NIM, and (soon) Ethereum directly from your bank account in under 5 minutes with no KYC *up to $1,000.
OASIS solves a fundamental problem - easy buying and selling of crypto with lower fees and without the need to create exchange accounts.
As a noob, this is the first time I heard of a service like this. I mean, I've used Uniswap and even Anyswap both once and those exchanges charge high fees thanks to Ethereum. I guess Nimiq just has a witty marketing team and that's probably the reason why I've heard of their service first or maybe I just suck or did not have a real need to find services like this.
I will definitely be using OASIS to buy and store Bitcoin because I like the Nimiq ecosystem and most importantly, it is always a good strategy to NOT put all your eggs in one basket. lol
For now, I'm not buying NIM yet because they are actually giving out free NIMs through their faucet and a really cool game called Nimtris which I totally like! You should try it out to see if you'll also get addicted to it.
Here's a semi-technical explanation of how Nimiq OASIS works in the background:
OASIS enables off-chain assets like USD, EUR, stock certs, web domains, and others behave as if they were tokens on a blockchain.
Both buyers and sellers can trade assets using DEXs that are using the Nimiq OASIS API. Sellers will set up Hashed TimeLocked Contracts to sell their assets and submit to the contract address. Buyers will create the corresponding Hashed TimeLocked Contracts and send their payments to an IBAN indicated in the seller's contract.
Once the buyer funds the IBAN, both HTLCs for the Atomic Swap are ready and the seller can claim the payment which will release the info needed by the buyer to claim the asset bought. Without knowing each other or surrendering custody, both buyers and sellers are able to trade.
For the fiat instantiation, the escrow is a fully-licensed bank which is a trusted node in the fiat currency network.
To improve decentralization, Nimiq envisions an ecosystem of OASIS escrow parties, potentially for a wide range of different assets, that users are free to choose from.
Nimiq is also developing the FASTSPOT (Fiat Atomic Swap Trader) Service. FASTSPOT acts as a Market Maker and will ensure liquidity for Nimiq OASIS implementations.
Nimiq has great potential and could follow old crypto projects that have risen to the top of the charts like Pundi and Holochain. According to one of their tweets, they are the pioneers of fiat smart contracts which is really a big deal. I think it's a good idea to stack up on NIMs as early as now.
To learn more about Nimiq and it's ecosystem, check this out:
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(*) - Correction - There's no KYC for transactions less than $1,000 only.