I am very dissapointed that ZoS decided to scrap a traditional MiniMap for a Skyrim style compass.

I know some prefer the compass, just wish both would be in game and let us have the option to choose.

So i got to thinking, since ZoS is supporting 3rd party UI addons. Is a Minimap addon possible?

Sure, take the actual map, make it much more detailed and work out a coordinate-based system, mix em all good, add a bit of HUD scripting and voilà! You got a minimap. It may sound easy but it isn't, i'm sure someone will do it asap because many want a standardized minimap and the dev will gladly accept donations for it.

Yeah its very likely this will be something that can be added through the Lua modding the game will use. In a recent interview this past weekend one of the dev said that as a base feature they won't be including damage meters or scrolling damage text, BUT that through Lua modding if you really want these features you can mod them in. So same could apply for a minimap, in their base game they are going with the compass but if people prefer a minimap thats something that again is very likely to be able to be modded in.