What is NEM (XEM)?
NEM (New Economy Movement), a technology platform, claims to be the Smart Asset blockchain. NEM is a blockchain-based popular virtual currency and also serves as a platform for payment network. NEM seeks to better the blockchain ecosystem by building a better one themselves. The two key concepts NEM uses in trying to achieve that are POI(Proof-of-importance) and harvesting.
While many other cryptocurrency networks use systems like Proof-of-work(PoW), Proof-of-stake(PoS) that would require them to use a mining device for the blockchain and the rewards are assigned to the miners towards their contributions. On the contrary, when it comes to Proof-of-Work (PoW) miners that possess higher computing and processing power can have a lot of advantages over those miners who have relatively less powerful machines. In Proof-of-stake (PoS) the ones who can have an e
xtreme advantage are the coin hoarders, this is because the participants having more coins are likely to gain more coins using mining and process of transactions. NEM also promotes saving crypto coins against spending crypto coins.
Who are the founders of NEM (XEM)?
NEM is operated by a ngo which is Singapore based called NEM.io Foundation. It was founded in the year 2016 with 11-50 employees. The key people involved in this are Lon Wong (Former Founding Board Advisor),
R.Li(Secretary), A.Tinsman (President), Ken Chan (Treasurer), J.McDonald (Founding Board Advisor).
What makes NEM (XEM) unique?
- It’s built on a test drove development method that alleviates unnecessary codes and inefficiencies.
- POI algorithm that proffers the right to harvest to those who have a vested interest in NEM.
- NEM’s platform has this multi-signature technology that means any transaction is updated on the blockchain only after multiple users sign it. This feature is really important because it means that the spending of XEM coins from a wallet is not allowed unless another wallet signs in.
- Harvesting XEM coins
- two-tier tier architecture
- NEM offers a seamless interface between public and private blockchains that in turn enables an easy transfer of several digital assets such as tokens, files, contacts from an internal network enterprise that is held privately to a private network of a business via a public blockchain. The private to public blockchain interfacing of NEM can even make the transfer of money from Paypal to Venmo possible provided all the parties who are involved agree.
How Many NEM (XEM) Coins?
NEM has a total circulating supply of 8,999,999,999 XEM coins with the maximum supply being 8,999,999,999 XEM coins.
How to buy NEM (XEM)?
The first step in the process of purchasing NEM coins is setting up a NEM wallet for your XEM coins to be stored following the purchase.
- Digital Wallet
A digital wallet is a virtual wallet that stores cryptocurrencies. It is the case with every other cryptocurrency. Of course, investors can however trade without a private digital wallet but this can lead to a cyber-theft. Go through the details of the types of wallets available on the website. In NEM’s case, the proposed one is a Nano wallet that can be easily downloaded from the NEM website and is compatible with Windows, Linux, OSX and many more.
- Buy NEM(XEM) Coin
Upon the creation of a wallet, there are precisely two ways in which the XEM coins can be purchased I.e., fiat currencies and Bitcoin or Ethereum.
Features of NEM (XEM) Coin
NEM’s protocol uses a POI (Proof-of-importance) algorithm, with the most importance laid on the number of coins a user possesses and the number of transactions made from the users’ NEM wallets and to the users’ NEM wallets.
To be eligible to harvest the coins of XEM, the user’s wallet must have 10,000 vested XEM coins.
NEM world has this additional feature called delegated harvesting. Harvesters have the facility of delegating the harvesting so that they can earn transaction fees continuously.
How does NEM (XEM) Work?
NEM is known for its effective handling of financial assets, documents, contracts and a whole variety of digitized assets.
NEM allows the users to create a Paypal account on its network. Open source payments like NEMPay are readily available on NEM which can be customized by the user to use their crypto tokens to ensure effortless money transfer.
NEM can also be used in a retail store chain for the maintenance and tracking of loyalty rewards points for customers.
Any shipping company or end-to-end supply chain logistics can use NEM for productive maintenance of the data on shipping and handling.
These include secure voting, registration, keeping a record, access control.
NEM allows the participants to create, distribute and trade both crypto coins and tokens that are compatible with the wallets and trading apps that are available in the ecosystem of NEM.
The API compatibility of NEM allows globally any application to be linked and utilised on the platform of NEM. NEM ensures an easy connection and secure interaction of any mobile apps, web app and database with the NEM blockchain using API Gateway server and calls. To put it simply, NEM allows the end-users to customize the access and how they use NEM.
Is NEM (XEM) worth it?
There is no such cryptocurrency in the crypto ecosystem that can be separated from risk. Risk and reward are two inherent factors associated with all cryptocurrencies. One thing anyone who wants to invest in NEM or any cryptocurrency for that matter is to invest only that money which you afford to lose or money that doesn’t make any difference even after it’s gone. Accept the fact that the money you invested today might come back with huge returns or be gone forever.
Having said that, NEM has a lot of positive sides to it. If it sets out to achieve the same marketing cap as Ethereum the estimated t worth of each NEM would be around $7.55 which would make NEM a great investment.
NEM is a new age blockchain that opened up to a myriad of possibilities for building efficient blockchain systems. To know more about cryptocurrencies, head to Zeen blog.