NEM (XEM) is a cryptocurrency launched in 2015. Unlike other other cryptocurrencies Nem is a project build completely from scratch. It consists of a peer to peer network, in which through decentralized blockchain technology, new applications can be developed including token and cryptocurrencies. The main features that separates itself from other coins is that it uses a blockchain accounting method, compatible to manage a wide variety of assets, such as currencies, financial instruments, supply chains, property registers and more.
Lon Wong is the president of NEM, who is a founder of a blockchain company called Dragonfly Fintech. Jeff McDonald is the Vice President.
Its board of members consists of CEO Tech Boureau Takao Asayama and other members such as Stephen Chia and Kristof Van de Reck. NEM’s global multidisciplinary team consist of Jason Lee, Samy Mendiburo, Misha Granin and Alexandra Tinsma
The feature that separates NEM is the use of the proof-of-importance concensus agreement. In this algorithm it determines which node based on its comparative importance of participation.
Similar to the participation mechanism, the importance test in this network also requires an investment amount established in cryptocurrencies of $ 10,000 XEM in this case, as a way to verify transactions.
As a result from these mechanism the owner might not be the holder of the largest number of XEM but he also gains importance from the mechanism, if his operations are fast and constant. The whole underlying mechanism consumes 100 times less energy to complete a transaction, unlike the test mechanism used by Bitcoin.
Transaction verification process
Harvesting is the process through which transactions are verified on the platform. The process is carried out using a computer to process algorithms and add blocks to the network with the obligation to maintain 10,000 $XEM some weeks and thus be eligible for collection. In the collection account one must configure the super node of another person, as a remote server to process transaction 24 hours a day. The server is allowed to accredit the test score of importance and thus not have to completely download the blockchain on your computer.
News proposed by NEM
- The particular improvement of the scalability in terms of network transactions, being able to execute about 3000 per second.
- A messaging function to be added to transactions, with a cost of one XEM per 15 characters.
- Unlike other cryptocurrencies, NEM does not offer private transactions. Although it may seem an unfavorable characteristic, this allows the protection of the buyer and the seller. In addition to allowing companies to learn about the consumption habits of its users, increasing the interest for business customers.
- NEM has some assets called mosaics, which can be traded in the blockchain, such as its XEM native cryptocurrency that is also considered a mosaic. Here, developers are also allowed to create their own mosaics, including tokens and cryptocurrencies and manage them in their blockchain.
- The standard wallet of NEM has a feature of multiple signatures, which requires the approval of several people to carry out a transaction. This adds security, transparency and responsibility in transactions.
- Finally, it should be noted that in the NEM network, users, community members and developers can continue to request improvements or updates to their platform.
NEM has a cryptocurrency called XEM, which are 9 million in numbers. The NEM tokens can be stored on official wallet called Nano Wallet. XEM can be acquired through Fiat currency of through BTC, ETH via different exchanges like Poloniex, HitBTC, Bittrex, ShapeShift, Crtptopia, Changelly.
The future of NEM is to provide a paltform to the companies to develop their own solutions based on their blockchain platform. The NEM project can expand manifold with its innovative technology and mechanisms on blockchain and it can become the future of business solutions.
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