Information About NEM
NEM is P2P cryptocurrency and blockchain based platform. NEM is designed to provide a streamlined method which maintains a secure ledger of transactions. NEM’s blockchain technology provides the capacity to acutely simplify an enormous variety of secure ledger and transaction that tracks system. NEM was launched on March 31, 2015; it is abbreviated as “New Economy Movement”. The currency symbol of NEM is “XEM”. This platform furnishes new features to the blockchain system.
The blockchain of NEM is written in Java language with the C++ version in its work. The NEM blockchain software is utilized in a commercial blockchain known as “Mijin”. NEM uses POI (Proof of Importance) algorithm. NEM is world’s first “Smart Asset” blockchain. NEM was invented by a Bitcoin Talk forum user known as “Utopian Future”. In April 2016, Zaif, operator of Japan’s largest cryptocurrency partnered with NEM for a new blockchain engine.
- A “smart asset” blockchain allows the user to customize their own blockchain that creates their own specific “smart contract”.
- This factors users to create places on NEM blockchain where they can securely put their digital assets. There has been a dramatic change in the value of XEM coin.
- NEM grabbed Ethereum’s smart contracts system and teased it to initiate the blockchain-based system of “smart assets” with a comparable system which has higher security and scalability.
- NEM is much advanced than Ethereum on the basis of scalability. The Ethereum processes 15 transactions per second; NEM complete hundreds of transactions.
Catapult is an advanced version of NEM’s technology. It is currently in the beta phase. It is stated that NEM’s platform is going to be more secure and faster once Catapult, is released. There are various banking institutions which are testing catapult to shift their financial software technology onto NEM’s blockchain. Catapult servers as a breakthrough for NEM.
The NEM platform and XEM coin sets out to build a better blockchain and the two key strategies such as:
- Harvesting: It is alternative to mining, harvesting is a process created by NEM to produce XEM. It is designed to maintain the sincerity of NEM blockchain. Each times someone carries out a transaction, the computer check and verifies the transaction and notifies nearby users of the transaction. This creates a cascade of information. This process is utilized for “generating a block”. If someone vests 10,000 XEM it generates a block in NEM, he will receive the transaction fees on the block as payment.
- Vesting XEM and Proof-of-Importance: Most of the cryptocurrencies, utilize proof-of-work for mining process. The proofreading is done by the computer, but when it comes to harvesting, NEM uses a proof of importance. The importance is a unit to calculate the amount invested in NEM system. After a set of time, XEM assets in the wallet become “vested”. If a user has invested 10,000 XEM vested, he will be able to generate new blocks and earn the transaction fees for all transactions on the blockchain.
- Performance: A unique fundamental streamlined mechanism is offered by blockchain technology to maintain a secure ledger of transactions.
- Development: – The blockchain technology provides the potential to simplify an enormous variety of secure ledger, transactional and tracking system.
- Customization: The blockchain technology expands to address many real-world uses an application like “cryptocoins”.
- Security: This blockchain technology equips a secure method of recorded transactions through its unique consensus-driven ledger method.
The NEM focuses on developing a booming and opening digital economy which is outside the realm of current power brokers. NEM is planning to build a “new economy that is based on the principles of financial freedom, decentralized, equality and solidarity. Even though it comes with fascinating features and plans there are few disadvantages which are as follows:
- NEM is not anonymous coin, and the transactions carried out under this coin can be easily traced.
- NEM is not adopted by daily users.
- NEM lacks sustainable development that ensures long-term adoption and development of the fund.
- The issue of NEM “instamine” is not given much attention by the people. Efforts must be made to deal with these issues before NEM becomes more mainstream and the questions could pose a barrier to potential users.