NEM stands for New Economy Movement and is a grounds up built blockchian network for enterprises.
The currency for the network is NEM(XEM).
NEM platform is designed in the Java language. It employs the Proof of Importance, multiple signature support and Eigentrust ++reputation system to ensure the security and scalability concerns. NEM charges a nominal transaction fee of about .01 % from its users.
· POI (Proof of Importance): NEM has launched a separate algorithm/proof which is called Proof of Importance that closely works on the fundamentals of Proof of Stake.
Proof of Importance lays a greater authority on those for having stockpiled a greater value of coins along with making a higher number of transactions. The intention behind is to encouraging NEM as a widely adopted currency and not only to serve on the ground of being a mode of investment.
· Harvesting: NEM endorses harvesting in place of mining. It does not require any special hardware and seek for relatively less cost of electricity. In order to pursue the harvesting, a person needs to account for at least 10000 XEM.
· Super Node Program: Super Node programs are the active nodes on which the NEM blockchain network is based. It is essential to possess 30 million XEM to participate in Super Node Program.
· Encrypted Messaging Service: NEM offers the encrypted messaging service that collect the charges @ 1NEM per 32 characters.
History and founders of NEM:
A bitcoin talk forum user ‘UtopianFuture’ invented NEO in the year 2014. Initially the plan was to create a fork of Nxt (a crypto-currency along with payment network), but eventually it emerged as a whole new model.
How NEM is different from Bitcoin?
· NEM supports harvesting whereas Bitcoin supports the mining process.
· Bitcoin exercise the preposition of Proof of work whereas NEM runs on the Proof of Importance.
Proof: Proof of Importance (POI)
Market Cap: 7,875,827,999 USD
Circulating Supply: 8,999,999,999 XEM
Maximum Supply: 8,999,999,999 XEM
How to buy NEM?
NEM can be acquired with the help of USD, Euros and other crypto-coins. The access of NEM against the Euros and USD is limited that remain confined to the exchanges like Exrates (XEM/USD) and Litebit.eu. (XEM/Euro) Furthermore, NEM can easily be exchanges from a range of virtual currencies. The list of popular exchange is enclosed below:
Best Exchanges for NEM:
Best NEM Wallets: Prevalently, NEM coins are kept in the official NEM Wallets that comprises of:
· NEM Nano Wallet (Desktop Wallet)
· NEM Mobile Wallet
Key Competitors of NEM:
Key advantages of possessing NEM:
Ease: NEM is written in JAVA code language, providing accessibility and ease to a great number of users.
Speed: The platform of NEM strives to operate swiftly on almost every sphere, say for example the block-time time. The mechanism of NEM is capable of handling 3000 transaction per second.
Scalability: NEM has effectively met the expectations on the end of block-time and other scalability factors.
Disadvantages of NEM over other crypto-coins:
· Due to its anonymity, and lasck of fund for its development, it is less likely to be adopted at an extensive scale.
· NEM instamine, meaning the allocation of coins in an unfair manner is a great concern for its longer survival.