What is NEM?
NEM is a cryptocurrency like Bitcoin (BTC) meant to serve as a peer-to-peer payment model. It also doubles up as a blockchain technology. NEM stands for New Economy Movement, a name that you could say signifies the cryptocurrency’s mission to drive new economies. The NEM network is not a new kid on the block as it was founded in 2015 by a Bitcoin Talk forum user going by the username of “UtopianFuture.”
The NEM blockchain was to be created by forking NXT, but the idea was terminated in favor of a brand new code base. This led to this currency being written from an original source code. This makes it easily scalable amongst other things. In efforts to make its blockchain useful and reliable, the developers have introduced features such as POI (proof-of-importance), integrated P2P security, Eigentrust++ reputation system, multi-signature accounts, and encrypted messaging system into its algorithm.
You won’t find major websites like Fortune and Forbes talking about the NEM network, yet it is one of the top ten cryptocurrencies. It is very much underappreciated despite the fact that it’s one of the fairly stable coins. This smart asset blockchain has robust market cap valued at $9B and a circulating supply of 8,999,999,999 XEM.
The NEM Blockchain employs a Proof-of-Importance algorithm (as opposed to Bitcoin’s Proof-of-Work or PIVX’s Proof-of-Stake) to achieve consensus through a process that incentivizes participation in the network.
Besides trading NEM’s tokens on exchanges, its blockchain technology is useful in Escrow services, secure government voting systems, ICO startups amongst other exciting cases.
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Pros of NEM
- Community – Nem has a really active community on Reddit.
- Better blockchain performance – blockchain offers a better alternative of maintaining secure ledger transactions. That of NEM has been written from ground zero with better scaling and speed. Its private blockchain also ensures secure maintenance of internal ledgers and provides better rates.
- Ease of development – it can get extremely had to use certain blockchains to make applications due to the complex language used. NEM’s exposed functionality and a powerful API allows any person to make any business tools using any language they find simple to them. In short, you can configure NEM to suit your business needs with zero need to retool the existing infrastructure.
- Security – has both public and private blockchain. The network is stable and secure thanks to the Eigentrust++ and, of course, the incentivized public network. The building block customization means the user too has an opportunity to maintain the network’s security. The private blockchain gives clients complete control over their data if they don’t trust the public blockchain.
- Deep customization – NEM blockchain is not for those who want to launch new cryptocurrencies alone. Its powerful modular customization grants developers the freedom to build upon it any application. That is why this network is called Smart Asset System. Tracking logistics, document notarization, fintech system, ICOs and anything blockchain-worthy can be built on NEM.
- Low transaction fee – NEM’s 0.01% transaction fee is very low compared to other cryptocurrencies like Bitcoin and Litecoin.
Cons of NEM
- Marketing – Marketing is really awful. There is very little on the website about the latest news and software updates. This makes some people feel the project is inactive.
- Collaboration – NEM has very few connections with some of the known brands. Ripple, Ethereum, Bitcoin and a few others have collaborated with huge corporations.
- Technology – sure NEM offers some cool additional features on its blockchain, but it’s not as flexible as Ethereum’s. Could this be due to their relaxed marketing efforts?
Where to buy NEM
NEM can be obtained from Poloniex, Bittrex, BTER and other exchanges.
This cryptocurrency is definitely one of the more interesting coins that actually holds value unlike many others in the space. 2018 and beyond holds plenty of prospects for NEM as they look to go mainstream as well as release other software updates. XEM tokens value will most definitely climb up the ladder (we can only guess by how much).