What is NEM – learn everything about XEM crypto in our simple guide. All the answers to the most popular questions – where to get XEM and where to store XEM – in one article.
Table of Contents
What Is NEM?
The first block on the NEM Blockchain was mined on March 28, 2015, however, this project had already been developing for a year. In January 2014, NEM's founder Gimre started work on what was going to be his new cryptocurrency called NEM, short for "New Economy Movement". The project took Singapore as its base of operations and carried out the first phases of its development through a repository hosted on GitHub with the initial name of Nem.Core. The objective behind the creation of this cryptocurrency is to serve as the basis for developing business solutions with Blockchain technology. The Nem.io foundation is the legal umbrella through which this work is carried out.
NEM undoubtedly has a strong business character. Unlike well-known currencies, their goal is not to challenge fiat money and become a method of payment for things. NEM's strength is taking advantage of its Blockchain platform to generate solutions in multiple areas. Firstly, it is achieved by offering companies a data storage service and being able to serve as an accounting book hosted in a secure and invulnerable network. Secondly, NEM functions within the government. If a government decides to use XEM to exercise its public policy measures they will immediately make a profit in terms of transparency and therefore fight corruption and fraud. Finally, another differentiating element of NEM is its support for the academic sector. While large business cryptocurrencies like XRP focus on the private sector, NEM offers services to the academic sector for data storage, both administrative like titles and evaluations, and scientific, for example, in research.
NEM's most revolutionary application is the Smart Asset Register or Mosaic. Any document, patent, or formula inserted in the platform is registered in it without the need for confirmation by a third party, such as a property registry or notary. Subsequently, once registered, it becomes a smart asset that can be transferred from the platform. XEM is much faster than Bitcoin since confirmations are made every minute.
Validation of a signature is needed to authenticate a document and to confirm that it is not a forgery. Its blockchain platform provides security, speed, and transparency in electronic voting. As there is no central authority – it’s truly decentralized – votes cannot be manipulated.
The platform through the Mosaics allows you to create your own token, cryptocurrency, or even an ICO. Like Ethereum, NEM is an ideal platform to create an ICO. An example of an ICO through NEM is EcoBit, an ecological project for the Malaysian rainforests.
There are a few technical keys that differentiate NEM from other cryptocurrencies:
- A new codebase. Firstly, it was created as a fork of Nxt with quite a few similarities to other cryptocurrencies, but its creators ultimately decided to create a whole new codebase.
- Proof of Importance. Unlike the others, NEM uses a POI algorithm where a node runs independently of the NEM Community Client. This allows users from low-power devices to operate without making a full copy. It is called Proof of Importance because its operation prioritizes according to the "importance" of the client based on the number of coins it owns.
- Instead of mining in NEM, it is called “harvesting” and it consumes less energy than mining, which entails lower commissions.
- Supernode program. It is a reward program for users who are running active nodes. High-performance nodes help protect the network, but you must have at least 30 million XEM to participate.
Pros and Cons of NEM
Advantages of NEM
The status of not being a widely known currency within the crypto world has not stopped NEM from achieving several significant goals. The main one is facilitation in the execution of international transactions through Blockchain technology. Arguably the most notable thing is its API for smart asset creation. While serious computer knowledge is necessary for the design of your smart contract on other platforms, in NEM all work can be done through an API.
Disadvantages of NEM
The truth is that, compared to other cryptocurrencies, NEM is not disruptive to the market. There are competitors that are more entrenched within the crypto market, have stronger alliances, and have greater prestige. It is doubtful that NEM can surpass cryptocurrencies like Ethereum, XRP, Cardano, EOS, or Tron.
Where to Buy NEM?
Storing XEM: Best NEM Wallets
Currently, there is an official wallet called the NEM Wallet compatible with any modern operating system with a large number of functions. If you are looking for other options, they include Magnum Wallet, Paytomat, Raccoon, NEM Wallet Pro, Coinomi, Exodus, Guarda, and Atomic Wallet, many of which are multifunctional and support multiple cryptocurrencies which can be stored in the same place.
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