What is NEM crypto?
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 would 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 the development of business solutions with Blockchain technology, for which, the Nem.io foundation would be 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 of society. 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 crypto functions within the government. If a government decides to use XEM coin 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, in, for example, research.
How NEM crypto works
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 crypto is much faster than Bitcoin since confirmations are made every minute.
Validation of a signature is needed to authenticate a document 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 crypto platform is ideal 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 cryptocurrency 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 NEM, in this crypto “harvesting” is implemented. 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 coins to participate.
Advantages and disadvantages of NEM coin
+ The status of not being a widely known currency within the crypto world has not stopped NEM from achieving several significant goals. Among which the main one is serving for the facilitation in the execution of international transactions through Blockchain technology. Arguably the most notable thing is its API for smart asset creation. While on other platforms an important computer knowledge is necessary for the design of your smart contract, in NEM all work can be done through an API.
– The truth is that, compared to other cryptocurrencies, NEM coin is not disruptive to the market. There are competitors which are more entrenched within the crypto market, have stronger alliances, and have greater prestige. It is doubtful that NEM crypto can surpass cryptocurrencies like Ethereum, XRP, Cardano, EOS, or Tron.
Where to buy NEM
You can exchange XEM on exchanges like ZB.COM, Zaif, DigiFinex. The available pairs include fiat money like USD, EUR, JPY, KRW, UAH, IDR, INR, and GBP.
You can also get NEM on the SwapSpace cryptocurrency exchange aggregator, which is a quick and easy way to obtain the required amount of NEM.
How to exchange NEM on SwapSpace?
- On SwapSpace homepage, select NEM coin in “You send” section and the cryptocurrency you would like to receive in “You get” section. Enter the amount of XEM you want to exchange.
- Choose the instant exchange service that suits you most.
- Specify the recipient address and check if all the data is correct.
- Send your XEM coins to the address you will see on the screen.
- Wait until the exchange is complete.
Where to store NEM
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.