What is NEM ?
NEM is also known as the New Economy Movement. It is a blockchain technology initiative that aims to assist businesses in powering their critical private infrastructure.
NEM was built from the ground up, with features like ‘harvesting’ and ‘proof of importance’ distinguishing it from other similar projects.
NEM began as a fork of the NXT, another prominent blockchain-based virtual currency and payment network platform, in March 2015.
It is run by the NEM.io Foundation, a Singapore-based non-profit organisation. Following the split, NEM.io chose to create its own codebase to improve NEM’s scalability and performance. Thus, a new NEM cryptocurrency platform arose that was opposite to the original NXT.
NEM’s native token (XEM) serves as both a digital asset and a medium of exchange.
Primary features of NEM
- NEM Smart Assets are referred to as ‘mosaics’ and are similar to digital assets such as bonds and securities, but they are issued as cryptocurrencies or crowdfunding tokens.
- Delegated Harvesting is NEM’s alternative to mining. It allows account users with a minimum stake of 10,000 XEM to connect their account to a node and help produce blocks on the blockchain. Accounts communicate with one another to record and verify transactions and collect transaction fees in exchange.
- The proof-of-importance (POI) algorithm is the delegation mechanism that employs network theory to assign a hierarchy to harvesting accounts based on the quantity of stacked tokens, the number of transactions to other NEM accounts, and the magnitude and frequency of those transactions.
- Mijin is a platform that enables businesses to create and manage private blockchains on the NEM network that are unavailable to unauthorised users.
- NEM’s blockchain architecture incorporates the Eigentrust++ algorithm to preserve the PoI reputational architecture.
Is NEM a promising cryptocurrency?
NEM created its own blockchain from the ground up, and it features novel utilities that are noteworthy and promising. However, because these distinctions are insignificant on their own, if NEM cannot grab a sizable portion of business enterprise as planned, it will have little to offer than its competitors.
The current NEM cryptocurrency price is $0.1979.
How to use NEM coins?
Business: They got a blockchain-based solution developed exclusively for business as an onramp into the crypto sector.
Mobile App: It is developed to be compatible between dApps and critical business infrastructure.
Trade: Invest and trade in NEM coins and gain when the NEM coin price increases.
Pros & Cons of NEM coin
- The platform enables widespread adoption of the world’s greatest blockchains
- The firm’s significant concentration is on large corporations. It is making a higher volume of exchanges of coins.
- Developers acknowledged that their platform needed to remain nimble to maintain market share as it has a comprehensive API interface and is open for further developments.
- Its team is highly secretive, and it lacks a strong marketing arm that communicates with its community.
- Despite its unique characteristics, it can be seen as just another smart contract platform with a different marketing strategy. So it’s very less likely to differentiate itself and surpass its competitors.
Trade NEM coin on CoinSwitch kuber
- You can start investing and trading in NEM with just Rs.100.
- You can instantly withdraw and deposit funds directly to bank accounts.
- Trade-in NEM coins at zero fees
- Easy to use trading and investment platform
- Track your cryptocurrency transactions and manage your portfolio within a few clicks
FAQ's on NEM
- Other uses of NEM?
A retail store chain may use NEM to manage loyalty reward programs, or a shipping enterprise can work on details regarding logistics are some of the other uses of NEM.
- Does NEM support mining?
- Is NEM listed in exchange?
Yes. NEM is listed on cryptocurrency exchanges such as CoinSwitch Kuber.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.