Cryptocurrency Forecast : NEM (XEM) to overtake Ethereum
NEM (XEM) is now going to be the world’s most secure, scalable and most hopefully very popular smart contract platform in the world. The statement sounds a little unlikely keeping in mind the superiority of Ethereum in the same domain.
However, the recent announcement by NEM development team on the NEM Catapult (Mijin V.2) blockchain is prepared with the best resources for an overwhelming success.
The coin first announced of the release of Catapult way back in 2015, keeping the NEM community in the dark for a little more than a couple of years. Now the official announcement indicates that the beta release will be available to some community members, partners and other willing customers. This is would be done in 3 phases :
- Catapult Developer Preview and SDK release
- Evaluation release of Catapult Core Engine
- Dual-licensing of Catapult in both Open Source and Commercial licenses
NEM vs Ethereum
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counter-party risk.
Some problems in the Ethereum infra are :
- Ethereum can be compared to the Android OS, which gives the developer a free and easy platform to create mobile apps. However, these two platforms face the same problem, SECURITY.
- Ethereum is also relatively slow in carrying out transactions with about 15 tx/second.
- Ethereum also faces a scalability problem.
For a first counter, NEM fairs better in the speed of transactions and scalability. However, the problem of security haunts it as much as it does Ethereum hence the need for the Catapult.
3 features of NEM Catapult that are going to rule
- Aggregated Transactions : By creating an Escrow, the Catapult will allow users to merge multiple transfers to multiple parties automatically. This prevents theft of goods or payment to either party. In such a system if the transaction goes through, both parties get their respective currencies. If it fails, the currencies are reimbursed to both parties. A first of its kind in the blockchain industry.
- Multilevel Multi-signature accounts : This feature is aimed at improving the security protocols and the account recovery features. Every transaction carried out (except on hardware wallets) is to be passed through a Fraud artificial intelligence (FAI) software. This in turn will ensure that each and every XEM transaction will be verified before being completed.Which is a good news since this will also prevent fraud in the crypto market through checking of bank cards (debit and credit) before verifying the transaction.
- Layered Architecture : The NEM Catapult system will function in 4 major layers independently. The layered architecture is built to ensure that no level will face hindrance of any kind due to interference by another level. This is a unique feature that will allow quick development to a layer in case of bugs while the rest continue to function smoothly. This is also the first time a blockchain has created such a network.
Thus, once NEM Catapult beta testing is completed, it is believed to completely take over Ethereum.
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