What is NEM (XEM)? A Beginner’s Guide To NEM Cryptocurrency
NEM, the revolutionary Blockchain platform
NEM (XEM) is a cryptocurrency was launched in 2015. Unlike the overwhelming majority of other cryptocurrencies, NEM has its own original source code.
This cryptocurrency has introduced new features and technologies to the Blockchain community. For instance, it operates using the unique POI algorithm. POI or Proof of Importance helps to determine the user who is going to calculate the next block. The new algorithm guarantees the fair distribution of chances on block calculation as it takes into consideration not only the amount of coins stored in the user’s wallet but also all incoming and outgoing transactions. That makes it possible to reward those users who make the biggest contribution to the currency development and distribution.
The average time of block generation is one minute. There are different types of messaging available to the NEM users:
- Unencrypted, and
The wallets are very easy to use and NEM software will take just minutes to install. They are available for
- Mac, and
NEM allows you to perform instant money transfers globally, without large fees. All wallets are highly secured and exclude any possibility of unauthorized access.
Features and functions of NEM
It is not the fork of an existing project, and was built early on by thinking about the needs of end users, analyzing the pros and cons of the existing Blockchain.
NEM has a two-tier architecture, which pays special attention to safety. These two layers (server and client) are formed by the NIS (Infrastructure Server NMS) and the NCC (Community NMS Client). NCCs securely connect to NIS to run and save transactions without downloading the entire Blockchain, enabling a much better user experience.
NEM technology was developed under the Test Driven Development (TDD) methodology. This methodology focuses all efforts to meet predefined requirements before beginning to implement the technology, ensuring that each small piece of code has been created to meet any of these requirements or tests, and d Avoid inefficiencies and unnecessary code.
Thanks to this new way of reaching a consensus, with the Proof of Importance (POI) , the nodes do not need to be expensive machines that consume large amounts of energy, especially since a part can function independently of the portfolio. Because by using previously commented APIs, any application can Blockchain NEM securely without having to download the chain of access blocks.
Another strength of NEM, is that the average block time is 1 minute. This time is 10 times lower compared to Bitcoin, so NEM is able to run and validate many more transactions in less time.
NEM, like other Blockchain, allows the creation of new virtual assets. With NEM Mosaics (NEM Mosaics), these assets (which can be linked to real values) can be created with fixed or variable products, descriptions, rates and transfer rights.
NEM mosaics are always linked to namespaces (Namespaces NEM) to ensure that these mosaics are unique. These namespaces are the equivalent of the classic Internet domain names for the Blockchain. It is also the first Blockchain with Delegated harvesting, protected against localized spam, Eigentrust ++ for reputation management between node pairs and multi-signatures mn customizable with alerts based on the Blockchain.
One of the strengths of this cryptocurrency is its zero inflation (all 8,999,999,999 million XEM, the NEM currency were issued at launch).
Other useful functions of NEM:
- Automatic synchronization of P2P nodes,
- The ability to send encrypted messages, clear and hexadecimal,
- Approval of designature and payment transactions in several geographically distributed steps, and
- Private sidechains (Mijin Instances).
- Finally, NEM is very end-user-oriented, and the ability to run on third-party software, so it has a reduced memory size, easy to install and use via a mobile client (Wallet Light) or server Traditional (Node). NEM also has a mobile wallet on both iOS and Android (released soon, currently in beta closed, although Android and iOS versions can be found on GitHub).
As we have seen, the potential for NEM is enormous.
Some more details about NEM
Symbol – XEM
Date of reation – 31/03/2015
Website URL – https://www.nem.io
Browser Blocks – http://chain.nem.ninja/#/blocks/0
Founder – Nem Project
Algorithm – Blockchain
System – Proof of Importance
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Rohit Kukreja is a Commerce graduate with Financial Markets expertise involving Stocks, Forex, Futures & Options Market and now Bitcoins & Cryptocurrency Markets. Blockchain Enthusiast but not a techie, Rohit is an active member of various Blockchain & Crypto communities all over India.