NEM, short for the New Economy Movement, aims to create a more advanced and efficient blockchain. It stands out by positioning itself as more than just another cryptocurrency on another blockchain.
NEM, known as the smart asset blockchain, is a technology platform designed for easy and cost-effective management of assets and data. Let's delve into NEM, understanding how it works, its features, benefits, and potential applications.
Key Points:
NEM, or New Economy Movement, is a technology platform for managing assets and data efficiently and inexpensively.
It emerged in 2015 from NXT, focusing on creating a more scalable and faster blockchain.
NEM has its own currency, XEM, traded by cryptocurrency holders but not widely used for payments.
The platform supports a cryptocurrency wallet called Nano wallet.
Understanding NEM (XEM):
NEM was created in 2015 as a fork of NXT, a blockchain-based virtual currency platform.
Operated by the non-profit NEM Foundation in Singapore, it developed its own codebase to enhance scalability and speed.
NEM has its own cryptocurrency called XEM, which has grown significantly in value but is not widely used for payments.
The platform supports a wallet named Nano wallet.
Efficiency Pillars—Proof-of-Importance and Harvesting:
NEM introduces Proof-of-Importance (POI) and Harvesting to create a more efficient blockchain.
Unlike other systems using Proof-of-Work or Proof-of-Stake, NEM's POI considers a participant's investment in the system for block generation.
Harvesting, an alternative to traditional mining, allows participants to use existing supernodes' computing power, saving energy and time.
Example of NEM Usage:
NEM facilitates easy interaction between public and private blockchains, enabling the transfer of digital assets across networks.
It can be used for various purposes, such as creating custom payment apps, managing loyalty rewards, tracking shipping data, or establishing secure voting systems.
NEM allows participants to create, distribute, and trade custom tokens and even conduct Initial Coin Offerings (ICOs).
Technical Compatibility and Flexibility:
NEM is API compatible, allowing global applications to link and interact with the NEM blockchain securely.
Any new or existing applications, including mobile or web apps, can connect to the NEM blockchain through API calls.
Conclusion:
NEM positions itself as a "Smart Asset Blockchain, Built for Performance," addressing issues of processing time and network congestion.
Its ability to bridge private and public blockchains makes it a promising candidate for broader adoption in the future.
Source : Rayn Research / Jan 9, 2024