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What is NEM cryptocurrency?

26 april 2018, 22:23

NEM is a decentralized cryptocurrency based on the blockchain network. The project was written in Java, a newer version to be coded in another language is being developed. According to the team, they wanted to come up with a blockchain with more features ahead of what have been obtainable in the industry. The open source platform is a fork of NXT. Like many forks, the NEM team coded it afresh from ground up.

NEM Main Features

Open source code allows persons who like a particular project but would want an improvement of some features in the project to copy the code of the original project and amend, adding the features they like and removing those in the original project that is not in line with their new vision. This is how NEM became a fork of NXT. The internal currency of the NEM platform is XEM.

It should be noted that not all portions of NEM is open source like the NEM client. The server based portion is close source. The platform has provision for name categorization or registration similar to the domain purchasing for websites.

The cryptocurrency features multisig accounts which enhances wallet security, there must be a consensus among users before such wallets are accesses. It also is characterized by encrypted messaging and a proof of importance algorithm all in a bid to create what the community would term a more advanced blockchain.

The uniqueness of the NEM platform is the use of a “harvesting” system to maintain its integrity. Whenever a node in the network first sees a transaction, it notifies nearby nodes forming a chain reaction of computers passing information to nearby nodes. A NEM wallet with 10,000 XEM can confirm a transaction and get rewarded as long as the XEM in the wallet is vested.

How it is Different from Bitcoin

The Eigentrust system employed by NEM uses the quality of work done by a node to assess the rating given to that node. This ensures that the nodes are trusted based on quality and not the amount of work done.  The proof of importance algorithm is used to timestamp transactions. This takes into consideration the volume of NEM held and how active the node is. Transaction volume and trust factor are strong determinants in NEM. Bitcoin uses proof of work algorithm to time stamp transactions. It is strictly a cryptocurrency used in transfer of values.

Where to Get XEM

The best way to get some XEM is by buying with Bitcoin. There are a number of exchanges such as Poloniex, HitBTC, ShapeShift and Bittrex, all of which will exchange bitcoins for XEM.

Where to Store the Cryptocurrency

Nanowallet supports NEM. This is accessible and can be downloaded at http://nem.oi. The Nano Wallet is a browser based client that gives access to all NEM features.

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