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This is a true beginner's guide to the NEM, The New Economy Movement, a blockchain project focused on allowing the development of an intelligent economy. The NEM platform allows individuals and businesses to develop blockchain solutions such as voting solutions or financial computing solutions.
NEM was the first blockchain project that was not born of a fork blockchain. The native cryptocurrency on the platform is called XEM.
Problems solved by NEM
The NEM platform uses a Smart Asset System that focuses "To build exactly what you need, whether it's a fintech system, tracking logistics, ICO, a notary, decentralized authentication or much more."
In short, the NEM blockchain is built from scratch so it can hold everything that is being launched. The Smart Asset system allows interfacing the NEM platform with individual applications through API calls (Application Programming Interface).
This allowed developers to use the platform because all you need is "make a call".
The birth of NEM
The NEM platform may not exist today if UtopianFuture, a user in a Bitcoin Talk forum, had not started the discussion of a community-led blockchain project. Initially, UtopianFuture suggested a fork of the NXT blockchain.
However, this was not followed and NEM started to develop its code from scratch using Java, a computer programming language. In June 2014, an unstable version was released.
A stable version in March 2015 followed. The platform developers are trying to transform the NEM codebase from Java programming to C ++ programming. The NEM blockchain uses the consent algorithm of the importance test.
With this algorithm, unlike other popular algorithms, the XEM coins can only be "collected" not undermined or put into play. This algorithm uses nodes on its network to validate transactions.
The reputation system employed in the network performs routine checks on the nodes to ascertain their health. Instead of measuring the importance of a node based on the amount of work done, the reputation system classifies the nodes with the quality of the work performed.
The consent algorithm used by NEM does not require an intensive use of the processor and the XEM collection can be performed on a personal computer, eliminating the centralization provided with other algorithms such as Proof-of-Work on the Bitcoin blockchain.
The NEM blockchain uses multiple signatures to validate transactions before they can be added to the blockchain. The NEM Foundation is responsible for managing the platform.
The XEM token
XEM is the native virtual currency used on the NEM platform to cope with transaction costs. The NEM blockchain has a fixed amount of XEM tokens that eliminates an inflation scenario.
XEM can be purchased on common exchanges of cryptocurrencies like Binance, Poloniex, HitBTC, BITTREX, UPbit, Huobi, among others.
Nanowallet, a browser-based portfolio supports XEM coin storage. The portfolio also acts as a simple interface between the NEM platform and the user. XEM is also compatible with hardware portfolios such as TREZOR.
Main features of the NEM platform
Catapult, the new CEM coded platform in C ++ is among the best projects launched by the NEM Foundation. When the upgrade occurs, the NEM blockchain will be able to handle a larger number of transactions per second. Catapult's update will also feed the private and public aspects of the NEM blockchain.
The main features of the NEM blockchain include:
- Smart Assets address
These addresses can be used to represent almost anything on the platform. If your property documents or virtual currency belong to a specific user. The addresses are configured to represent a group or a single entity on the blockchain and allow interaction between different entities on the blockchain. - Names Namespace
These have the same functionality as traditional domain names used on the Internet. Namespaces offer the user the ability to create a space labeled for the activities of a company or an individual on the blockchain. "Creating a namespace costs one user 100 XEM coins for the main domain and 10 XEM coins for each subdomain. - mosaics
These are fixed assets on the NEM blockchain that have identical characteristics and are programmed to reach a specific goal. They can range from votes, other currencies, loyalty points to a retail store, etc.
Extra readings after this guide to NEM
Investors will want to review the article on price forecasting and technical analysis of NEM, updated with the new events of the project. UseTheBitcoin also covers price news as the 25% peak in the NEM price after the NEM trading on Coincheck resumed.
Interested parties can follow the guide on how to buy NEM on Binance or go directly to the popular exchange itself.
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