NEM Cryptocurrency Explained
What is NEM?
The New Economy Movement (NEM) was launched in March 2015 as a platform with a lot of exciting features to the blockchain technology. What started as a proof-of-concept project, it's gained popularity, causing the value of XEM, the platform's currency soar.
Name Market Cap Price Volume (24h) Circulating Supply Change (24h)
NEM $9,225,719,999 $1.03 $233,633,000 8,999,999,999 XEM * 21.50%
NEM started out as a fork of NXT, another blockchain based payment network platform, but soon got its own code base after the development team at NEM.io Foundation decided to rebuild the system.
NEM has interesting upgrades to the blockchain technology that we'll see in the next section. XEM is the primary coin used on the platform as of the time of writing this post (January 2017) the price of NEM is $1.03 per coin.
NEM VS BITCOIN
The NEM platform and its XEM coin used to interact with the network set out a better blockchain, using key strategies:
Harvesting:
Harvesting is the act of forming blocks. A harvester must have at least 10,000 vested XEM in his/her account and be running a booted and synchronized node. Once a block is formed by that harvester, a new block is added to the chain and all the fees collected from that block will be delivered to the harvester’s account as payment.
Proof-of-importance
POI is the algorithm used in NEM to time stamp transactions. A NEM user's importance is determined by how many coins they have and the number of transactions made to and from their wallet.
Multisignature account
Multisignature accounts require that another user or users sign a transaction before it can be broadcast onto the blockchain. This means that if one person loses their wallet through a hack, no money can be spent unless another wallet (or wallets if is configured for more than 2) signs it.
How to get Started?
Download and install the NEM Wallet
To get started on NEM, you will need a client to access the network. The Nanowallet is a browser-based client that will allow you to use all of NEM’s features easily. You can use the Smart Asset features on both on the Mainnet, which uses real XEM, or on the Testnet, which uses test XEM.
Get Some XEM
You can buy some real XEM from any of the following either with fiat or cryptocurrencies.
Secure your funds
Once you have acquired some XEM, you should proceed to secure your funds. In order to do so, you can use one of NEM’s most important features: Multi signature accounts. You can read more about securing your funds here.
Earn XEM through Harvesting
Furthermore, if you own more than 10.000 XEM you can earn transaction fees by activating the delegated harvesting on your account and even participate on the Supernode program. For more information, see the Harvesting Guide.
What is next for NEM?
NEM is still a very young project which increases the risk of investors and due to the maturity of the project prices are expected to be very volatile. It's important to mention that there still no roadmap set in stone for NEM.
There are some people that call NEM "the sleeping giant". Built from scratch to avoid blockchain issues from the past. NEM future looks full of promise. With a growing community and strong potential of becoming one of the best cryptocurrency assets in 2018.
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