[ENG] Why we love NEM so much? Short analysis of the most friendly Crypto!

There are a lot of cryptocurrencies on the market. Some of them has more potential some less, however leading ones ( First 70 in the terms of USD capitalization) has not changed much since long time.

Not so long ago we introduced NEM (XEM) on our cryptocurrency exchange. Our choice wasn’t accidental, Nem impressed us with its innovation, transparency and friendliness towards recipients.

In the proof of HODL’ing!

First thing is that NEM stands out from the most popular crypto by its kind of mining and extracting more units. All resources was issued once and all possible coins (almost nine billion) saw the daylight in the first day of issue. This solution has some advantages and disadvantages but it gives a possibility to people who don’t have time, mood or have any different reasons to not open their own mining place. “Harvest” option rewards “harvester” with transaction fees from the blocks. This option attracts more and more people who want to have more and more XEM in their wallets to gain more and more XEM. Positive influence on the course increase may be the people’s desire to have big amount of XEM. Automatically, it means that we are able to pay more for it. It also has the other end of stick, the fact that we want to keep it in our wallets may cause smaller volumes and the decline of course. The half of all NEM coins belong to dozen people. However, we should remember that every cryptocurrency which have a realistic amount limit will adopt a similar form.

Which wallet should we choose?

We have some basic wallets. All of them we can find on https://nem.io

nanoWallet

It’s the simplest wallet we can imagine. By default it uses an external node and doesn’t need much space on hard drive. Recommended mainly for people who don’t have too much time for interfering with codes. It’s a “Click and Play” type of wallet.

NCC+NIS

NCC is the most advanced wallet that runs on Java Script. It allows us to use API (we will certainly write about it one day) and works on http:// protocol (we can use it through the browser). NCC is not so agile and efficient but it can also use external nodes. It’s willing to work with NIS (something like local daemon). NCC is designed for users who have more requirements and like to interfere in the code.
Mobile wallets
This point doesn’t need big description. We can find NEM clients in the AppStore and Google Play. These are so easy to use that can be used even by kids!

How to start mining?

Balance in NEM wallets is described as a total balance and a vested balance. The latter defines if we can already start harvesting. The minimum value of vested balance is 10,000 and this is how much we need to have to start researching blocks in the case to gain fee from transactions.

How to have our balance vested? The more NEM we have the faster we can start our journey with it. Let’s start with the fact that harvesting can be done in two different ways. The first one is local, which is taking place on our private node (we will also need NIS application) or the second one - delegated which is taking place on the public node. As for the latter - you can even use it on nanoWallet.

Vesting converter is quite easy! It adds to our vested balance 10% unvested balance daily. Let’s have a more practical view:

Imagine that we have 15,000NEM, 0 NEM vested.
After 24 hours we have 15,000NEM and 1,500NEM of it is vested
After next 24 hours we still have 15,000NEM, 1,500 of it was vested earlier so for the next day we are having 10% of 13500NEM vested. That means that on the second day we have 2850NEM vested.

etc.

Support!
I think that in similar summaries not often appears the word “support”. However, NEM customer service deserves a special mention. We wrote to them some time ago asking to list our cryptocurrency exchange on their website in the “investors” section. We received first reply after one hour. We thanked for help and sent our logo. Next reply was after 4 hours :

To be honest... I have never met the situation that someone apologised me for not replying to an e-mail just for 4 hours. If it’s how looks the fight for clients and fans - it works. I am both of them.

Fork or not?

On 20th of August there was a huge change in NEM. So far, the minimum fee for transaction was 1XEM. From 125000000 block this fee has changed to 0,05XEM and it will increase depending on the amount we transfer. It is worth to mention that there are also several factors such as message added do transaction that affect the fee as well. Thanks this option NEM is also used as an encrypted messenger. Coming back to the thing: Reducing fee by twenty times made NEM potential course increase at least twenty times. For example Dogecoin transfer costs 1DOGE and when we buy thousands of it it loses its potential to be worth more than one cent. Let’s imagine the situation when we send 2DOGE worth hypothetically 5PLN(1,40USD). It would cost us another 5PLN so what would be the sense of paying by them? Reducing fees is a huge step forward and opens new paths for investors.

Contracts, tokens, ICO

In fact, Ethereum will be soon switched to another mode of mining and is currently looking for the deputy. It can be assumed that if Ether stops to be mined it will lose a huge potential (which i don’t wish to it) and will die slowly. Nem is becoming one of the key contributors to the coronation of the ICO King. First of all, a lot of ICOs have been already created on NEM blocks (for example DIM) which proves that people like it. Secondly, creating new currencies on NEM is childishly simple and there is nothing nicer than creating crowdfunding where we don’t have to worry about programmatic or technological issues and energy we can save for development of our project.