NEM (XEM)

0.00001341 BTC
$ 0.09 USD
-2.84 %

NEM News

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About NEM
NEM Price
What is NEM?
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NEM Price

Price
$ 0.09 USD
0.00001341 BTC
24hr Volume
$ 10,757,532.52 USD
Market Cap
$ 771,561,086.00 USD
1 Hour Change
0.23 %
24 Hour Change
-2.84 %
7 Day Change
-3.02 %

What is NEM?

NEM is a peer to peer cryptocurrency and a blockchain platform created in Java (with a C++ version in the works), and the currency itself is known as XEM. NEM stands for New Economy Movement, it facilitates the transfer of currency and can also transfer assets, messages and smart contracts. NEM has come up with many upgrades to the currently existing blockchain technology, such as multisignature accounts, the proof-of-importance algorithm, an Eigentrust++ reputation system and encrypted messaging.

NEM History

NEM was launched on the 31st March 2015and its developers are pseudonymous. The initial idea of NEM was brought up by a BitcoinTalk forum user known as UtopianFuture who was inspired NXT, and the initial plan was to develop a fork for NXT. However, the idea was eventually dismissed, and they decided to apply a completely new codebase. An open call for participation began as from the 19th, January 2014 on the Bitcoin Forum to develop NEM as a community-oriented cryptocurrency from the ground up.

NEM Features

The NEM blockchain powers what is known as the Smart Asset System, which is envisioned to be an open blockchain which allows one to totally customize the way he/she uses the NEM blockchain. The blockchain maintains a streamlined, secure ledger of transactions and it was built for scale and speed. Developers seeking to build blockchain powered apps can access the NEM functionality by accessing API calls, one doesn’t need to run any special NEM software.

Proof of Importance

The key differentiator of NEM from other cryptocurrencies is the proof type, whereby unlike Bitcoin and Ethereum, NEM uses Proof of Importance (Pol), which makes it environment-friendly and more secure. This means that unlike Ethereum and Bitcoin mining which requires thousands of electricity-hogging machines, a NEM code can be run on a simple and cheap computer and the harvesting uses up very little electricity. The process of harvesting XEM is the calculation of blocks and adding them to the blockchain. A block comprises all the transactions sent at the last minute. The Proof-of-Importance algorithm decides which node is allowed to calculate a block. Any user with 10,000 XEM is allowed to make a harvesting node and collect the transaction fee according to their Pol score.

NEM Security

The NEM network uses superior security, Eigen Trust + + for node reputation, which is considerably secure, and is not used by any other cryptocurrency. NEM was designed with two tier design in mind, which does not require one to get a full node and a copy of the blockchain to get a wallet; instead, one can simply connect to any node, and will have access to the same features without trusting it. A malicious node cannot access personal funds, and the worst it can do is just not to work.

Apart from the security bit, NEM has many other improvements to offer, including multi-signature accounts, which are on the blockchain. These accounts do not necessitate trusting a third party to have a multi-signature contract, and it can be made or edited with only a few clicks. Another improved feature is mosaics, which works like the colored coins in bitcoins. However, mosaics are done completely on the blockchain, and it does not require trusting the third party. The names of these mosaics are based on namespaces, and once a namespace is created, the owner can create unlimited subdomains, and no one can claim the same namespace.

The NEM network includes both encrypted and unencrypted messaging amongst addresses through the network, and hex messaging as well for developers. Whereas Bitcoin and Ethereum rewards miners for making blocks, NEM has a program known as Supernodes, whereby people are rewarded for running high powered nodes, which serve light wallets fast and securely.



April 2016 was a landmark for NEM because it partnered with Zaif. Today, NEM is largely traded on Bittrex and Poloniex. Like many other cryptocurrencies, NEM did well in 2017, and was the 9th largest cryptocurrency globally, by market cap. In 2017, NEM, and its virtual currency XEM, rose 14,000% with its market cap nearing $5 billion.

Just like Ripple, NEM is attracting investors because of its efficient and secure money transfer. Even though the NEM Foundation (which is a non-profit organization) is based in Singapore, its partnerships are mainly concentrated in Southeastern Asia. September 2017 was a milestone for NEM because of its announcement of a partnership with Malaysia Digital Economy Corporation (MDEC), a government-owned establishment charged with the management of digital infrastructure and security as well as advising on technology related laws in Malaysia.

Coincheck Hack

On the 26th of January 2018, $523 million of NEM coins were stolen from the Coincheck Japanese exchange. This caused XEM to briefly fall more than 20% before recovering. Since the security breach was caused by Coincheck’s lack of strong security measures, the NEM development team declined to conduct a hard fork. Instead, NEM is in the process of creating an automated tagging system, which will follow the transaction and tag any account that will receive tainted money.

NEM Catapult

According to the Catapult whitepaper released by the NEM development team in 2017, the Catapult, which is NEM’s next version of technology, is underway and currently in the beta phase. Catapult is re-written in C++, with the end objective of a high performing and secure enterprise-class solution with open connectivity. In fact, various financial institutions are reportedly testing Catapult as they consider shifting their financial technology to NEM’s blockchain network. Catapult will improve NEM’s current security and speed.

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