NEM (XEM) – A BRIEF INTRO FOR INVESTORS
Using Proof-of-importance consensus, NEM incentivizes token holders to transact in the currency rather than speculate, ensuring the continued growth of the blockchain.
- Proof-of-importance (POI) consensus protocol
- New blocks can only be created by supernodes holding 3 million or more XEM
- Smart Asset System available for developer use via API calls
- Spam detection to rid the network of fake transactions clogging the system
- Encrypted messaging and multisignature accounts
- Block times of about 1 minute
The entire supply of NEM, 9 billion coins, were created at its genesis block and distributed to about 1,500 people.
The codebase is written in Java with C++ compatibility soon to come. A minimum 10,000 vested XEM are required to play a role in the consensus protocol and ‘harvest’ additional tokens. Coins vest at a rate of 10% of the non-vested account balance per day.
NEM operates as a public blockchain as well as a private, permissioned blockchain intertwined. Both blockchains interact with one another and with the private chain running on internal network servers as needed.
The NEM Foundation is based out of Singapore and led by fintech leaders across the world, but the development team chooses to remain anonymous.
Both POW and POS mechanisms are flawed and create a reason for token holders to not play an active role in transacting on the blockchain. The NEM proof-of-importance model ensures that the blockchain continues to grow and rewards users for playing an active role in the NEM ecosystem.
NEM originally began as a fork of NXT but soon became much more, and was instead redesigned from the ground up as its own blockchain. In the token’s proof-of-importance (POI) consensus mechanism, both the amount of coins held as well as transaction volume play a role in voting on securing the network. This incentivizes token holders to transact via NEM instead of holding on for speculative reasons.
Developers can design smart contracts in their preferred coding language and use the NEM RESTful API to bring them alive on the blockchain. This opens the doors for many more application possibilities.
Internal applications being worked on by the NEM Foundation, which oversees the NEM protocol, aim to address identity verification, mobile payments, inventory management and more. This doesn’t even account for the numerous projects developed by entities outside of the foundation which range from mobile gaming to land registry databases.
The NEM Nano wallet allows for the transfer of XEM, the NEM native token, as well as encrypted messages and instant cryptocurrency exchanges through Changelly.
HOW TO BUY NEM
NEM (Symbol: XEM) can be purchased on select cryptocurrency exchanges, although it is not traded on all major exchanges, so make sure you locate an exchange that accepts the appropriate form of currency for XEM that suits you.