NEM is the world’s first Blockchain Smart Asset. And his letters NEM mean New Economy Movement.
This blockchain was launched in June 2014, but its first stable version was released in March 2015.
The cryptocurrency associated with it is known by the letters XEM.
In addition, the particularity of this Blockchain is that the time it takes to create a block is only one minute and it works by proof of importance or POI.
Moreover, it is known to be implanted in a commercial Blockchain called Mijin which is used by financial organizations in Japan and in the world.
The NEM Foundation
The NEM Foundation, in charge of the NEM project, aims to promote the technology of its Blockchain. And indeed it is one of the most successful projects in the field of cryptocurrencies.
Specifically, it is registered in Singapore as a non-profit corporation.
The NEM Foundation is also dedicated to developing the technology behind the NEM Blockchain. In addition, it aims to promote NMS to governments, universities, industry and the general public.
However, his team is anonymous and his members are known by pseudonyms.
How does NEM (XEM) work?
NEM works through a customized version of the Eigentrust ++ algorithm.
But NEM developers have decided to create a completely new code base.
The system that NEM uses is the proof of importance (POI), unlike the proof of work that uses Bitcoin for example. This means that the knots are measured on the quality of the work provided and not on the quantity. This is the technique that protects the network.
But it also has the advantage of preventing users from downloading the entire NEM Blockchain. As a result, even thin clients, that is, using mobile phones or low-power computers, can use the NEM system.
In the concept POI, the importance of each user is determined by the number of pieces that it owns, as well as by the number of transactions made on its portfolio.
Supernodes on the NEM Network
NEM has set up a rewards system called Supernodes.
It is through this system that the NEM Foundation rewards people who manage very active nodes.
As a result, users with 3 million XEM receive 140000 XEM reward, divided by the total number of Supernodes daily and requiring the execution of Supernodes.
In addition, to receive the reward, the user must meet the minimum requirements of the NEM Foundation.
NEM is also a messaging system.
In this way, it is possible to attach messages to NEM transactions. These messages come in three forms, encrypted, unencrypted, or hexadecimal messages.
They charge a fee of 1 XEM for 32 characters.
The NEM multi-signature system
NEM uses a multi-signature system for its transactions. This means that several signers are required to validate a transaction on the Blockchain.
This is important on the one hand to prevent the money from being lost in case of loss of wallet through a hack.
But also because it prevents abuse of funds held by the community.
The different applications of NEM
NEM has developed several projects using its Blockchain technology.
First of all, the ioNEM which is the Blockchain of the Internet of Connected Objects and which provides distributed and secure computer systems.
Second, the Landstead, which is a land and property registry that addresses governments and their citizens.
Third, NEM is a collaborative project that creates ICOs through its Blockchain.
But NEM is also a mobile application used to make asset transactions through its NEMPay.
In addition NEM allows organizations and individuals to create their own NEM applications without the need to be an expert in the NEM Blockchain.
In addition, NEM makes it possible to create a secure SAAS application through the NEM ventory.
Finally, NEM allows Pac NEM to integrate blockchain features in games.Thus the use of the NEM Blockchain can reward players with different tokens, or with NEM mosaics for high scores.PacNEM allows a treatment of payments and multi-signature accounts without the need to develop portfolios in the game.
What is MIJIN?
MIJIN is a private Blockchain that uses NEM software. MIJIN will serve in the field of financial technologies and should reduce 90% of bank costs by the end of 2018 and secure operations.
The particularity of MIJIN is to have more features of NEM, a support for “smart contracts”.
In addition, its transaction speed is ultra fast: from 25 transactions per second in 2015, it increased to 5000 in 2016.
Finally, it should be noted that MIJIN is particularly tested in Japan, but also in other countries.
How to buy NEM (XEM)?
If you want to buy NEMs (XEM), you will need to set up an NEM portfolio first to store them.
The wallet that supports the NEM is the NanoWallet that downloads from the NEM website. It is built in Java Script and HTML which means that the NanoWallet works on any platform with a web browser.
NEM has a unique design, consisting of two parts: first the node, ie the NEM infrastructure server, the NIS. Second, the client that interacts with the nodes.
As a result, the NanoWallet portfolio communicates with any node to relay transactions.
To use NEM it is necessary to download the NCC community client, then the node connects to the peer-to-peer network and acts as a gateway to the NCC.
But it is possible to simply download the NanoWallet.
In addition, the Wallet is compatible with Windows, Linux, OSX and others …
Then you can start buying your NEM parts (XEM).
You have the choice between buying them with Fiat coins or Bitcoin and Ethereum crypto coins.
If you decide to buy them with Fiat currencies, you can go through the HitBTC purse.
On the other hand if you want to buy NEM (XEM) with Bitcoins or Ethereum, you will have to open an account on a platform such as Coinbase or Poloniex for example.
You can also store your NEMs (XEM) on an offline cold wallet, especially if you want to store them in the long run.
The security of NEM
First of all, NEM is an open source available on GitHub.
Then, it has a very good protection against external attacks: if the Wallet is connected only to the NIS, it is almost impossible to penetrate.
Similarly if the public NIS is hacked, it is impossible for the hacker to directly attack the portfolio software. This gives increased security.
NEM is a blockchain Smart Asset solution, open and personalized for an unlimited number of use cases.
Its system is flexible and has a great ease of development. As a result, its platform is extremely attractive to developers and businesses looking to create a Blockchain solution.
This system promises to be a major player in the economy of future blockchains.
Over time, it is likely that more and more interesting projects will be built on NEM.
It is therefore a cryptocurrency to follow closely.