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What Is NEM ?
NEM is an open source, P2P cryptocurrency and payment blockchain platform.
NEM was founded in March 2015 and was created by a team of developers. NEM added exciting features to the blockchain, and those are: proof-of-Importance algorithm similar to PoS, encrypted messaging and multi-signature. Proof of Importance denoted as (PoI) provides rewards to by putting some factors into accounts. The token is known as XEM, and it is the fuel of NEM. It is written in java code.
When I started with cryptocurrency, I thought everything about crypto business is bitcoin until I delved into another cryptocurrency. What facilitated my delving into another cryptocurrency very fast was the many flaws I noticed in bitcoin. I’m not discouraging anyone from investing in bitcoin; I’m just giving my opinion which has not be proven to be correct. Bitcoin is not the solution to all the cryptocurrency problems; from Ethereum’s multi-functional smart contract, Monero’s privacy to DASH’s sound organisational structure, just to mention a few.
There are cryptos which could do better than Bitcoin of 2009, and one of such cryptocurrencies is NEM which means New Economy Movement jumped into the limelight in 2016 when it took advantage of DAO’s crisis to leapfrog. During that DAO’s war, some Japanese banks contracted NEM’s team to test NEM’s blockchain if it could work in the new payment system and their trial paid off.
NEM is made of seasoned professionals, and it is managed by NEM foundation, based in Singapore.
The board members include Lon Wong(President), Jeff McDonald(Vice President), Ken Chan(Treasurer) and Ronel Li(Secretary)
Practical Uses of NEM
- It is used to pay transaction fees on the NEM platform.
- Because of its’ Application Programming Interface(API), it can easily interact with external systems.
- NEM’s blockchain is used in commercial ledger system known as Mijin
- It is used to purchase other currencies.
- It is usedto pay fees and transactions within the NEM’s ecosystem.
- You can use NEM to keep health and legal records.
- You can use NEM to settle royalty payments.
- Banks can use NEM’s blockchain platform to grant loans. If someone’s records are kept in NEM’s blockchain, a loan request can be granted.
Mining for NEM
The easiest and cheapest way to mine XEM is by adopting Eobot technology. Two methods, you can mine XEM is by using GPU/CPU for any coin, Script or SHA-256 and cloud mining. For GPU/CPU, the hardware is needed to mine and it takes much of mining powers, electricity and it is expensive.
NEM uses a hybrid or improved version PoW called PoI which makes mining a lot easier. PoI is energy efficient and ultra-light..
Cloud mining earlier mentioned enables users to mine with a datacenter, and it doesn’t need hardware to mine.
Notes for Investors
NEM has shown a remarkable improvement in its’ market capitalisation with its’ XEM increasing in value on a daily basis and is on record that, it is the 7th largest cryptocurrency as of today. The currency witnessed a consistent growth within a short period of six months. In mid-April, the currency was under $0.03/XEM to ten times that value (over $0.30/XEM) at the end of August 2017.
Users are still not convinced about the currency because of non-acceptability by the wider society.
This little report about NEM should not be seen as an endorsement to invest in NEM. Cryptocurrency investment is speculative and unpredictable, and it involves risks. The market is full of uncertainty, susceptible to attack and capital loss. There are many parameters one needs to check before investing. Don’t invest only based on what you have read here, but invest based on the fact that, you have sought advice.
I wish you success!