What Is NEM Cryptocurrency In 2021?

Digital coins are not only mined using mining equipment but also baked in baking or harvested. In English, the harvesting means harvesting, this is the name of the method of rewarding the nodes participating in the work of the NEM blockchain network.

The HEM (New Economic Movement) cryptocurrency uses a unique consensus algorithm, namespace system, mosaic, and Catapult technology. This blockchain project combines the strengths of the cryptocurrencies Bitcoin, Ethereum, and Ripple. It is a reliable and secure ecosystem that works 10 times faster than Bitcoin, supports smart contracts, and at the same time focuses mainly on the banking sector.

Let’s tell you more about the unusual NEM coin, which is popular in its homeland, in the Land of the Rising Sun, and is actively traded on leading cryptocurrency exchanges.

Main characteristics

The source code for the NEM cryptocurrency is written in  Java and  JavaScript. The network was launched at the end of March 2015 by an anonymous user of the BitcoinTalk resource. The exchange ticker of the XEM asset. The cryptocurrency has several platform architecture features.

NEM uses an accounting system. They are a pair of cryptographic keys (private + Ed25519 public key). Each account is identified by a NEM address, which is derived from the Ed25519 public key.

The address is in base-323 encoding, it includes:

  • Network byte;
  • Public key hash;

Using the checksum, you can check the correctness of filling in the address. A transaction on the NEM network can be sent to any address, even if it has never been used before. But if no one owns the private key of this account, the funds will be lost forever.

Each account has the following characteristics:

  • Wallet balance;
  • The number of blocks created;
  • First transaction number;
  • Information about multisignature;
  • Information about the status of delegated harvesting;
  • Account rating.

The balance of each account is divided into:

  • Active (“ripe”);
  • Passive (“immature”).

The money credited to the account belongs to the passive part of the balance. Every 1440 blocks, 10% of the immature share is transferred to the active balance. When performing an outgoing transaction, money is evenly debited from both parts of the balance; the size of the active part is primarily important for harvesting.

New NEM blocks are created on the POI (Proof-of-Importance) algorithm. The proof-of-importance algorithm is a modification of PoS, but unlike traditional wallet mining in harvesting, the account’s ability to create new coins is calculated according to three criteria:

  • The amount of money in the wallet;
  • Node activity in the network;
  • The time the account was created.

Of course, the main role is played by the number of coins on the balance, there are supernodes in the network that receive a total reward of 140,000 XEM every day. The supernode status is obtained by the owner of a node that meets the minimum technical parameters of the NEM Foundation, with a wallet balance of at least 3,000,000 XEM. As at 27.07.2021, the value of cryptocurrency NEM 0.1595 $ .  

The NEM blockchain has a built-in system for transmitting encrypted messages, it is possible to create multi-signature accounts, Eigentrust ++ is used as an algorithm for managing the reputation of nodes.

NEM offers direct communication between public and private blockchains. This makes it easy to transfer any digital assets (tokens, contracts, files) from a private internal corporate network routed through the public blockchain to the private network of another business company. NEM private to public blockchain interfacing may make such transfers possible subject to the consent of all parties involved. The NEM network runs an open-source NEMPay payment application.

In March 2021, the NEM project launched the public blockchain NEM symbol. The Symbol blockchain connects enterprise clients, developers, and individual entrepreneurs, opening up endless possibilities for them. Symbol lowers costs and reduces the complexity of existing business processes, thereby providing a platform for innovation. Symbol by NEM is the core technology that powers the ecosystem alongside the NEM Group, NEM Ventures, and NEM Trading.

The startup NEM has a retail chain that uses blockchain to maintain and track its loyalty points program, and a shipping company uses it to store shipping and handling data as an open, secure, end-to-end logistics management system.

NEM also makes it easy to create, distribute and exchange cryptocurrencies that are compatible with wallets and other trading applications running on the NEM ecosystem. It is even possible to conduct Initial Coin Offerings (ICOs) with this facility. API support allows you to link and use any global applications on the NEM platform using the API Gateway Server.

The NEM cryptosystem software operates on the Mainet public network and the Mijin private business network. To synchronize the open and commercial blockchain of the NEM cryptocurrency, the Catapult system software update is used. An open blockchain is needed for XEM transactions and harvesting and is used by individuals.

The closed blockchain is designed for banks, government agencies, and commercial enterprises. A company wishing to use distributed ledger technology in its business receives a “personal” NEM and, if necessary, its own token to solve internal business problems without synchronization with the public NEM layer.

The client-server scheme makes it possible to work on the network without loading the entire blockchain, the NIS infrastructure server is independent of the client of the NCC community.

The namespaces in NEM are similar to the ICANN domain name system on the Internet. The owner of one domain name can use an unlimited number of subdomains in different projects and business accounts. The client is involved in creating and maintaining a reputation system for the mosaic.

Mosaics are user assets on the blockchain. It is configured through the NEM wallet. Mosaics can be either transactional or non-transferable, split or not split. Each of the mosaics is named in the NEM Namespaces structure.

Development team

The developers of the NEM cryptocurrency wished to maintain their confidentiality, only their pseudonyms on the Bitcointalk forum are known.

NEM Foundation

Coordinates the work of the NEM.io Foundation project, registered as a non-profit enterprise in Singapore. The NEM Foundation is chaired by Alexandra Tinsman and Jason L. V.  The NEM Foundation’s board of directors includes Jeff MacDonald and NEM’s Russian branch chief, Klim Geran.

Block explorer

The private and public structure of the NEM chain is based on the same program code and is fully compatible with the API, which provides versatility and security.

If speed and privacy are your priority, use the core NEM core blockchain technology on your own server. Server software NEM, allows you to deploy your own configuration of trusted nodes. So, you will get high speed (thousands of transactions per second) and reliability without losing the main advantages of the blockchain. With the NEM API, you can access the network you create using any platform and programming language.

NEM is a decentralized, public blockchain network that can be used by anyone. Launching applications on a public network is very simple, thanks to the connection to the node, through the API in the programming language you need. The public NEM blockchain can be used as a secure database for mobile applications, reward systems, or property management without using escrow accounts.

You can view the data on the coin network by following the link: https://explorer.nemtool.com/#/blocklist.

The blockchain explorer stores information about all events in the ecosystem. Including created blocks, transaction status, payments to harvesters, and supernodes.

Mining NEM Coins

All 9,000,000,000 coins have been issued and new ones are not created. Network nodes are rewarded for processing transactions and creating blocks through fees.

The NEM blockchain uses a proof-of-importance algorithm (as opposed to proof of work or proof of stake) to reach a consensus through a process that encourages stakeholder engagement. Each node has its own importance score, which determines how often it can harvest.

This is similar to the bets of validators in PoS algorithms, but collecting a certain amount is only half the battle. It takes into account not only the balance of the wallet but also the number of transactions. The more you use the network, the more important you become. Full nodes can be run on virtually any desktop PC regardless of capacity, preventing centralization of the harvesting process.

To participate in block generation, the harvester must download and synchronize a full node, and deposit at least 10,000 XEM on the account balance. After the “harvester” finds a block, he will receive a reward. Harvesting is of two types.

  1. Local requires a constant network connection to the NEM client. To search for blocks, you need a private account key.
  2. Delegated runs on a remote server. When the delegated mode is started, an empty balance is created and the intermediary key is activated, the private key of the main client is kept safe, and the block reward is charged to him.

When calculating the commission for processing transactions, the amount of money on the balance of the wallet, both parties to the transaction, their activity in the network, and the level of security of the operation are taken into account.

For some time only delegated harvesting was possible. Each node must first go through activation, it is performed directly from the main client. The option is paid, costs 6 NEM, and takes about 6 hours. However, in May of this year, the developers relaunched the NEM Hub social mining program. Now everyone can take part in the work of the network, receiving an award for this with NEM symbol (XYM) tokens.

Where and how to buy coins?

XEM cryptocurrency is quite popular and with good liquidity. The project has passed the listing procedure on 60 exchanges, the largest of which are:

  • Binance;
  • Huobi Global;
  • Poloniex;
  • Bittrex;

XEM coins can be bought with Bitcoin or Ethereum as well as traditional money. For example, the Binance exchange supports pairs:

  • XEM / USDT;
  • XEM / BTC;
  • XEM / BUSD;
  • XEM / ETH.

To buy XEM cryptocurrency for rubles on Binance, identity verification is required, this is the specificity of this site. Create an account and start trading. This platform is considered the best in the CIS countries with a high degree of funds protection.

A complete list of trading platforms is available at https://www.coingecko.com/en/coins/nem

Storage wallets

NEM NanoWallet is an officially supported client for Windows, Mac, and Linux.

Features of NanoWallet:

  • Sending XEM, mosiacs (assets,) and messages to any address or namespace;
  • Fast creation of namespaces, subdomains, and mosaics;
  • Delegated Harvesting;
  • Apostille and notarization;
  • Instant exchange Changelly integrated;
  • Configuring participation in voting.

The latest version is available on Github, link  https://github.com/NemProject/NanoWallet/releases

There is also a NEM mobile wallet for Android and iOS. Users of the Chinese messenger WeChat can bind NEM addresses to their account in the app and make transactions through the NEM WeChat Wallet.

Possible prospects of the NEM project

So, let’s try to figure out how comforting the forecast for the NEM project is. Unique harvesting methods and high network bandwidth are the strengths of the ecosystem. But, weak marketing policy and a prolonged downtrend in the altcoin market slowed down the development of the project. Therefore, NEM cryptocurrency, despite its rather high position in the Coinmarketcap rating, is poorly known outside of Japan.

Having demonstrated high growth rates at the start, the network barely survived the crypto winter. In early 2019, the management of the NEM Foundation announced the risk of bankruptcy of the project and turned to community members for help. The administration of the fund and personally its head Alexandra Tinsman asked to approve the launch of an additional emission of tokens necessary to eliminate the budget deficit. To avoid prolonged stagnation, developers must actively develop the infrastructure of the system, not forgetting to clearly plan and implement their business strategy.

Conclusion

The situation in the crypto industry is gradually improving and coins are increasing in value. If the development team will competently conducts business and notify the global blockchain community about their achievements, the NEM cryptocurrency will attract new investors and become more competitive in the international market. The project has the chance to become the basis of the economy of the future, but the competition is very serious. NEM developers challenged three leading projects at once and, who knows, will be able to realize their plans. So far, NEM is in the background and is not popular outside of Japan.

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