About NEM project

The modern cryptocurrency world offers users many different projects, among their diversity it is easy to get confused. The question of which cryptocurrency should be paid attention to, and it is better to refuse investments in which project, is relevant not only for beginners in the crypto world, but also for experienced traders. In todays review, I would like to take a look at a platform called NEM, which is one of the long-lived digital marketplaces and offers the latest technology of the highest level. However, due to a number of specific reasons, this project is currently overlooked. And this is extremely strange, because NEM can offer users a much wider range of possibilities and functions than, for example, Ethereum. At the same time, NEM has no problems with the speed of processing financial transfers, excellent scalability and high resilience even to increased system loads.

NEM is a high-speed platform for the formation of smart contracts and various decentralized dApps based on proprietary blockchain technologies called Mijin. This technology was first used by the Japanese company Tech Bureau. The main feature of Mijin is the ability to use blockchains with limited access (private), as well as a guarantee of stable operation with a high level of security of personal data and user privacy. The project has its own token, which received the XEM stock ticker and is included in the TOP-30 cryptocurrencies in terms of capitalization.

I would like to note the fact that NEM technologies can be successfully applied in a real financial system and have every chance of being integrated into the world economy. This idea is embedded in the name of the project, because NEM stands for New Economic Movement - a new economic movement.

Initially, this project was supposed to start as a fork of another digital currency - NXT. However, the team decided not to build on previous developments, but to create their own blockchain. Knowing the history of the formation of the project, even today many crypto experts continue to argue that NEM is just a fork. However, this is not the case, and the NEM code has been rewritten twice. Initially, the blockchain was written in Java, and after that the developers decided to rework the code again and therefore translated the entire system into C ++.

In addition, there is an opinion that NEM is a Japanese project, but this is not entirely true. The main office is located in Singapore, and the team includes representatives from around the world. The developers note that their project is international. However, it cannot be denied that the most popular NEM cryptocurrency was in Japan. It should be noted that NEM is the second most popular cryptocurrency in Japan after Bitcoin.

In the process of creating the platform, the NEM development team relied on two fundamental principles that became the foundation of their project. The main priority of the team is to work on improving and modernizing blockchain-based technologies that can be applied in the real economy and implemented in peoples daily lives. The work is going slowly, but the results are already visible, because the NEM team produces only a high-quality product.

The second fundamental principle of this project is to stimulate the growth of the value of XEM tokens exclusively by increasing the popularity of cryptocurrency among users, as well as introducing their technologies into the real sector of the economy. For example, some Asian banks have already started using the Mijin blockchain, and the integration into the WeChat project last year significantly increased both the popularity of the project and the price of the cryptocurrency. It is worth noting that the NEM team is categorically against any manipulation of the rate of their cryptocurrency, and also does not support a speculative approach, preferring fair play in the market.

Based on all of the above, we can come to the conclusion that this project will develop in the future. NEM clearly follows its Road Map and is moving slowly but surely in the right direction. The developers do not set themselves the goal of getting rich, but rather are working on introducing new technologies into the lives of ordinary people.

NEM capabilities

NEM is a completely unique system that not only serves as a high-speed payment platform, but can also serve as the foundation for introducing blockchain technologies into everyday life. NEM is interesting not only for ordinary traders, but also for large investors and various companies. This is due to the fact that the project provides many different possibilities, among which it should be noted:

A public payment system that will operate on the blockchain with an extremely high speed of execution of all financial transactions and minimum commissions. This allows NEM to be a priority payment system and stand out favorably against other digital currencies.
The center of the blockchain is the Smart Assets system. This is a kind of analogue of Ethereum smart contracts, only more refined and technically advanced. Using this system, you can create any decentralized dApps, tokenize assets, and even combine different smart contracts that were created separately from each other.
The ability to organize ICO. Currently, this feature is not very popular, but developers believe that more companies will take advantage of this feature in the near future.
Using a digital signature algorithm to improve the security of nodes and increase the speed of performance.
Launch of enterprise blockchains for private networks.
Speaking about interesting technological solutions of this network, it should be noted that NEM works with not one, but two blockchains simultaneously: public and private. The public blockchain is used for the circulation of XEM tokens and mining, and the private blockchain is used to attract companies and cooperate with them. Such a blockchain can be used in banking, government, marketing and financial management.

Not so long ago, the NEM blockchain received another update, which was called Catapult. This development allowed the platform to significantly expand its functionality, and also increased the speed of transaction processing and scalability. Users can now create their own secure digital assets as well as merge transactions. In addition, as part of the Catapult update, it became possible to use simple money transactions, but based on the blockchain (carried out by converting fiat funds into XEM tokens for transfers).

It is necessary to pay attention to the fact that all technological solutions are unique, and in the field of cryptocurrency previously there were only private blockchains. The project has many plans, and if the developers manage to fully implement them all, then NEM can really form a new economic system.

How is NEM created?

Naturally, in the process of considering any cryptocurrency, users want to know how this coin is created, as well as how it can be obtained. It should be said that NEM mining exists, but it is called Harvesting - harvesting. This is a new type of mining that operates on a consensus algorithm and is based on proof of importance - Proof-of-Importance (PoI).

The essence of this algorithm is that the block reward is issued based on the users reputation. It should be said here that the reputation of a network participant is directly dependent on the number of tokens in his account, the number of financial transactions carried out, as well as some other factors. In order to take part in NEM mining, you do not need a super-powerful computer, because it can be launched from simple devices.

Since reputation is directly dependent on the number of financial transactions performed, this acts as a kind of incentive to increase the number of transfers. It is important that only the balance for the last few days is taken into account, and not for the entire lifetime of the account. This approach had a positive impact on the development of the project.

The main goal of PoI is not only to develop and popularize the NEM ecosystem, but also to create a type of block mining that will be fair and affordable for ordinary users.

You can also buy NEM on many cryptocurrency exchanges, including Binance and Bittrex, HitBTC and Huobi, as well as Okex and many others.

Is NEM infinite?

In the process of reviewing any cryptocurrency project, it is necessary to establish how many tokens were released on the market, as well as their total number. I would like to draw your attention to the fact that the number of tokens for different cryptocurrencies can differ significantly, some projects can issue an infinite number of coins, while others are only limited.

The placement of NEM tokens began in 2014. As a result of the one-time issue of coins, 8,999,999,999 coins entered the market. The developers state that there are no plans to issue NEM in the future.

Strengths of NEM

For a full-fledged perception of the project, you need to pay attention to its advantages. According to crypto experts and large traders, the strengths of the NEM project include:

High speed of all financial transactions (on average, one transaction takes no more than 20 seconds). Several major Japanese banks have already signed an agreement with the NEM platform to form a payment infrastructure based on Mijin.
Low commission fees that do not exceed 0.001 percent of the total transaction amount (for example, transferring $ 10,000 would require only one dollar of commission).
Supports over 3 thousand transactions per second. This indicator is one of the highest among all cryptocurrencies. Only the Visa payment system can make more transactions.
Loyalty from government authorities. This is due to the fact that financial transfers within the network are de-anonymized, completely legal and transparent, and therefore cannot be used for shadow traffic.
Interaction with blockchain technology on the NEM platform is implemented via IP. It is for this reason that the platform is independent of programming languages.
Based on all of the above, we can conclude that this project has many advantages and is interesting both for ordinary users and traders, and for large companies.

NEM in TOP currencies

Today, NEM is ranked 29th in the cryptocurrency rating according to the CoinMarketCap platform. One token costs 0.035173 USD. The daily trading volume exceeds $ 29 million, and the total capitalization level is over $ 318 million.

Although the price of NEM tokens is far from ideal, it is stable. Over the past year, there have been no unreasonable fluctuations in the rate, and all changes in the value of NEM were natural. The current price can be explained by the fact that the project has not announced itself for a long time, as well as by the fact that the development team does not devote enough time to advertising its platform. The cost of tokens may rise if the next successful update is released.

According to many experts and experienced traders, the NEM cryptocurrency project is underestimated, because the platform offers many original solutions both in the field of blockchain technologies and in other areas. In the meantime, NEM is confidently in the TOP-30 and does not plan to leave its positions. Fans of the project are confident that NEM will be able to rise even higher, but this takes time.