On which platforms can NEM be bought and sold?
The New Economy Movement (NEM) is an enterprise solution to power the impending blockchain economy. Initially intended to be a fork of NXT, the community decided to adopt a completely new code base with an alpha version released on June 25, 2014 and the first stable version on March 31, 2015. The platform is being rewritten in C and will be published as the “Catapult” update in early 2018.
How it works: for which uses can NEM be purchased?
The NEM blockchain powers what is called the Smart Asset System. This system is designed to be an open and customizable solution for an unlimited number of use cases. The block chain is secure and transactions are processed by a global network of nodes running the main NEM software.
This means that developers looking to create blockchain-powered applications do not need to run special NEM software because all NEM features are available by accessing API calls.
This allows great flexibility in terms of system design and the way various applications use the NEM network. Applications can access the NEM API directly, access a separate server in addition to NEM requests, or adapt existing servers to use NEM in the background.
Developers define NEM addresses that act as containers for assets and can be updated and modified over time. An address can simply represent a wallet containing coins or something more complicated such as a document that requires signatures or an election that collects votes.
The developer then creates mosaics: identical and transferable assets representing the documents, signatures or votes that would reside in the addresses. This flexible address and configurable mosaic system is viable for many use cases, and since all NEM features are accessible via the NEM API, anyone can create any imaginary system and easily report it to the NEM blockchain.
The NEM block chain uses a significant proof algorithm (as opposed to Bitcoin’s proof of work or PIVX’s proof of implementation) to reach consensus through a process that encourages active participation in the network. This makes for a decentralized and agile network of nodes. Each node has an importance score that determines how often it can collect (consider extracting or implementing PoW or PoS systems) XEM, the native NEM token. Part of this system works by investing coins: when you place coins in your portfolio, they start as “unvested” coins. Over time, your coins will start to be “acquired”. To be eligible for a significant score, your account must have at least 10,000 XEM acquired.
In addition to acquisition tracking, the NEM network transaction graph is continuously analyzed to provide information on which nodes contribute and which do not. This means that the more transactions you send to other users and the more normal you use the network, the more important you become. The acquisition process and transaction measurements result in a significance score for each node, and these scores are used to assess the probability that your node will recover XEM. As the protocol is not hardware intensive, it allows complete nodes to be run on virtually any machine, regardless of power, which prevents centralization of the harvest to those with the largest machines.
There are additional features. For example, built-in spam filters that prevent unwanted transactions from flooding the network and blocking work. We also have a P2P time synchronization system that allows the network to maintain accurate time stamps without relying on external servers to check the time. Or an encrypted messaging on the blockchain to carry data like other coins.
Anyone can use the public NEM block chain using API calls, but for applications that require more privacy or want to keep things internal, a private version of the NEM blockchain can be configured to run on internal servers. Only use predefined nodes chosen by users. On these secure private node networks, some public network features put in place to prevent defective nodes from causing problems can be removed or reused in the process, allowing even faster transactions (in thousands / second) in a closed box configuration.
These private blockchain deployments can be used to power anything from loyalty point programs to transport fleet logistics, without ever exposing transaction data and providing unparalleled speed and security. This makes a lot of sense for companies that want to use the blockchain to power up their existing internal tools and do not need the additional features of the public channel.
Our review: should we buy NEM?
NEM is still relatively new, and any crypto-currency so young will suffer from a large amount of risk.
Some speculators call NEM “the sleeping giant”. Built from scratch to avoid the same pitfalls as the other bitcoin forks that become nothing more than “just another altcoin”, NEM’s future looks promising. Its value is increasing and exciting projects are arriving on the platform that fully exploit its ability to exchange not only currencies, but also assets.
It is the implementation (or not) of the projects that are included in the NEM roadmap that will guarantee the increase (or not) of its future value