Nem (XEM) New Economy Movement Is a peer to peer cryptocurrency and blockchain platform. Nem is a relatively new cryptocurrency as it was originally launched for Alpha testing on June the 25th 2014 and the first stable release on the 31st March 2015. There is a new Nem ecosystem called catapult that is due to be released late 2017 is designed to increase flexibility, stability and optimization of network communication offering a better network performance.
Nem XEM Is registered as a non-profit organization in Singapore and is one of the most funded and successful blockchain projects in the industry. It has a code-base that was written in Java which has a proof of importance algorithm instead of the more commonly used proof of work algorithm. It uses a client server that runs entirely independent of the community client. This means that clients can use Nem without running a full copy of the blockchain. This is good for people that may want to use smart phones or maybe only have a small non powerful computer. NEM also has a system called mosaics that is unique to NEM these are custom assets that can be customized to be transferable or nontransferable divisible or non-divisible that also have personal descriptions. They can be customized also by either a multiple amount or a fixed cap amount. NEM also allows you to have domain naming known as namespaces. Name spaces offer the user to register high level domains and also sub-domains, this allows the user with one domain to create multiple sub domains other business accounts and there is not a limit on how many sub-domains the user might want. Also NEM uses a commercial blockchain called Mijin which is used by financial institutions around the world especially Japan.
Pros of NEM
- NEM uses 100 times less electricity than Bitcoin which makes cheaper to maintain
- If NEM Is hacked the hacker cannot get straight to the wallet due to the server infrastructure
- Cheap Transaction fees currently 0.1%
- Nem can handle 3.000 transaction per second
- Easy access you only need to download a wallet to open NEM
- Option to Multiple sub domains
Cons of Nem
- Lack of mainstream users
- Lack of development fund
- Risk of value decreasing
I think that because NEM is already being tested by banks and financial institutes in Japan that this can only be a good thing and the Mijin blockchain that has already proven that it can make 2,000,000 transactions per day again I think that NEM will be a hot contender as more and more people hear about it.For more information on NEM check out there website here www.nem.io
Should you sit on you NEM
I would say that it is a up and coming contender that has a lot of good ideas for the future, They already have a different twist with the way they work so I’m sure Nem will not let their users down and with the powerful infrastructure I’m sure NEM will become one of the big cryptocurrencies very soon so I would say they are well worth investing in.