Facts You Probably Do Not Know About NEM
NEM, also known as New Economy Movement, is a platform powered by the blockchain technology that allows users to divide, cap, and mute their assets. Through the platform, users can make crypto transactions through payments and messaging. And since it is the first public and private blockchain platform, users can maximize how they want to use the blockchain through the Smart Asset System feature of NEM.
These features were able to catch the attention of the blockchain community, making more users switch to the NEM platform and its currency, XEM. Learn more about how NEM started and more of its unique features here.
How NEM Started
A group of developers decided to improve the altcoin NXT, that is why they released a new and unique platform. The main goal of the team was to make a currency that would be community-oriented. To achieve this goal, NEM started to be made from scratch unlike the rest of the crypto coins. The group wrote the codebase themselves, and by 2015, NEM was launched.
Upon the platform’s release, investors and CEOs became intrigued by its features. By 2016, NEM was already offering its users 1,500 transactions per second in millions of wallets. The group that created the platform was not expecting it to gain this much attention, but when XEM became one of the most traded altcoins, the team continued to develop the crypto coin.
Now, the aim is to make the platform as the most widely used gateway for transactions. It may take time because of the tight competition, but slowly, NEM and XEM are going up. It will just take a couple more Bitcoin exchanges, wallets, and investors.
Distinctive Features of NEM
To become the most widely used platform in crypto space, the developers of NEM made sure to add features that would make NEM different from the rest of the crypto coins. Learn more about these distinct features.
Notably, NEM is the first to have used the proof-of-importance. Instead of the proof-of-work that the rest of the crypto coins are using, this platform introduced a new one. Using the algorithm, XEM users will focus only on the importance and number of coins in the platform. More so, the coin does not have crypto mining, but instead, users are harvesting to earn coins.
If Bitcoin and the rest of the currencies support decentralization, NEM goes in a different route. It is supported by Japanese banks and possibly more in the upcoming years. If these integrations continue, XEM is going to rise. As of this writing, SBI Suminshin Net Bank, the largest Japanese trust bank, is using NEM for their online banking services.
The altcoin uses a revolutionary consensus mechanism and supernode program that keep the blockchain open and free. These features also make sure that the system is stable and secured. NEM also uses EigenTrust++ for its nodes and an advanced spam collector that shuts down hackers. These add another layer of security to the network.
NEM users should expect more good news from the platform as there are more businesses and exchanges now supporting XEM. But even if NEM, alongside its currency, is getting popular, the platform will continue to improve to give its users more convenience.