NEM Coins are Harvested and Not Mined
Apart from going to an exchange to buy cryptos, you can do crypto mining to have free cryptocurrencies. This process requires the use of hardware with a huge computational power to solve blocks that will, in turn, reward you with coins. While most digital assets treat mining as an integral part of their existence, NEM coins also known as XEM does not.
The NEM blockchain platform does not require you to buy some hardware or manually solve a block. Instead, the platform requires you to do harvesting to earn free XEM.
In harvesting, the NEM blockchain computes the total number of XEM and the number of transactions you make. The equivalent score will tell you how much you can harvest per block. Compared with Bitcoin mining, NEM harvesting needs many XEM coins and transactions for you to earn. Continue reading to know why you should start harvesting XEM and to get the step-by-step guide to harvesting.
5 XEM Characteristics that Attract Miners/Harvesters
Besides being cheaper than Bitcoin mining, harvesting XEM could give you more benefits including added security, customized coin names, and more. Here are five characteristics that you will find only in NEM:
NEM is Protected by EigenTrust++
NEM uses an advanced security feature to protect and build up the network. By having EigenTrust++, the NEM blockchain reduces the inauthentic files in its network. Additionally, the security can shut down spammers.
NEM Allows Encrypted Messaging
You can send a message through the NEM network. It can be in the form of encrypted, unencrypted, or hex message. Hexadecimal message is a binary code that uses 16 symbols, including 0 to 9 or a to f. These forms of messages help in maintaining secure communication among users.
NEM is Built for Developers
Compared with other crypto coins that are mainly for users and investors, XEM is made primarily for developers. As an XEM user, you can create apps and use your preferred programming language in the NEM network.
NEM Allows Personalized Namespaces
NEM allows you to create personalized names for your coins, signatures, messages, and other files. This way, you can easily handle your documents and other data placed in the NEM blockchain.
NEM is Environmentally Friendly
NEM is unique because its XEM-harvesting process uses Proof-of-Importance (POI). This system is better than Bitcoin’s Proof-of-Work (POW) which requires a huge amount of energy that contributes to the warming of the atmosphere. With NEM’s POI, your computer does not need to run to harvest and thus saves a lot of energy.
These unique characteristics make XEM more convenient to use than other cryptos. As NEM aims to be the most widely used blockchain platform, crypto miners can expect that there will be more features to be added soon.
Short Guide to Harvesting XEM
It is important to note that there are two types of harvesting: local and delegated. Local harvesting is when you harvest without using NEM’s remote servers called NEM Infrastructure Servers (NIS). On the other hand, delegated harvesting happens when you connect to NIS. Whichever method you choose, here are the steps to follow when harvesting:
- Before you can harvest, you need to have a NEM account or NEM wallet. This can be done by joining the NEM network. In this step, you will get a private and public keypair which are updated whenever you make transactions in the NEM network.
- You need to buy XEM from your preferred NEM exchange. For you to be qualified for harvesting, you need at least 10,000 vested XEM. To have vested coins, your XEM needs to stay in your account for days. Ten percent of your unvested XEM are vested per day. This means that your 20,000 unvested XEM will become approximately 10,000 vested coins after a week.
- The system will find all your transactions for the last 30 days. It is important to note that you need to have at least 43,000 blocks to be qualified for harvesting. One confirmed transaction will give you 1,400 blocks. This means that if you have one transaction per day, you can have 42,000 blocks in a month. Take note that you cannot harvest without making transactions.
- The NEM network will compute your XEM and total transactions to have the Proof-of-Importance. This is the system used by the NEM network for the harvesting to work.
- Click the Activate Harvesting button found onio website. If you are using a NEM wallet, log in to the website. The system will ask you to pay 0.15 XEM to start harvesting. Then, choose your preferred node and wait for the harvesting to finish.
If you receive an error or the node stops, this means that the current node is full. You can remedy this by choosing another node.
For you to acquire free XEM, do harvesting which is faster and cheaper than Bitcoin mining. You can save energy and money, get an extra layer of security, and experience ease while going through the whole process of collecting coins. The more XEM you invest and the more you transact through the NEM network, the bigger the reward you can get while you harvest.