While most cryptocurrencies are a fork of the Bitcoin block, NEM (XEM) stands out for taking an entirely new Blockchain built from scratch.
Firstly, it is one of the few platforms to offer an energy efficient protocol that does not require massive amounts of energy and power such as Bitcoin and it uses a proof of importance protocol that addresses a variety of cryptocurrency issues including ease of use, regulation, scalability, avoidance of centralization and incentive to buy among other emerging issues.
Basically, NEM (New economy movement) goes beyond the boundaries of a cryptocurrency and attempts to build a smart asset Blockchain for performance in a new economy.
What makes NEM unique?
In the world of Blockchain and cryptocurrency, there are a variety of niches that seem to already have been filled. From the privacy-centric Monero to Ethereum’s smart contracts to mention just a few, there seems to be a cryptocurrency or Blockchain solution for almost everything.
However, NEM introduces an entirely new concept of cryptocurrency that is not mined but is harvested. Yes, that’s right, New Economy Movement’s cryptocurrency XEM was introduced into the market in 2014 with 9 billion as the maximum supply and a proof of importance protocol instead of the usual proof of stake or proof of work concept that is common among most cryptocurrencies.
How does it work?
Well, in an effort to curb issues to do with scalability, transactional speeds and generally advance the original founding principles of Blockchain technology the NEM developers designed a passive income generating machine for the XEM cryptocurrency.
Basically, when your account reached 10,000 coins, the funds get vested by NEM’s algorithm whereby you begin to harvest block fees in a delegated harvesting process that consumes much less energy as the harvesting continues even when your computer or node is switched off.
How is NEM improving uptake of Blockchain
But NEM just doesn’t stop there, beyond the harvesting of XEM, the coin’s ecosystem presents a viable platform for startups, institutions, and industries that want to create and develop Blockchain applications with little barrier to entry.
Its permission private Blockchain is ideal for industries that require speedy transactional rates for their internal ledgers. From gaming to healthcare and even property companies, NEM boasts of a public and open blockchain that has the potential to improve throughput without compromising on stability.
NEM’s Recent Developments
According to a post by Family Points (a startup company that presents smart buying solutions to parents) one of the biggest advantages that attracted it to choose NEM as its blockchain platform as opposed to Ethereum (a leading dApp platform) was the fact that it comes with a lower barrier to entry.
Further, it has a friendly community and relevant features including mosaics and multi-signature accounts that are ideal for companies with multiple assets.
Since the New Year began, NEM has also started discussions with fintech companies such as Sadad which is a leading digital payment platform in Bahrain.
Their team is reportedly holding discussions with the company in an effort to support XEM purchase using local fiat currency with an aim to bring about liquidity to the cryptocurrency market.
We are definitely still in the early stages of NEM (XEM)’s development. More is set to come in future. In fact, most crypto enthusiasts believe that NEM is a sleeping giant that will soon rise based on the technicality of its roadmap and white paper that is currently also catching the eyes of developers in the crypto space.