NEM (XEM) Review – Crypto Coin Judge
Unlike many altcoins, NEM is surprisingly 2 years old by now. Launched in 2015, the coin is today quoted as a ‘sleeping giant of cryptocurrency.’ This means, having all potential to stand strong against Bitcoin at crypto markets. The idea behind developing NEM was to advance ‘what blockchain is currently capable of.’ With new features and technological benefits, this revolutionary blockchain platform is having a single aim and it is to power and more power the Blockchain community.
The brand claims to be ten times more efficient and useful than other solutions available in the market. It says, it will encrypt the network if any user goes by the maintenance costs. At this point, we get a strong comparison of this platform with Bitcoin – Bitcoin miners are shedding more than a million dollar in order to keep the coin alive and ahead in the game, while this coin’s harvesters are hardly venting anything in this regard.
NEM: Overview and features
An in-depth analysis that serves all the doubts
This is a cryptocurrency as well as a revolutionary platform that is targeting to further the blockchain usage in crypto markets. Unlike many coins, or altcoins, this has its very own source code. Introducing a lot features and valuable technological support to blockchain community, this is simply taking cryptocurrency usage and values to a new height.
Technologies in use
The platform runs on POI algorithms, which means Proof of Importance. The key significance of infusing this algorithm into the platform is it helps user identify, who’s UP next to calculate the next block. This is virtually a new algorithm in the market, which is known more for ensuring a fair distribution of opportunities over the block calculation as not only the quantity of coins stored to user’s wallet are taken into consideration here, but all scheduled transaction too. Consequently, the mechanism here is to reward those, who make greater share of contribution to the advancement of the coin and its distribution.
The innovations as features and functionalities
Thing is not always about the fork of a prevailing project. It is more of the necessities of end users, if the existing blockchain is meeting or not. NEM is having a two-tier architecture, paying extraordinary attention to the security of the network. Server and Client here are held-together by NIS and NCC – Infrastructure Server NMS and Community NMS Client. NCCs are carefully linked to NIS as it will help run and secure all the transactions without having to download the complete blockchain. This mechanism further enables a way better user experience.
Test Driven Development (TDD)
NEM has been conceptualized under the approach of Test Driven Development. This aims to accumulate all endeavors and meet prerequisites before initiating to devising the technology. The methodology moreover makes sure each bit of code is developed as to meet all the tests and requirements and also avoid unproductive and superfluous code.
Proof Of Importance (POI)
Grateful to this newbie in the town of Blockchain and Cryptocurrency. This is actually helping the developers reach a consensus backed by Proof of Importance. Here, the nodes don’t sound like an overly expensive machine, which will further consume a lot of energy. This is especially because it’s one part functions self-sufficiently on the portfolio. This apart, the platform has some already stated APIs, which NEM blockchain can easily use to secure the network without having to download an entire string of access blocks.
There’s more as SOLUTIONS
Traits that set it apart
The strongest feature of this platform is that it has 1 minute of average block time, which is shockingly 10 times lowers than Bitcoin. Thus, this is competent enough to run and verify more numbers of transactions in way lesser time. Similar to other blockchain, NEM is enabled with the power of creating fresh digital assets. NEM mosaics are digital assets that introduce further properties and traits. There is an underlying mosaic definition with each and if you aim to make a mosaic definition, at least a single root namespace must be rented by an account, which will be referred to later by mosaic definition.
Mosaics that are UNIQUE
With these mosaics, more assets can be made, but either with inconstant or fixed products, definitions, prices and transfer rights. As told above, these mosaics are always connected with namespace as this ensures that the each mosaic is exclusive and unique. These very namespaces are alike the names of classic internet domain for the blockchain. Mosaic also brands itself as the very first Blockchain, supported by delegated harvesting and also encrypted against native spams, and reputation management system between multi-signatures and node pairs.
Zero Inflation unlike most
Lastly, but not the least, the unparalleled strength of this coin is it has zero inflation. For example – The whole of 8, 999, 999, 999 million XEM were issued at its launch only. The coin and its blockchain platform seem to be having no ending features. Below are a couple of more that is worth knowing –
- Automized synching of peer-2-peer nodes
- It is enabled with the power to disseminate encrypted messages, hexadecimal and clear as well
- Multiple geographically classified methods approve all payment transactions and designature
- Mijin Instance: The blockchain has its private sidechains
- As a final point, the platform is end-user-centric and powered to operate on third-part software, which is why it has successfully minimized memory size and becomes ready to be installed as well as used via travelling client (Wallet Light) or Conventional server (i.e. Node). Apart from this, Wallet Light runs on both Android and iOS versions of Smartphone’s Operating Systems.
NEM holds quite strong against Bitcoin and is a better solutions than similar others – Know how and why?
When it comes to compare an altcoin at Crypto market, there is nothing else that could better highlight a coin’s features than Bitcoin. As we all know, Bitcoin is the evergreen King of crypto market, and a fresh one is always better-weighed against this. Here, we are putting up why and how XEM (NEM) makes somehow a better choice than Bitcoin.
Comparison No. 1
Why not we start by saying, Bitcoin market is extremely volatile and one with short-term investment plan can go down deep with no scope for resurrection. This is at least not the case with many blooming altcoins in the market including XEM. Let’s focus on how exactly XEM’s market is made up of – It comes to use PoI – Proof of Importance, which means, very unlike of Bitcoin and Ethereum, this currency is eco-friendly and better in terms of security and encryption. Unlikely to these two leading crypto coins again, XEM’s network maintenance never requires million dollar mining machines. Rather, its nodes are run on a computerized network as easy and cheap as Raspberry Pi. The use of electricity comes to least at this very point. Proof of Importance is to encourage individuals to come and use NEM that just hold it, because usage is as well beneficial.
Bitcoin is original and original seems to be not good always. The coin and its mining platform uses public ledger, i.e. Blockchain for securing the network and encrypting messages transfers , but that remains as the only security measure with the platform.
Comparison No. 2
XEM is mined under a superior security known as EigenTrust++, means for node reputation. EigenTrust++ is surprisingly not used by any other cryptocurrency platform, even including Bitcoin and Ethereum. EigenTrust++ empowers the security measures for the network significantly. Well, that’s not all, this as well comes to use native spam security that blackouts all the spammers and mere the spammers, while the system comes at full volume.
Technological solutions used in Bitcoin platform are slowly, but becoming outdated as compared to NEM. Its creators and old investors are branding this coin as better at ‘improving’ when it comes to adopting unique and advanced technological solutions. As people’s tendency and mental inclination work as force driver for the quick and constant rise of its price, in case of NEM, its popularity is solely relied upon its unique and advanced features, and service it provides exclusively. Time is not far, when serious investors, like established business entities will come to realize that price volatility does not always serve each and everyone’s investment plan. There has to be some stability and control over the market.
Comparison No. 3 and lastly
Mosaics are the added features of NEM. This is just similar as custom colored coins in Bitcoin, but carried out completely on chains than calling out for third-party involvement. How to address these colors coins is based upon namespaces that just like how domain names are determined on Web. Once the namespace is developed, none will claim the similar name and the holder can announce unlimited subdomains from now on.
Bitcoin is undoubtedly the king of digital coin market, but little do you know that its further popularity as the same is now more dependent upon how soon it improves its blockchain technology and extend its application. Else, Bitcoin may lose a fair share of its total market cap soon.
How do you think you can mine XEM? Below are the details
In case you have developed an interest in mining XEM, know that its blockchain platform uses a very improved and latest consensus approach, named POI – Proof of Importance, which is extremely energy-efficient and ultra-light. To harvest on its blockchain, you need to know how its supernodes perform and enroll.
Anyway, some miners still prefer the original POW mining method. Just as said, XEM uses harvesting that functions from an account’s importance. To be much clearer about it, let’s discuss if there are any advantages of XEM’s unique mining method – First is miners will leverage platform’s moderately fixed or varying price for the asset holding, of course. Second is, miner will slowly, but certainly contribute to coin’s total market share by exchanging whatever cryptocurrency to XEM. Thus, without any further ado, let’s get started with its mining procedure –
You Harvest XEM
The shock is you can’t mine XEM, you can only harvest, but that too requires minimum of 10k NEM. If you want to mine XEM anyway, you will have to go through third-party platforms, such as Minergate and Changelly. In case, you choose either of these two, remember, NEM does not endorse any of the both. You have to play it at your own risk.
Mining options, anyway
SigningUp with Changelly, you will mine straight to Changelly, an exchange with what you can exchange XEM. It is so that you can draw your mining profits in XEM and without having to SingUp with any other exchange. This is a good option for the miners, who don’t wish to get associated with any other exchange, but want XEM.
With MinerGate, not at all a problem, if you are not having GPU. Simply by downloading MinerGate client from their official website, you can easily switch on to smart mining. With this platform, you will automatically mined the crypto coin you want and yes, exactly, there is nothing else to say and worry about. This is called CPU mining.
How to setup NEM wallet?
It’s no more than a year since the launch of original LightWallet and meantime NanoWallet has come a way ahead. NanoWallet is taking an edge over every other solutions. Speaking of the latest version of NanoWallet, i9.e. Version 1.3.0, it actually has an increased number of improvement, so here goes the tutorial for the beginners.
- Download the wallet and run installation
- Create wallet: There are types of wallet – Simple wallet, brain wallet and private key wallet
- As soon as you signup, the browser will automatically initiate a backup program of your wallet.
- You are now introduced to the Dashboard, which has the basic details of your account and all your harvested income.
- On opening the wallet, you will be presented with Send & Receive tab, clicking which you will make transactions, later invoices. Note that all your transaction message and mosaics are intensely encrypted.
Looking at this latest historical data, you can easily figure out the splendid growth of NEM’s (XEM) market cap. It was 1, 912, 860, 000 USD on 21st of November, 2017 and increased to 8,472,610,000 USD on December 20, 2017. Within 30 days of transactions, XEM has gained quite a progressive share at the market, making XEM a great choice as your next investment-vehicle.
The Bottom Line
Of the story is, Bitcoin is just a cryptocurrency like most Cryptocurrencies (Ripple, Dash, Ethereum, Salt, Siacoin). This is not exactly the case with NEM but, it is as well a solution platform, encouraging low joining obstacle with POI (Proof of Importance) as opposed to conventional one that would require heavy computing, thus electricity and stakes. In NEM, it is known as harvesting instead of mining. This apart, its additional solution, cited as EigenTrust++ is to authenticate and filter out imposters in the network. As an embryonic solution, this cryptocurrency platform is preparing to bring better things in line. Stay Tuned!