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NEM

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Description

What does NEM do?

NEM uses the new Supernode consensus mechanism to offer fast and cheap transactions for corporate customers. It is estimated that NEM’s blockchains could process up to 3000 transactions per second.

NEM was one of the first public and private blockchain hybrids. NEM’s public blockchain allows normal cryptocurrency functionality including public payments while private blockchains can be used by enterprises for payments within a closed group. The NEM blockchain is easily compatible with smart contracts, so it is seen as a direct competitor of Ethereum's.

What is XEM used for?

XEM, the native currency of the NEM project, is used to pay transaction fees on the NEM platform.  About 9 billion coins were initially created and distributed to trusted supporters of the project.

Users that hold 10,000 or more XEM are eligible to participate in NEM’s Proof of Importance consensus mechanism, which can help them earn more XEM. Users can carry out transactions with other users by transferring XEM as a currency of value exchange.

How can XEM value appreciate?

On the NEM platform, new coins are created and distributed to wallets that transact with a high frequency. This makes using the NEM platform attractive and could cause XEM tokens to appreciate in value.

The fact that NEM was written in Java may cause developers to flock to the project to develop decentralized apps. Wider adoption of NEM and more decentralized apps would also cause XEM to appreciate in value. NEM also offers an API (Application Programming Interface) that may be very useful for the creation of dApps.

What is the difference between NEM and its competitors?

Many believe that NEM’s consensus mechanism, Proof of Importance (PoI), is superior to Proof of Stake models. NEM’s method, PoI, also avoids “wasting” unnecessary electricity and resources to mine blocks. It’s also important to note that NEM compares favorably to its main dApp-oriented competitor, Ethereum, because it supports more programming languages.

Two obvious strengths of NEM’s (when compared to Bitcoin) are its reduced amount of energy required to validate transactions and its faster transaction speed. One of NEM’s main downsides is that it does not offer private transactions - a need that other cryptocurrencies are catering to.

  • Mainnet Launch: March 2015
  • Open Source: Yes
  • Consensus Type: POI
  • Technology: Blockchain
  • Total Coin Supply: 8,999,999,999
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Description

What does NEM do?

NEM uses the new Supernode consensus mechanism to offer fast and cheap transactions for corporate customers. It is estimated that NEM’s blockchains could process up to 3000 transactions per second.

NEM was one of the first public and private blockchain hybrids. NEM’s public blockchain allows normal cryptocurrency functionality including public payments while private blockchains can be used by enterprises for payments within a closed group. The NEM blockchain is easily compatible with smart contracts, so it is seen as a direct competitor of Ethereum's.

What is XEM used for?

XEM, the native currency of the NEM project, is used to pay transaction fees on the NEM platform.  About 9 billion coins were initially created and distributed to trusted supporters of the project.

Users that hold 10,000 or more XEM are eligible to participate in NEM’s Proof of Importance consensus mechanism, which can help them earn more XEM. Users can carry out transactions with other users by transferring XEM as a currency of value exchange.

How can XEM value appreciate?

On the NEM platform, new coins are created and distributed to wallets that transact with a high frequency. This makes using the NEM platform attractive and could cause XEM tokens to appreciate in value.

The fact that NEM was written in Java may cause developers to flock to the project to develop decentralized apps. Wider adoption of NEM and more decentralized apps would also cause XEM to appreciate in value. NEM also offers an API (Application Programming Interface) that may be very useful for the creation of dApps.

What is the difference between NEM and its competitors?

Many believe that NEM’s consensus mechanism, Proof of Importance (PoI), is superior to Proof of Stake models. NEM’s method, PoI, also avoids “wasting” unnecessary electricity and resources to mine blocks. It’s also important to note that NEM compares favorably to its main dApp-oriented competitor, Ethereum, because it supports more programming languages.

Two obvious strengths of NEM’s (when compared to Bitcoin) are its reduced amount of energy required to validate transactions and its faster transaction speed. One of NEM’s main downsides is that it does not offer private transactions - a need that other cryptocurrencies are catering to.

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