Continuing our editorial line approaching new and interesting projects in the world of blockchain technology, this time we will talk about the NEM platform (New Economy Movement).
NEM is a blockchain platform officially launched in its stable version in March 2015 that offers a diversity of solutions for its users, based on community, own currency, and direct contact among members of that community, with a recent currency performance exponential. It is not just one more digital currency. On top of that, and more importantly, NEM is a peer to peer platform and provides services such as payments, messaging, asset creation and naming system. There will be much more to come as NEM is an evolving solution with outstanding blockchain technology and community.
NEM is a versatile solution platform. As a digital currency does not require a lot of computing power and energy to run a node. NEM also advocates for the low entry barrier with the proof-of-importance (POI) instead of traditional miners who require a large amount of betting or computing power to mine the coin.
POI is the abbreviation of “Proof of Importance”. It is a consensus algorithm in the core of the NEM software. The greater its importance, the greater its opportunity to calculate a block (and collect the fees within that block). POI adjusts its importance depending on how many transactions you make, with whom you make them and a number of other factors. If you do not make any transaction, the POI will establish its importance based solely on your balance, that is, a traditional POS (Proof Of Stake) algorithm.
The so-called “mosaics” in NEM can be considered active in the chain of NEM blocks, but they are much more. They can be used for a wide variety of uses, including stocks, bonds, digital products, securities, currency, company bonus points, miles, video game currencies, stocks, precious metal ETFs, coupons, etc. Applications for mosaics can be expanded to birth certificate, death certificate, marriage certificate, highschool / university diploma, car / house / property titles, contracts, identifications, attendance records / criminal / honor, Votes in elections, tickets, Copyright, patents and so on, so its applications are huge on posibilities.
What is XEM?
XEM is the currency of the NEM platform. It is a 100% original code base currency. It is written in Java and JavaScript with 100% original source code and has introduced new features in blockchain technology in its importance test algorithm (POI). NEM also has a secure messaging system and integrated P2P encryption, multisignature accounts and an Eigentrust ++ reputation system.
“XEM” is the currency code of NEM. It is similar to USD, EUR, CNY, JPY etc. And the total amount of XEM in circulation now is 8,999,999,999 XEM. New users can receive 100 XEM for free by visiting https://forum.nem.io/t/nem-mainnet-faucet-open/3318
To obtain a NEM portfolio, you can download the Nano Wallet the NEM one-click installer. After installation, simply click on “Create New Portfolio”. We strongly recommend you to use a strong password.
NEM Framework: The next development proposed to the community
The NEM framework proposal is currently being discussed by the community. The aim of this proposal is to reduce the entry barrier of developers allowing an easier integration of projects into the NEM’s network.
This framework will be a set of tools and libraries which will help developers to create powerful and robust products with NEM technology.
The controversy around this product focus on its cost, which sums up to 15,000,000 XEM making the community to be reviewing the project thoroughly and making all kind of questions.
We believe that the development of the NEM technology should be a priority; facilitating better access for the developers to use this technology, as in Ethereum. In the future it could represent a greater adoption of it and therefore a growth of both the technology and its value. We consider that the cost of the project is high, however, a cost’s breakdown could help to justify its price.
If you want to know more about the NEM framework check this link: https://forum.nem.io/t/nem-framework-community-proposal/5174
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