How to buy NEM
NEM or New Economy Movement, also known as XEM, is a cryptocurrency currently valued at $0.232709 with a trading volume of $163,653,588 in 24 hours. It is a relatively less popular digital coin on the market, but more and more traders are investing in it. Zaif is the most active market trading the coin as of the moment.
NEM was created in 2015 as a fork-out of NXT, one of the most popular blockchain-based digital coin and payment network platforms. NEM is operated and managed by a Singapore-based non-profit organization that goes by the name of NEM.io Foundation. After the fork, NEM.io developed its own codebase to advance NEM in order to make it faster and more scalable. This resulted in a new NEM cryptocurrency platform, which proved to be independent and different from NXT.
NEM produces its own cryptocurrency called XEM. Despite not being regularly used by merchants as means of payment like how Bitcoin works, this crypto has grown in value in recent years. XEM is 12th in the spot of highest market capitalization among all cryptocurrencies. NEM is compatible with only one wallet as of now, which is the Nano wallet.
What is NEM All About?
The New Economy Movement, or NEM, aims to develop an even smarter and technologically advanced blockchain. It presents itself as not just any other altcoin, nor just any other blockchain. NEM calls itself the Smart Asset blockchain, a technology platform that aims to be the efficient option for managing assets and data at a low cost.
To forward this goal, NEM uses two key concepts of harvesting and proof-of-importance (POI). Through the POI mechanism, NEM puts more importance on how much is being invested into the NEM system with consideration to realistic vested interest. XEM coins in the Nano wallet, as well as the holding period. Play key roles in assessing the importance. Furthermore, a user would need to store 10,000 vested XEM coins in their Nano wallet to qualify for generating new blocks and earning different transaction fees.
Uses of NEM (XEM)
With its technology, NEM offers a wide range of possibilities not offered in the many years of using the blockchain systems. Here are some of the uses of NEM (XEM):
- NEM offers the ability to interface between private and public blockchains. It enables convenient transfer of any cryptocurrency from a privately held internal enterprise network to another business’ private network through routing it via a public blockchain. NEM’s technology is capable of transferring everything–from financial assets, to documents, to contracts, and to digital assets.
- NEM also allows retail store chains to track and maintain its loyalty rewards points program for customers using its technology. It can also be used by a shipping company to handle data about shipping. All these are possible with NEM’s technology making it possible for an end-to-end supply chain logistics management system.
- When it comes to social uses, NEM enables participants to create, distribute, and trade cryptocurrencies that are compatible with the wallets and apps on the NEM ecosystem. Traders can even offer ICOs on NEM through this system.
- Since NEM is API-compatible, which means that any global application can be linked and used on the NEM platform. All mobile apps, web apps, programs, and even databases can be easily connected to the NEM blockchain. Interacting with it is also made easy with the security provided by the API Gateway server and API calls. Moreover, users can also customize the mode of access and use of NEM in a self-scaling and open framework.
Issues and Resiliency
Back in January 2018, some XEM users had raised that the network is fundamentally flawed. This assessment is owed to deposits made from a certain exchange to another exchange using the crypto NEM. While it did register to NEM network, it did not appear on the account that the users had used. While there was a recognition from one of the users that the NEM wallet itself was functioning just fine, he had also raised that developers of the coin need to resolve these momentary setbacks.
Some users that were present in the forum this concern was posted disagreed, reminding the poster that the problem lies with the exchanges, not NEM itself. Since the issue was lodged, minimal issues have been raised by the NEM-trading community.
It is to the contention of this feature that trading with NEM, or any crypto for that matter brings with it high risks. It simply is a fact that trading cryptocurrencies entail greater care with respect to the relatively-new technology in financing and trading.
Worthy of note, NEM brings with it a myriad of advantages, with a number of analysts online saying that after the coin’s long period of slumber between 2015-2017, it had experienced growth in market capitalization. Impressively in the beginning of 2018, NEM went above the $2 mark.
NEM (XEM): The BottomLine
NEM is a new-age blockchain that offers a wider range of possibilities than is offered by the original blockchain technology. The system created by NEM creates better and more improved blockchain systems through eradicating the weak spots of the original blockchain technology, which are slow processing time and network congestion. It also aims to connect the link between private and public blockchains and optimizing its uses and wider possibilities. Overall, NEM offers a wider adaptability potential in the future with its technology.