I have been looking at many platform coins to invest and since I am looking at Ethereum, a friend has suggested for me to look at NEM project which has XEM tokens. The NEM features are really good as they have POI (Proof of Importance) instead of POW (Proof of Work) which would be a waste of energy and money. They have other cool features such as NCC and NIS which allows for separation of wallet and server.
They also allow the creation of private or permissioned blockchain which traditional companies can use to improve their own existing database systems saving a lot of money. This is where I start to question the decentralised nature of the NEM Project. There are only two companies in the world that provides this service and this is Tech Bureau in Japan and Dragonfly in Singapore. Shouldn't this Mijin private chain technology be open to other developers if they were really a decentralised project?
In Ethereum, there is a vast community of programmers in their ecosystem who can create such solutions. It seems like NEM (XEM) is a public project to gain the support of the masses before the owners of Tech Bureau and Dragonfly cashes in on public support by selling access to a private chain technology to the highest bidder.
I am a decentralisation purist and I really don't think a project that is structured to benefit the few will act in the interest of the community and the world. Their intentions are clear - if they were honest, they would open the private chain technology to the world. I also read about how the NEM project wants to sue a famous former developer, Makoto. The reason is because Makoto with his new company Soramitsu has won a contract with an Asian Central Bank.
If you are a customer, when you sign up to a NEM private blockchain project, you are at their mercy, paying their license fees annually and you don't have a method to escape should you decide to move on.
If you are a fellow developer or an entrepreneur with an idea, when you give your ideas to Tech Bureau and Dragonfly, there is no guarantee they will run away with you idea. The final decision is in their hands and they will squeeze you for every penny.
If you are an investor, there is no telling when the NEM Developers with their huge amount of XEMs will manipulate the markets and even dump and run away with your money.
This project is definitely not worth the extremely high valuations ( as much as USD 1 billion) which has been given by the market. The features of the project and the community is great, but at the fundamental level, there is a corruption of the ethos of de-centralisation. Beware of this project!
Your article is based on assumptions not facts, and as it is apparent you are an avid supporter of the competition, one would not expect you to say anything differently than what has been presented. Your motive is quite clear, please go back to the drawing board and try not to return with what 'seems' to be but instead, what is.
NEM is about to moon... and the price right now is super low and has not yet gone up from the dip. I would call it a buy now!
It now has a market cap of over $4 Billion. Testing with banks has begun.
The NEM blockchain is descentralized. Mijin is a different version of NEM.
NEM is the publick blockchain while Mijin is a private blockchain. They are different.
This year there will be a new version of NEM named Catapult which will include most of the features currently only avilable in Mijin.
I can't see any evidence to support what you are saying. XEM is open source. Of course, private companies can build on an open source blockchain.
Regarding the developer Makoto Takemiya, I can't say that I have met him. But I strongly recommend looking him up, watching a video and determining for yourself how much you would believe what he says, as much of the dispute between NEM and Makoto comes down to who you choose to believe.
Like many people, I fall way short of understanding the tech in crypto, so I put more weight on looking at the team, what they have done in the past, and how they speak and behave.
NEM has posted their side of the story here: https://blog.nem.io/makoto-takemiya-our-clarification/
The Asian bank you refer to is the National Bank of Cambodia. I couldn't find any announcement from the bank about their agreement with Soramitsu. Makoto announced it himself. It is also not at all clear how significant it is, as details are sketchy.
All crypto is high risk, so I am not recommended one thing or another. I appreciate your post, because anything that challenges assumptions in crypto is useful. It is all too easy to jump in head first when getting excited by a coin.
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STOPDon't understand all the technicalities but appreciate your offering a different opinion. It's cheap so worth the investment risk.
Curious as to whether your outlook has remained the same or changed at all since the time of this writing...?
We wrote about a possible future catalyst for NEM, which might be interesting to you even if you don't LOVE this crypto-currency...
https://steemit.com/cryptocurrency/@harpooninvestor/bitlicense-new-york-state-s-typical-business-as-usual-crony-capitalism-ripple-xem-nem
I looked into NEM because I thought that as an enterprise solution, it could really take off. But I don't understand the tech well enough to know how solid the project is.
Sure, spending your life savings on NEM might have been the best thing you’ve EVER done…
But you made the bought XEM, you did it with one thing in mind… SHOOTING FOR THE MOON.
XEM has that 10X factor, which you will have to when you wear this shirt in public. You will get the attention of others HODLing XEM, and their girlfriends.
This comfy 100% cotton shirt can be shipped out in a few days.
Check - https://shirtspice.com/collections/cryptocurrency-t-shirts/products/nem-boom-to-the-moon-shirt
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