Dear Reader,
This post in the Ninelives series will discuss 9 unique and positive things about the blockchain NEM (XEM). If you aren't interested in learning about NEM, links to my other Ninelives posts can be found below. This series is called Ninelives because I'm @crypticat and cats are said to have 9 lives due to their uncanny ability to survive. NEM has not only survived, it has thrived and sits in 14th place on the list of the most valuable cryptocurrencies -- Let's find out why.
Ninelives of NEM
XEM is NEM - NEM stands for New Economy Movement, it is a blockchain platform which started on March 31, 2015. XEM is the symbol or name of the currency for NEM transactions, the maximum supply of XEM is 8, 999, 999, 999 which is also the circulating supply. No more XEM is being created, there is zero inflation.
XEM is harvested - The first computer which sees and verifies a transaction on the NEM blockchain notifies other users starting a chain-reaction of notifications. This event is called "Generating a Block." Whenever someone generates a NEM block, they receive the transaction fee as payment--so long as they have over 10 000 vested XEM. This feature was first pioneered by NEM.
Proof of Importance (POI)- This tracks how much you are invested in the NEM system. Your XEM vests at 10% per day, once you have 10 000 vested, you will be able to harvest more. It's easier to harvest XEM if you are doing transactions, so using your XEM is encouraged.
Smart Asset System - Similar to Ethereum's smart contracts, NEM is more than just a digital currency. The smart asset system is open and customizable allowing for multiple use cases. Allowing open access to the Application Programming Interface (API) enables programmers to work with the NEM blockchain quicker than if the API wasn't accessible. There will likely be many Decentralized Applications DApp's which work with the NEM blockchain in the future. For more information please visit https://nem.io/technology/
Mosaic "Fixed" Smart Assets - These assets are held in containers which are unique and updatable. The assets are fixed and can represent something like a vote, a reward point, a signature, another currency, shares in a company, etc. This is what makes the smart asset system unique and flexible.
Personalized Namespaces - You can choose your own unique name on the NEM blockchain, similar to an internet domain name. You can also create subdomains and names for your assets, these names cannot be copied/used by others. This makes NEM simpler to use and gives you a sense of personalized ownership. It allows for someone to easily recognize they are interacting with you as opposed to any NEM user increasing trust.
Multi-Signature (Multisig) - This feature allows multiple users to share an account. A NEM parent can delegate authority to its children. Rules such as two (or more) must sign a transaction increases security. Be extremely careful when making your assets Multisig because if you lose more than one signatory, your XEM is gone forever.
Eigentrust++ - An algorithm used by NEM that allows nodes on the blockchain to rank other nodes and rate them as good or bad. This increases security and trust on peer to peer networks. Eigentrust++ allows NEM to reject nodes with bad reputations and functions as a reputation manager.
Public and Private - All NEMs blockchain is public (traceable) unless it is made private. You can acquire XEM and make your own private network, this is especially handy in supply chain management and logistics as you may not want a competitor or thief to know what is going on. It could also be used to build a private record system, for loyalty points or anything where you don't want to share the information publically.
sourceThank you for taking the time to read about NEM. I hope you learned something, I certainly did. One thing worth mentioning is that there was a large XEM hack on the Coincheck exchange in January 2018, 500 million worth of coins were stolen. Please be smart when storing your coins, always use a hard wallet such as the Ledger Nano. Storing your coins on an exchange is risky as was proven by the Coincheck hack and others.
In no way is this meant to be financial advice. I do not recommend purchasing, using, selling or holding XEM. I have never owned XEM and am not affiliated with the NEM project in any way. Please do your own research when making investment decisions.
Previous Topics in the Ninelives Series
If you scratch my back, I'll scratch yours. Please UPVOTE, FOLLOW and RESTEEM. If you follow me, upvote this post and comment below, I will follow you in return up-voting any quality blogs of yours I come across in the future.
Bye for Meow 😺 mRrrrrrrrrr....
Cats and Blockchains, all I need.
Followed and Upvoted. I am @chey and apparently been given the Title "Father of Felines" lol
Was curios about NEM a whiles back but never looked into it. Thank you for the awareness of a good crypto!
Hi @chey followed you back! NEM is great, too bad about that hack. What makes you the father of felines?
nice short-overview of NEM! :-)
if somebody is interested in using delegated harvesting I suggest NEM-tools for automated restarts
if you need to know you much time is needed to get a vested balance of 10000 XEM you can use the vested balance calculator of NEM-tools
Thanks for your input and the links
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Thank you for these links Joel. Are you associated with NEM, or just a huge supporter of the project?
Just a huge supporter and strong holder 😎😂