NEM - DISTRIBUTED LEDGER TECHNOLOGY
Price Info - https://coinmarketcap.com/currencies/nem/
NEM is a blockchain system for corporate and enterprise-focused projects. It offers public and private blockchains, depending on the customers’ needs. It’s a highly customizable ledger system that can be molded to its clients’ needs. It can track and record almost anything— ownership records, supply chain tracking, financial tools and more.
Nem launched in 2015 with an airdrop. Catapult, Nem version 2.0, which will increase the network’s capabilities, is planned to be released in May 2018.
The NEM (New Economy Movement) coin has lots of social support, a long history of use (since 2015), adoption by vested business interests including banks. Other successes include the adoption of the NEM technology within the Minjin network.
The NEM blockchain powers what they call the Smart Asset System. This system is intended to be an open, customizable blockchain solution for any number of use cases built on top of simple, powerful API calls. The blockchain is secured and transactions are processed by a global network of nodes running the NEM core software, and the network is used as an API Gateway server.
This means developers looking to build blockchain powered apps don’t need to run any special NEM software as all of the NEM functionality is available by accessing API calls.
This allows for a lot of flexibility when it comes to system design and how various apps are making use of the NEM network. Apps can access the NEM API directly, access a separate server in addition to making NEM requests, or existing servers can be adapted to make use of NEM in the background.
Developers define NEM Addresses that act as containers for assets and can be updated and changed over time. An Address could represent simply a wallet holding coins or something more complicated like a document that requires signatures or an election that is collecting votes.
The developer would then create Mosaics: identical, transferable assets that represent the coins, signatures, or votes that will reside in the Addresses. This system of flexible addresses and configurable mosaics is viable for countless use cases, and since all of the NEM functionality is accessed through the NEM API, anyone can build any sort of system they dream up and hook it into the NEM blockchain with relative ease.
The NEM network is ported over from Java to C++, which, at the bytecode level, makes a huge difference, including the ability to perform human level optimization. The expectation for speed and reliability increases are quite significant to both the network, as well as the business model.
The NEM Blockchain employs a Proof-of-Importance algorithm (as opposed to Bitcoin’s Proof-of-Work or PIVX’s Proof-of-Stake) to achieve consensus through a process that incentivizes active participation in the network. This makes for a decentralized, nimble network of well-behaved nodes. Each node has an importance score that determines how often it can harvest (think mining or staking in PoW or PoS systems) XEM, NEM’s native token.
Part of this system works by vesting coins: when you place coins in your wallet, they start out as unvested coins.
Over time, your coins will begin to vest or count toward the importance of your account. In order to be eligible for an importance score, your account must have at least 10000 vested XEM.
This part of the system acts just like staking coins in PoS setups but is only one part of calculating your importance.
In addition to tracking vesting, the transaction graph of the NEM network is constantly analyzed to provide information on which nodes are contributing and which are not. This means that the more transactions you send to other users and the more you use the network normally, the more important you become. The vesting process and transaction metrics result in an importance score for each node, and these scores are used to scale the likelihood of your node harvesting XEM.
Since PoI is not hardware intensive, it allows full nodes to be run on almost any machine regardless of power, preventing centralization of harvesting to those with the biggest machines.
During the January hack of Japanese exchange, Coincheck, $534 million worth of XEM were stolen. NEM is slowly regaining investors’ trust again as compensation in Japanese yen is being paid. They most recently held an event in Dubai called NEM 101. Pricewise, it is currently at $0.22.
NEM is working on expanding partnerships. It’s in talks with Sadad, a leading ntech company in Bahrain, to provide a comprehensive digital payment platform. It also formed an alliance with Synergy CryptoAdviser, a cryptocurrency trading community out of Colombia. Its goal is to integrate NEM into the Latin American ecosystem.
The VP of NEM, Jeff McDonald, will be speaking at the Block2TheFuture conference in San Francisco, which takes place in early April 2018.
After 2.5 years of development, the NEM.io Foundation and the developers of NEM announced the private beta launch of Catapult.
The project was done in conjunction with Tech Bureau, a fintech and cryptocurrency company.
Catapult provides a customizable approach for businesses. It improves speed and scalability of the blockchain and adds other features.
Financial institutions around the world are already testing the software during the beta phase. Once beta testing is done, it will release the open-source version.
Over 2018, the NEM.io Foundation expects to spend $40 million on global expansion.
In other news Tutellus, a blockchain which pays students for studying, has announced that it would be migrating from Ethereum to NEM.
There’s now over 50 projects working on NEM, with a range of use cases from authenticity to gaming to payments.
Over the last year, we’ve seen the number of NEM accounts explode from less than 10,000 to over 110,000 today.
Transactions on the network are growing, too. A year ago, the NEM blockchain averaged 500 per day. Today, it’s around 3,000—a sixfold increase.
Looking forward, NEM is working on a new blockchain platform called ProximaX. It’s an all-in-one platform for cross-industry application and decentralized application (dApp) development.
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