The New Economy Movement (NEM) – What Do You Need to Know?
NEM coin was rolled out on March 31st, 2015, and emerged as an entirely community-centric cryptocurrency. The New Economy Movement team, also known as XEM, or NEM, envisions developing a new economy that relies on decentralization, solidarity, and financial freedom. The ideas underlying this platform and coin has gained a lot of traction. In this article, we will be covering all aspects of XEM, including its value, the latest in XEM coin news, the optimal wallet for storing tokens, XEM mining software, XEM coin USD, the XEM cryptocurrency graph, and much more.
What is NEM?
NEM is a platform that aspires to create a more technologically-advanced and smarter blockchain. The team considers itself to be at the top of the crypto game and refers to its platform as a Smart Asset blockchain. It is basically a technology enables a more effective and affordable way to manage data and assets.
The platform is operated by the NEM.io Foundation, which is based on Singapore. The development team has created its own codebase to advance the operation of NEM, aiming to make the platform faster and more scalable. This new codebase generated an entirely new platform from the originally launched fork of NXT.
NEM’s corresponding currency is often referred to as XEM. While it is not used by corporations as a means of payment like some other leading coins, over the years XEM has grown significantly in market value. The blockchain platform is built on a two-tier structure where the users and main server are connected by NCC and NIS. By carefully linking NCCs and NIS together, the platform is able to perform quick and secure transactions. The link also enables users to complete transactions without downloading the entire platform, thereby optimizing the quality of a user’s experience.
What is XEM Coin?
The cryptocurrency XEM is what powers the NEM blockchain platform. Similar to the Ethereum coin, XEM aims to advance the application of blockchain from mere payments, and expand different use cases like ICO, shipping tracking, loyalty reward points, encrypted messaging, anti-counterfeiting, etc. While open to all, NEM focuses primarily on corporate applications.
How to Mine XEM?
As mentioned above, NEM is focused largely on promoting business applications. However, if you have some relation to the corporate world and want to invest in XEM, the platform offers an effective way to acquire crypto tokens – harvesting.
Just as in the Ethereum and Bitcoin networks, harvesting is a process that ensures the constant operation of the platform. Harvesting essentially validates NEM transactions, and the individual responsible for harvesting a transaction gets paid for their efforts. According to NEM’s website, harvesting their tokens yields a variety of benefits not offered by other networks.
For starters, harvesting NEM does not require any specialized hardware, which provides harvesters incredible ease of use. Moreover, the network uses a Proof of Importance consensus method, which is a more advanced, energy-efficient, and light form of operating.
However, some users still prefer the conventional POW method and mine NEM using video cards and XEM mining software. They first mine altcoins and then convert them to XEM.
The network uses a POI consensus method because it is more environmentally friendly and helps users save a lot of energy as they do not need to leave their system running while harvesting NEM.
You can either harvest/mine XEM yourself or hire someone else to do it for you. If you prefer to do it yourself or conduct local harvesting, you have to download the NEM Nano Wallet and begin local harvesting. If you delegate the harvesting, you need to initiate delegated harvesting, and then enter your wallet password in the same XEM coin wallet.
What is Proof of Importance and How Does it Work?
NEM aims to enhance the use of blockchain technology by leveraging Proof-of-Importance as well as harvesting. POI is a system that requires a non-significant yet feasible degree to deter malicious or frivolous uses of computer power like initiating denial of service threats, or sharing of spam emails. It is an algorithm that utilizes network theory to provide each account with a rating based on importance within the network.
Within the Supernode program, users who are running active nodes get rewarded. Nodes that work with optimum efficiency help in reinforcing the network. High-performance nodes come with certain prerequisites, including chain height, adequate bandwidth, responsiveness, and ping.
Average Block Time
One of the key features of the NEM platform is its one minute average block time. This makes the platform efficient enough to run and authenticate more transactions in a shorter time period. NEM mosaics are digital assets that provide even more unique features on the platform. Every mosaic comes with an underlying mosaic definition, and if you aim to create a definition, you must rent a minimum of one root namespace.
With unique mosaics, the NEM platform is able to develop more assets with either fixed or inconstant products, transfer rights, definition, and prices. Moreover, they stay connected with namespace, which allows each mosaic to be unique and exclusive. Namespace works similar to the internet domains within the blockchain ecosystem. Many tout mosaic as the first-ever blockchain unit, which is backed by delegated harvesting, multi signatures, and a reputation management system.
Where to Buy XEM?
If you are interested in investing in XEM coin, then you should buy tokens from the leading NEM decentralized exchange. Below, we highlighted some of the more popular platforms where you can execute NEM exchanges –
- Huobi Global
ChangeNOW – An Exchange Worth Mentioning
ChangeNOW is among the most reliable exchanges for trading XEM coins at a fair price. The platform provides access more than 100 coin combinations available for exchange. In addition, you do not even have to create an account, so you can perform transfers anonymously.
As there is no need to register, ChangeNOW does not store any user information, which further enhances the platform’s security. Additionally, it has a clear interface that directs users to the simplest way to perform exchanges as soon as they enter the website.
What is the Best XEM Wallet?
Before you acquire some XEM tokens, you need to set up a NEM wallet. A reliable wallet where your coins will be transferred is key to securing your investment. There are many XEM wallet where you can securely store and manage your coins, myetherwallet xem among them.
NEM Desktop Wallet
NEM desktop wallet, as its name suggests, is designed to store and manage XEM token on desktops. It is also known as NEM Nano Wallet. It is compatible with major operating systems, including Windows, Mac OS X, and Linux. Users can send XEM, mosaics, and messages to any address.
The user interface has been kept quite simple so there is nothing complicated about using the wallet. You can even create multi-user accounts or multi-signature accounts. The desktop wallet also allows users to retain power over private keys.
NEM Mobile Wallet
NEM mobile wallet was developed to make it more convenient for the users to store and manage XEM tokens on mobile devices. Just open the NEM widget on your device and you will gain access to the full range of its functionality. The app comes with a multi-signature feature that allows your private keys and data to be secured, stored, and encrypted. NEM wallet Android is one of the best ways to store and manage the token.
Atomic Wallet is a noncustodial and multi-asset cryptocurrency that allows users to store over 500 coins as well as tokens, including NEM. You can download the mobile app and initiate exchange on the go. Within this wallet, you do not have to go through any verification process. All you have to do is install and start storing your wallet. The Atomic wallet is available for Android, iOS, Mac, Windows, Debian, Ubuntu, and Fedora.
Trezor is undoubtedly among the best hardware wallets for storing XEM coins. It allows you to securely store your XEM token on a USB device. You can protect the hardware wallet with a PIN. And it also supports more than 700 cryptocurrencies. Hardware wallets are considered a safer option as opposed to software wallets because, even if your system gets infected, your coins will be safe inside the USB device.
Freewallet allows users to store multiple digital currencies, including NEM. IT boasts a user-friendly and intuitive interface. It allows all coins to be stored offline, making it nearly impossible that you will experience any sort of security breach. Moreover, if you accidentally lose your wallet, the wallet provides an option for freezing the wallet through another device.
How Many NEM Coins Are There in the Market? And What is XEM’s Price Prediction?
According to the latest XEM coin news, there are 8,999,999,999 XEM circulating in the market. And as of now, the XEM USD value stands at $0.042560 USD. Industry analysts forecast that the value of XEM coin will steadily increase, and it is likely to continue to rise in the coming months. Presently, the coin is growing at 0.26%.
This is everything you need to know about NEM coin. NEM is an extensive platform with a strong vision. And the development team is constantly adding new and advanced features in order to boost the core value of the project, utilizing the Test Driven Development approach.
This approach entails focusing all efforts on compliance with certain prerequisites prior to initiating the development phase. This robust methodology ensures that every line of code is developed in adherence with the necessary tests, requirements, and specifications. In this way, the team ensures that they avoid superfluous and ineffective code. The future of NEM depends on the success implementation of such a development scheme, as well as the marketing efforts of the team.