About The NEM (XEM) Project
Feted as a “pure” blockchain altcoin – better perhaps than Bitcoin at doing what Bitcoin does best – the NEM digital currency does have admirable faith and focus towards the cryptosphere as a whole. Often billed as a “second-generation” blockchain app, the developers have justifiably claimed it to be an improvement on Bitcoin on a host of pain points.
Improving upon previous altcoins in a number of ways, the developers wrote their own unique platform code and point to evidence that they have ironed out previous cryptocurrency hassles for users in a number of ways. To be fair to Bitcoin and other, earlier altcoins, NEM hasn’t faced the scaling and other turbulent issues that confronted those digital currencies over recent years.
That said, a technical analysis of the build does reveal a capacity for avoiding many user issue Bitcoin and others have had to fork to address. On its current scale too, user experience is legitimately better than with many other currencies, Bitcoin included.
Very much like under-sung Ether, the NEM token has been around for some two years already. Yet despite demonstrating good utility and making good on its promise in a host of ways, the coin has not been of much interest to investors.
Often referred to as a “sleeping giant’ of the cryptosphere, the developers rationale in rolling out the token was to package and push the current capabilities of blockchain currency. The company claims an efficiency and practical usefulness many times greater than competitors, even Bitcoin, and the mining process is currently a quiet coalface where savvy miners are collecting dividends with nothing near the cost and effort a coin like Bitcoin requires.
As the usefulness and practical application of NEM grows, with its novel features and deft strokes at thorny issues of cryptocurrency, the project is doing what it aimed to do – make blockchain currencies all that they can be going forward.
What Issues Does NEM Address?
As an ardent pillar beneath the cryptocurrency platform, NEM is providing valuable study and support to the cryptosphere. In its insistence that cryptocurrency hits new heights, the token has tackled a myriad of issues that have faced users since 2009, and successfully built solutions to many of them.
Always a UX-sampling outfit, NEM (XEM) is a sleek coded platform, but its intrinsic value lies in its UX focus and ability to ask the hard questions of the cryptosphere. Can users enjoy transaction speeds comparable to existing banking protocols? Can the many and sometimes high costs of coin spending and mining be lowered or eliminated? And is any particular approach to the cryptosphere actually of any real value to users? Rather than trade on what has gone before, in its user-first focus, NEM is almost a self-appointed curator of cryptocurrency, insisting that it can and does address users’ issues and improve the human experience. Also, the company seeks to anticipate user desires and surrounding problems. The network is almost paranoid about security, and a two-tier enabling protocol has also cut out any need for wholesale downloads of the blockchain.
Technology For The Future
The NEM platform runs on Proof of Importance (PoI) algorithms. In a nutshell, the main import of employing this algorithm on the platform is that it easily identifies users whose UP rolls on to calculate the next block. Put less technically, PoI is a seldom-encountered algorithm in the cryptosphere, although feted for its ability to distribute fairly and anticipate many more factors for users, while also rewarding those who put more into the advancement of the coin.
When NEM launched in March 2015, it came built with an ability not only to enable a P2P network, but it also allowed third parties to build apps, including cryptocurrencies ICO tokens. Offering both private and public blockchains, NEM has demonstrated Itself as a decentralized ledger system with the ability to bring almost anything to life.
User case studies of the platform include personal and ownership record storage, the generation of financial instruments, logistical and supply chain tracking applications. The adoption of PoI has meant that NEM uses up to 100 times less power in its mining protocol than Bitcoin and others.
Moreover, PoI has made NEM dynamic, as the developers are being applauded for producing “lighter” nodes and eliminating the need to download a whole string of access blocks. While lacking Bitcoin’s celebrity status, the altcoin is making good in the background on a host of previous bugs in the cryptosystem.
Unique NEM Features Attract Investors
The most pronounced difference for users between NEM and, say, Bitcoin, is that the platform averages one minute of block time, around ten times less than Bitcoin. Higher speeds and greater scope in comparison to many other leading altcoins is what NEM offers. As with mining other cryptocurrencies, NEM produces new digital assets.
The NEM “mosaics” are such assets, and they introduce additional properties and options for users. Any investor staring wide-eyed at Bitcoin, wondering what to do next, might find a home for investment dollars in NEM. The token is destined to grow in the current ecosystem purely on the back of its legitimately better usability and numerous attempts to iron out the wrinkles in UX for cryptocurrency enthusiasts the world over. Whether it will ever race up the charts like the 2017 Bitcoin remains to be seen, but it has core value, better UX and a less tainted portfolio.
NEM is a next-level digital currency, with observers noting that much of the blockchain technology at play in NEM is not just a UX improvement, but also a coding fork that improves upon the world's original experience of virtual currencies. With many serious VC outfits left skittish from Bitcoin’s volatility, they might very soon find their way to a more stable, functional currency like NEM.
Looking at hard facts, NEM’s market cap in November 2017 was $1,912,860,000. This jumped to $8,472,610,000 by December 20. 2017. Eliminating other Proof protocols and presenting as both currency and highly malleable platform from the outset, NEM, very much like Ether and its widely used Ethereum platform, may well emerge to be one of the leading cryptocurrencies of the future.