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What is NEM (XEM)?

What is NEM (XEM)?

NEM XEM is a distributed crypto platform. It represents a self-contained ecosystem where other systems such as high-frequency trading, social media, and financial markets can be easily integrated. NEM stands for the “New Economy Movement.”

The platform wants to create a sustainable economy, guarantee financial freedom, and focuses on values such as equal opportunities and self-determination. XEM is the corresponding cryptocurrency. Behind NEM XEM are 70 people worldwide who take care of the crypto platform.

Technical data

The software of NEM XEM is written in Java. It consists of two parts. One is the NEM Community Client (NCC), and the other is the NEM Infrastructure Server (NIS). The cryptocurrency XEM represents only a small part of the crypto platform. In the cryptocurrency, 8,999,999,999 XEM can be extracted. A block can be dug in one minute. The platform uses the Proof of Importance (POI) algorithm, described in more detail below. In the future, the platform will develop Smart Property Tiles, Smart Contracts, and a decentralized trading platform. All projects are based on the NEM Blockchain.

The software is basically designed for the use of so-called “thin clients.” On the one hand, this has the advantage that the client can also be used on smartphones or mini-computers, such as the Raspberry Pi. Users of the crypto platform are also not dependent on third parties. Third-party providers are not required for thin clients. Users have full control over their assets. As mentioned above, many other systems can be integrated into the platform. NEM wants to create solutions for a wide range of applications. These include office automation, personal finance, Internet trading, and encrypted personal messaging. The crypto platform offers a high level of security and reliability.

The security concept

As previously announced, NEM uses the Proof of Importance (POI) algorithm for the cryptocurrency XEM. The algorithm is completely new. It calculates the “importance” of accounts. Factors to calculate are account activity, account balance, and the importance of accounts that have been interacted with in any way. The more important an account is, the more likely it is to collect transaction fees. This does not exclude accounts with less money and ensures that the cryptocurrency is actually used. Compared to the Proof of Work, the Proof of Importance is not subject to extreme price fluctuations, no deflation, uses less energy, and remains definitely decentralized.

For its own network, NEM established the reputation algorithm “Selftrust++.” Self-trust measures the trustworthiness of participating nodes. The more trustworthy a node is, the more likely it is to communicate with other nodes. In addition, NAM synchronized the time between each PC and integrated an anti-spam feature. A further security measure consists of a blockchain-based multi-signature method. With this method, several keys of the own wallet are queried to perform a transaction. In addition to a password, a 2FA identification, for example, can be queried.

Conclusion

NEM has revolutionary potential. Crypto-platform wants to change the world permanently. The concept behind it seems simple. They offer their crypto-platform for a wide range of applications from the Internet. The cryptocurrency XEM appears next to it, like a coincidental concomitant. The offered slim software can be operated on many devices and is easy to understand. All in all, NEM is a very robust crypto platform with enormous future potential. And it is also sustainable, secure, and efficient.

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Author: lukaswiesflecker
Published on: 27/08/2020 09:47 (edited on: 02/09/2020 16:27)
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