NEM is a peer-to-peer cryptocurrency and blockchain NEM has a stated goal of a wide distribution model and has introduced new features to blockchain technology such as its proof-of-importance (POI) algorithm, multi signature accounts, encrypted messaging, and an Eigentrust++ reputation system. The NEM blockchain software is used in a commercial blockchain called Mijin which is being tested by financial institutions and private companies in Japan and internationally. NEM’s blockchain platform was designed and coded from the ground up for scale and speed. NEM’s permissioned private blockchain delivers industry-leading transaction rates for internal ledgers and is a revolutionary consensus mechanism and the Super node program ensure that NEM’s open, public blockchain can grow without ever compromising throughput or stability.
NEM was started by a Bitcoin Talk forum user called Utopianfuture .The initial plan for NEM was to create a fork of NXT, but this was eventually dismissed in favor of a completely new codebase Starting on January 19, 2014, an open call for participation began on the Bitcointalk forum. The goal of the call was to create a community-oriented cryptocurrency from the ground up Alpha version was released on June 25, 2014. Subsequently, the Beta production version was launched on 20 October 2014. NEM launched its first stable release version on March 31, 2015. The next large update to the NEM ecosystem will be called Catapult. It was originally estimated to be released in Q1 2017 but has since moved to Q2 2017 for the release of its alpha version.
Features that distinguish it from other cryptocurrencies. The Bitcoin protocol is not just about sending money from A to B. It has many features
A Nem user becomes important through how many coins they control and the amount of transactions they make.
NEM has spam protection in built that kicks in when its blocks are full.
The network detects these attackers and makes transaction fees exponentially more expensive for these attackers in relation to the spam they produce while keeping other normal transactions with the normal fees.
Nem’s proof-of-importance is used to determine who will calculate the next block.
NEM is set to change theblockchains by implementing the amazing POI consensus algorithm, which is a great solution. You can send and receive payments and messages quickly, securely and at low cost on a global scale without the need for a bank account. You can make, buy, sell, or trade assets and goods worldwide. Because of its Features of POI and Spam Blocker it will surely rise in future.Overstock, Woocommerce accept NEM as payment.With the technology growth and because of features of NEM investors started investing in it.
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