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After the development of Blockchain technology, online transactions, data storage, and other related applications of Blockchain took a huge leap. Not only that, but blockchain also started entering new domains and is already garnering a lot of attention and interest of investors due to low costs and high security that it provides to its users. The rise of blockchain and cryptocurrencies saw the development of new cryptocurrencies and platforms that were designed to cater to specific needs such as cloud storage (Siacoin) and decentralized online entertainment networks (Tron). In the light of these of blockchain networks, NEM was created as a smarter and technologically advanced network and utilizes a Smart Asset blockchain in order to achieve an efficient way to manage data and other assets over its platform at low costs.Earn Free Nem
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Digital Gold of the Future, Nem is an asset that has provided financial freedom to millions across the globe. So if you believe in it, storing your Nems is a good option.
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Nem is accepted globally for financial transactions online at various e-commerce sites as a mode of payment.
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NEM was developed as a fork-out version of another cryptocurrency named NXT, which is an alternate currency and payment network platform. The network is operated by a Singaporean based organization named NEM.io Foundation. After the fork of NXT, the company decided to develop its own codebase for advancing NEM and hence develop a platform that is capable of performing faster and is much more scalable than its predecessors.
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.
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Transactions and other operations on the NEM blockchain network are done by using XEM. XEM is a cryptocurrency that is specifically for the NEM blockchain network and even though the cryptocurrency is not used as an altcoin like Bitcoin, it has nevertheless gained quite a popularity for itself on the blockchain market and has currently the 12th highest market cap among cryptocurrencies. The NEM ecosystem also contains a number of other platforms such as NEM NIS1, Symbol, NEM ventures, and NEM Community. All these platforms work towards making the NEM platform faster, efficient, and provide connectivity among interested parties.
The NEM blockchain network utilizes the unique concept of Proof of Importance (POI) and harvesting. Other cryptocurrencies like Bitcoin utilize a system of Proof of Work (POW) or Proof of Stake (POS) which require mining operations for the working of the network and or a prerequisite amount of coins with the validator respectively. However, both of these systems are either unfair towards new or small investors or require an extraordinary amount of processing power and consumes a lot of energy for its functioning. In the Proof of Work (POW) system, miners who possess better equipment with high computational power have an undue advantage over others. In the Proof of Stake (POS) system, individuals who possess the maximum amount of coins have a higher chance of getting more coins through transactions and mining, thus having an advantage over other individuals on the network. It also encourages coin hoarding among the users instead of spending it.
In order to create a balance, NEM came up with a system known as Proof of Importance (POI) which gave priority according to the amount of investment the individual has done in the NEM network. This is judged by keeping a check on the number of XEM coins in the XEM wallet and how long the individual is holding it. In order to qualify for generating and earning new blocks in the NEM system, the individual must hold at least 10,000 vested XEM coins in their XEM wallets. The system also rewards users who make transactions with other users on the network. By conducting transactions that is above a specified minimum amount contributes towards the individual’s POI score, which gives them a better chance to claim rewards. In order to protect the system from fraudulent elements using back and forth dummy transactions to increase their POI score, the net transaction amount is also taken into consideration while awarding users with POI scores.
One of the greatest advantages of utilizing the NEM network is its ability to provide reduced online transaction costs by around 90 percent and thus providing increased security to the network. Many financial institutions and international banks are already testing the network due to its benefits and reduced costs. The network also utilizes a new type of system called Proof of Interest (POI) that dissolves the disparity that is present between miners with higher-end hardware and processing power (POW) and coin hoarders (POS) by prioritizing more dynamic clients that actively conduct transactions on the network.
XEM coins, like every other cryptocurrency, can be bought or sold on online cryptocurrency exchange markets. XEM coins can be bought either using fiat currency or by exchanging it with other cryptocurrencies that are already in the investor’s possession. The exchange platforms also charge a minimal fee for providing its services as an exchange platform to the investors. It is also vital to know how the cryptocurrency is performing on the trading markets in order to gain a vital insight into the proper time to buy and sell XEM. As of 4th July 2020, the price of XEM in INR stands at 3.18 INR per XEM coin. The XEM market cap is currently $382,089,802 USD and is also showing huge potential on the trading markets.