As soon as NEM appeared on the market, it immediately aroused great interest among miners and investors. The basis of this digital currency lays in the original idea, combined with excellent functionality which leaves behind many of its competitors. NEM is one of the leaders among other cryptocurrencies regarding capitalization and liquidity. Today, the NEM associations are people from around the world, but mainly from Japan, South Korea, and China. The capitalization exceeded $3 billion.
What is NEM?
NEM (New Economy Movement) is the young blockchain-based project, like many other cryptocurrencies. The tokens entered the market in 2016. Today, the NEM associations are people from around the world, but mainly from Japan, South Korea, and China. The capitalization exceeded $3 billion.
The cryptocurrency functionality
The functional spectrum of the NEM platform ranges from messaging for the P2P protocol to creating reliable token purses. For the first time, the platform developed a notarial service for affixing a digital signature of property rights. Open code offers unlimited possibilities in the development of various projects.
The central landmark of NEM system is bank transfers. The creation of one block takes up to one minute. However, aggregating production capacity can achieve more data throughput.
NEM works with Mijin system, which provides secure payments. Mijin proved to be excellent in working with major Asian banks.
What is the advantage in the cryptographic system?
- 1. Self-supported chain of blocks is more reliable than other banking systems.
- 2. The lack of intermediary bank reduces the transaction fees.
- 3. Transaction errors are eliminated because the blockchain system permanently checks the link in the chain.
A decentralized system works without a dedicated server. It prevents the threat of hacker attacks.
But NEM is not ideal because there were cases with broken purses and exchanges. But in cryptocurrency defense, all of these hacks were possible because of the applications connected to the blocks and not because of the fault of the failures and gaps in the blockchain.
NEM aspects and miners interest
The protocol of Proof of Importance (POI) plays a significant role in providing the quick transactions. The main purpose of POI - establishing the miners’ priority by transactions number not computing and sharing the number of coins. It stimulates the network development in the best way.
Investing in NEM
It is better to stock up on some bitcoins before you start working with XEM tokens. Their presence ensures the smallest spread in the exchange. Then you need to create a multi-currency purse. You can make it on the exchange where you purchased bitcoins, or on another reliable resource.
You can buy XEM on any major exchange, but remember that they are not so familiar to offer such high opportunities as bitcoins. Therefore it is necessary to study the proposals of each trade separately.
But all restrictions on the XEM purchase gradually disappear with the popularization of this cryptocurrency. Some services offer you to buy coins with credit cards.
However, you should not forget safety precautions because of ever-growing possibilities of cryptocurrency acquisition.
- 1. Choose exchanges and online wallets with a proper capitalization, and substantial work experience.
- 2. Study the investment ICO-projects before taking part in them.
- 3. Install firewalls and antivirus software: take care of the site security.
- 4. Keep the keys out of the purse in a safe place and don’t disclose them.
The NEM cost demonstrated an enviable rise relative to bitcoin in May-August 2017. Since then, the XEM price began to decline. But it is early to make conclusions. Experts see no reason to panic, as the cryptocurrency has solid margin and great potential. Currencies with open source and with broad social relevance have a good survival in the tough competitions. And with that, NEM's all right.