April 20 2022
NEM – A decentralized smart asset platform
What is NEM
Launched in 2015, NEM is another blockchain platform. Similar to Ethereum, NEM can power smart contracts and Initial Coin offerings.
Unlike Ethereum, NEM keeps only data and assets on the blockchain, and are called smart assets. Other components like source code and computational power are off the blockchain. Moreover, the companies or individuals using the blockchain platform should separately host the source code.
If anyone uses the blockchain to maintain the code, its harder to fix problems. Anyhow, NEM does not allow this.
Because of these features, any programming language can be used, giving more flexibility, and lower transaction fees. Also, NEM is faster than the Ethereum blockchain.
The Cryptocurrency symbol is XEM, and the total supply limit is 8,999,999,999 coins.
Desktop, Mobile, and browser wallets are available. Officially supported wallets are available here.
Proof of Importance
NEM uses a unique mechanism called proof-of-importance (POI) for harvesting (mining). Nodes would have an importance score. Each node should vest 10,000 NEM to be eligible for the calculation of importance score. Moreover, the score depends on the past performance and history of the node.
A new block is calculated (found) every minute. Based on the POI, it is determined which block is allowed to calculate the block.
So, mining NEM does not need enormous power packed machines.
How to get XEM?
Harvesting (mining) is a good option. But you need 10,000 XEM to start off. Moreover, the importance score plays a significant role.
However, using the delegated harvesting concept, you can jumpstart the mining using others' importance score. The rewards will go to the initial node which provides you delegation. So, start delegated harvesting with trusted peers only.
Otherwise, you can trade XEM on the Cryptocurrency exchanges. Some famous and trustworthy exchanges are Poloniex, Bittrex, and HitBTC.
As the revolution of the decentralized system continues, only time can answer which platform or currency would sustain.