NEM Platform and Cryptocurrency
Digital coins are not only mined using mining rigs, but also baked in baking or collected in the process of harvesting. In English, harvesting means harvesting, the so-called method of rewarding the nodes involved in the work of the NEM blockchain network.
The NEM cryptocurrency (a new movement of the economy) uses a unique consensus algorithm, a namespace system, a mosaic, and Catapult technology. We will tell you more about the unusual NEM coin, which is popular in its homeland, in the Land of the Rising Sun, and is actively trading on leading cryptocurrency exchanges.
NEM uses an account system. They are a pair of cryptographic keys (private + public key Ed25519). Each account is identified by its NEM address, which is obtained from the Ed25519 public key.
The address is base-323 encoded; it includes:
- Network byte;
- Public key hash;
Using the checksum, you can verify that the address is filled in correctly. A transaction in the NEM network can be sent to any address, even if it has never been used before. But if no one owns the private key of this account, the funds will be permanently lost.
Each account has the following characteristics:
- Wallet balance;
- The number of blocks created;
- The number of the first transaction;
- Multi-signature information;
- Information on the status of delegated harvesting;
- Account Rating
The balance of each account is divided into:
- Active (‘matured’);
- Passive (‘unripe’).
Money received on the account relates to the passive part of the balance. Every 1440 blocks, 10% of the unripe share are transferred to the active balance. When performing an outgoing transaction, money is evenly debited from both shares of the balance; the size of the active part is primarily important for harvesting.
New NEM blocks are created using the POI (Proof-of-Importance) algorithm. The algorithm of proof of importance is a modification of PoS, but unlike traditional mining with a wallet in harvesting, the ability of an account to create new coins is calculated according to three criteria:
- Amount of money in the wallet;
- Node activity in the network;
- Account creation time.
Of course, the main role is played by the number of coins on the balance; there are supernode in the network that receive a total reward of 140,000 XEM every day. The status of a supernode is obtained by the owner of the node that meets the minimum technical parameters of the NEM Fund, with a wallet balance of at least 3,000,000 XEM. At the time of writing, the cost of cryptocurrency NEM is $ 0.04296329.
The NEM blockchain has a built-in system for transmitting encrypted messages, it is possible to create multi-subscription accounts, Eigentrust ++ is used as an algorithm for managing reputation of nodes.
The NEM cryptosystem software operates on the Mainet public network and the Mijin closed business network. To synchronize the open and commercial blockchain of the NEM cryptocurrency, the Catapult system software update is used. An open blockchain chain is needed for XEM transactions and harvesting, it is used by private individuals.
Closed blockchain is intended for banks, government agencies and commercial enterprises. A company that wants to use the technology of distributed registries in its business receives a “personal” NEM and, if necessary, its own token, for solving internal business problems without synchronization with the public NEM layer.
The client-server scheme makes it possible to work on the network without downloading the entire blockchain; the NIS infrastructure server is independent of the client of the NCC community.
Namespaces in NEM are similar to the ICANN Internet Domain Name System. The owner of one domain name can use an unlimited number of subdomains in different projects and business accounts. The client is involved in creating and maintaining a reputation system for the mosaic.
Mosaic is the assets of users in the blockchain. It is configured through the NEM wallet. Mosaic can be intended for transactions or non-transferable, divided or not divided. Each of the mosaics gets a name in the NEM Namespaces structure.
NEM cryptocurrency developers wanted to keep their privacy known only by their nicknames on the Bitcointalk forum.
Coordinates the work of the NEM.io Foundation project, registered as a non-profit enterprise in Singapore. The heads of the NEM Foundation are Alexandra Tinsman and Jason L. The NEM Foundation’s board of directors includes Jeff MacDonald and the head of NEM’s Russian branch, Klim Geran.
The private and public structure of the NEM chain is based on the same program code and is fully compatible with the API, which provides multifunctionality and security.
If speed and privacy are your priority, use the NEM core blockchain technology on your own server. NEM server software enables you to deploy your own configuration of trusted nodes. So, you get high speed (thousands of transactions per second) and reliability, without losing the main advantages of the blockchain. Using the NEM API, you will gain access to the network you created using any platform and programming language.
The decentralized, public NEM blockchain network can be used by anyone. Launching applications on a public network is very simple, thanks to connecting to the node through the API in the programming language you need. The NEM public blockchain can be used as a secure database for mobile applications, remuneration systems or property management without using escrow accounts.
You can view the data on the coin network by clicking on the link: http://explorer.nemtool.com/#/blocklist or http://chain.nem.ninja/#/blocks/0.
The blockchain browser stores information about all the events in the ecosystem. Including about the created blocks, the status of transactions, payments to harvesters and supernodes.
NEM coin mining
All 9,000,000,000 coins are issued and new ones are not created. Network nodes receive a reward for processing transactions and creating blocks at the expense of commissions.
To participate in the generation of blocks, the harvester must download and synchronize the complete node, and put at least 10,000 XEM on the account balance. After the ‘combine harvester’ finds the block, he will receive a reward. Harvesting is of two types.
- Local requires a permanent connection to the NEM client network. To search for blocks, you need a private account key.
- Delegated runs on a remote server. When starting the delegated mode, an empty balance is created and the intermediary key is activated, the private key of the main client is saved in security, which is charged for the block.
When calculating the transaction processing fee, the amount of money on the balance of the wallet, both parties to the transaction, their activity in the network and the level of security of the operation are taken into account.
In the latest versions of wallets, only delegated harvesting is possible. Each node must first be activated, it is performed directly from the main client. The option is paid, costs 6 NEM and takes about 6 hours.
When working in delegated mode, you do not need to constantly keep the computer turned on, harvesting will continue, even if you are offline.
Where and how to buy coins
XEM cryptocurrency is quite popular and with good liquidity. The project went through the listing procedure on forty exchanges, the largest of them are:
XEM coins can be bought for bitcoin or Ethereum, as well as for traditional money. For example, the YoBit exchange supports the XEM / RUR pair, and the Kuna Exchange and EXMO XEM / UAH. You can exchange XEM for US dollars, Euros, Japanese yens and South Korean won. Create an account and start trading. On other platforms for working with fiat, you must provide documents proving the identity and place of residence, as well as download a bank statement.
NEM NanoWallet is an officially supported client for Windows, Mac, and Linux.
Features of NanoWallet:
- Sending XEM, mosiacs (assets,) and messages to any address or namespace;
- Quickly create a namespace, subdomains and mosaic;
- Delegated harvesting;
- Apostille and notarization;
- Integrated instant exchange Changelly;
- Setting up voting.
There is also a NEM mobile wallet for Agdroid and iOS. Users of the Chinese WeChat messenger can bind NEM addresses to an account in the application and make transactions through the NEM WeChat Wallet.
Possible perspectives of the NEM project
So, let’s try to figure out how reassuring the NEM project is. The unique harvesting method and high network bandwidth are ecosystem strengths. But, a weak marketing policy and a long downtrend in the altcoin market slowed down the development of the project. Therefore, NEM cryptocurrency despite a rather high place in the Coinmarketcap ranking is poorly known outside of Japan.
Having demonstrated high growth rates at the start, the network barely survived the cryptozyme. At the beginning of 2019, the management of the NEM Foundation announced the risk of bankruptcy of the project and sought the help of community members. The administration of the fund and personally its head Alexandra Tinsman asked to approve the launch of an additional issue of tokens necessary to eliminate the budget deficit. To avoid prolonged stagnation, developers should actively develop the system infrastructure, not forgetting to clearly plan and implement their business strategy.
The situation in the crypto industry is gradually improving and coins are growing in price. If the development team competently conducts business and notifies the world blockchain community of its achievements, the NEM cryptocurrency will attract new investors and become more competitive in the international market.