New Economy Movement (NEM) was built with miners in mind. It is an independent Blockchain and is not built on any other chain. The digital currency has introduced a number of new features that have helped differentiate it from Bitcoin and Ethereum.
NEM operates using a unique Proof-of-Importance algorithm that helps determine the user who is going to calculate the next block. The algorithm makes it possible to reward people who make the biggest contribution to the currency development and distribution.
Furthermore, unlike Bitcoin and Ethereum, NEM is environmentally friendly. Its upkeep does not require hundreds and thousands of hogging mining machines. It is ranked as the 7th largest cryptocurrency with a market cap of nearly $2 billion (End 2017).
History of NEM
BitcoinTalk forum user UtopianFuture, started NEM development in early 2014 and open call for participation began on the BitcoinTalk forum with the aim of creating a community-oriented cryptocurrency. The project attracted 1500 early investors all of whom bought NEM stakes with 1 stake representing 2.25 million XEM (the name for the currency). The first Alpha version of the cryptocurrency was released in June 2014 with beta production following in October the same year. The first stable release vision came into being on March 31, 2015.
The code for NEM was written in Java from scratch, as opposed to other cryptocurrencies that have come into being from the alteration of existing codes.
How Does NEM Work
NEM is the world’s first smart asset Blockchain that uses a streamlined method to maintain secure ledger of transactions. The smart asset system allows people to implement and customize Blockchain for smart contracts. The background technology can also be used for voting, crowdfunding, stock ownership, and secure record keeping.
Unlike other cryptocurrencies, NEM coin is not intended to be used as a currency, but a customizable Blockchain based technology for business purposes.
NEM is incredibly scalable and its transaction speeds are comparable to Bitcoin. XEM coin transactions take about 6 seconds to show up and about 20 seconds to be confirmed. A planned network upgrade will boost transactions speeds allowing it to process thousands of transactions a second.
The cryptocurrency is different from other digital currencies, because of its traceability aspect. Unlike other cryptocurrencies, NEM does not have any private transactions. The traceability aspect allows security features for buyers and sellers to be easily implemented. To date, it has not encountered any major security issue compared to other cryptocurrencies that have been hacked.
How to Mine NEM
Harvest is the process by which new blocks are added in NEM network in what is commonly referred to as mining. Unlike other cryptocurrencies, NEM uses a new and improved consensus method called Proof-of-Importance for mining.
A person must have a least 10,000 invested in the XEM account running booted and synchronized node for NEM mining purposes. Once a miner creates new block, it is added to the chain and fees delivered to his or her account. NEM also has a new feature called delegated harvesting that allows people to request others to form blocks and process fees from them.
NEM Price Analysis
At the end of 2017 NEM crypto had a market cap of $2.5 billion with a 24-day average trading volume of $29.6 million. Its average trading volume against bitcoin is 2,671. (Dec 2017)