Have you ever heard of NEM cryptocurrency, but if you are into the cryptocurrency scene you probably have heard of the coin (XEM). NEM is a community project that has an exciting and unique consensus mechanism that solves the issues of both Proofs of Stake and Proof Of Work mechanisms.
In other words, this blockchain technology project was created to service business enterprise to influence their private mission-critical infrastructure. NEM started from scratch and built its blockchain from the ground. Also, it has some differences from other similar projects including proof of importance and harvesting.
NB NEM’s primary objective is to be a customizable blockchain platform for various use cases, including tracking logistics, ICOs, fintech systems authentication, etc.
Why NEM Cryptocurrency is Unique?
The reason why NEM is considered unique is that it is pretty fast and scalable, especially if compared to the older cryptocurrencies in the market. This is because of a few reasons; however, the main ones are all focused on the way in which the platform’s developers developed and created it.
Here Are 3 Key Features of NEM Cryptocurrency.
Proof of Importance
NEM introduced a new feature to blockchain technology referred to as Proof of Importance. The proof-of-importance algorithm is the delegation protocol that functions with a network theory to assign a hierarchy to the harvesting accounts focusing on the transactions made to other NEM accounts, the number of tokens staked, and the size and frequency of those transactions.
Proof of importance is similar to the Proof of Stake; however, proof of importance has more variables. Therefore, with NEM’s Proof of Importance, the more coins a user has the more transactions they make and the more importance they get. This impact vehemently encourages actively using XEM coins, rather than just holding them.
Harvesting is NEM cryptocurrency’s second feature. It is a system designed by NEM to produce XEM, to help maintain the integrity of the NEM blockchain. Harvesting instead of mining, does not require any special hardware, however, to start harvesting, you need to have at least 10,000 vested XEM coins.
Therefore, anyone running Supernodes (explained below) and processing transactions get compensated by processing the payments for the network. The benefit of harvesting is that it functions with less electricity than mining, which signifies lower transaction fees. As such, NEM has much more energy-efficient in the crypto arena than Bitcoin (BTC).
Lastly, the Supernode program is the feature that rewards people who run active nodes. For NEM cryptocurrency to maintain the health of its network, it utilizes the Eigentrust++ reputation method to identify and exclude bad nodes working on the network.
Therefore, high-performance nodes help secure the network. In other words, being hostile and sending false data around the system are bad behaviors that lead to the exclusion of a node from the network.
However, to participate, one must have at least 30 million XEM.
NEM Cryptocurrency Wallet
A crypto wallet is a virtual wallet that stores cryptocurrencies and where coin owners can receive and send cryptocurrencies. Investors can hold, sell and buy cryptocurrencies without a private digital wallet; however, this will leave the coin owners exposed to possible cyber-theft.
Therefore, if you have decided that NEM is the right investment for you, you will undoubtedly need a NEM cryptocurrency wallet to keep your XEM coins safe.
Selecting a proper, secure NEM wallet should be your number one priority. There is nothing more crucial than secure and safe cryptocurrency wallet.
NEM has an excellent wallet referred to as the Nano wallet that can you can use to store, receive and transfer XEM. The wallet designed explicitly for the XEM coins, and many operating systems support it.
The wallet is compatible with Windows, OSX, and Linux and offers full functionality, including Trezor hardware wallet and support for Changelly Instant Exchange. Above all, it also has a mobile version available for both iOS and Android.
Therefore, if you are serious in your search for how to store XEM cryptocurrency; you should probably consider getting a Nano wallet and store your coins there.
NEM cryptocurrency provides an impressive system that promises to be a key player in the coming blockchain powered economy.
Therefore, the ease of development, unique Pol and flexibility; system make NEM a lovely exchange for any company or developer that is looking to create out a blockchain solution.