All you need to know about NEM - Hitecher
All you need to know about NEM

All you need to know about NEM

by Ethan Oakes

Not so long ago, the crypto-industry was shaken by information about a hack of an exchange which resulted in the loss of savings in NEM currency by a number of investors. The case is definitely worthy...

Not so long ago, the crypto-industry was shaken by information about a hack of an exchange which resulted in the loss of savings in NEM currency by a number of investors. The case is definitely worthy...

Not so long ago, the crypto-industry was shaken by information about a hack of an exchange which resulted in the loss of savings in NEM currency by a number of investors. The case is definitely worthy of attention, but today I would like to put it aside and talk about something else: how many Russian-speaking internet users (even those interested in blockchain technology) have heard about the NEM cryptocurrency and its operational principles? Unlikely many, and it’s pity, because the topic is really worth a closer look. So in this article I would like to talk about it in more depth.

NEM

NEM XEM

0.0398696815906 USD -0.47%)

0,00000486 BTC

rank

28

Market cap

358.83 M USD

volume (24h)

30.46 M USD

The name NEM is an abbreviation and stands for New Economy Movement. Due to the high market cap to date, NEM is one of the most popular cryptocurrencies in the world, in the top 20 by the number of transactions. Even though NEM appeared only in 2015, in its country of origin, Japan, it is the most popular after Bitcoin. What was the reason for such rapid success? This matter definitely deserves a separate discussion.

To begin with it is worth noting that the reason NEM was created was the developers’ desire to ensure digital markets would go mainstream and develop. This is one of the few alternative cryptocurrencies that have a conceptual idea designed to solve Bitcoin’s problems such as high power consumption and complexity of use. The founders of NEM wanted to create a simple and understandable system for all to use, which is transparent, but resistant to external attacks. And they did it.

NEM is not another faceless clone of Bitcoin, but is a smart, well thought-out system designed to manage information. Its advantage is in its high data processing speed (about ten times greater than Bitcoin). It is noteworthy that NEM is focused primarily on business, and not always related to cryptocurrencies. For example, this system is fully used in commercial banks in Japan and other countries.

Another feature of NEM is its unique architecture and coding, which is characterized by a high level of security and it allows any user who has access to the internet to interact with the blockchain, even with a poor connection quality. Thus, as the developers intended, NEM turned out to be very democratic, incredibly functional, but absolutely low-maintenance for the user.

NEM consists of two parts: nodes (sometimes called NIS) and a client interacting with different nodes. This concept is proprietary and has never been used before.

As noted above, NEM has a very high market cap of $906,234,619, so it’s no wonder that this currency is traded on so many exchanges such as Zaif, Huobi, and HitBTC. The price of one coin on August 21st was $0.1100182, which is fairly small given the potential behind this cryptocurrency, so most analysts agree that now is the right time to buy this asset: at any moment, the price may start to grow intensively, and then the perfect moment for taking a long position will be missed.

The historical maximum was recorded in January of this year: NEM was worth $1.87, since then it has fallen a little in price, nevertheless many analysts believe that all these decreases are temporary and after a few months we will see a completely different picture. The bottom line is, a better time to buy may not come.

The platform is actively being developed and a number of applications are already working on it, such as the NEM WeChat Wallet messenger where, in addition to the standard messenger, it is possible to link NEM-wallet addresses with contacts to execute transactions. And there is a non-profit organization that has been supporting customers and related businesses in Singapore for a number of years now. Developers are not standing still and are constantly working on the system, eliminating even the smallest shortcomings and increasing the speed of the NEM network even more. As was the case with other crypto-developers, the founders of NEM have not disclosed their real names, instead hiding behind the nickname UtopianFuture. But whoever they are, they have managed to create an amazing system that proves that the statement «Blockchain will change the world» are more than words.

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Ethan Oakes

Ethan Oakes

Regular Hitecher contributor since 2017, journalist, Master in Economic Security. His interests include programming, robotics, computer games, and financial markets.

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