«Ethereum 2.0» or What NEM (XEM) is
One cannot but admit that only some of the great number of cryptocurrencies worth special mentioning. NEM with XEM token is among those. Today the coin is the 7th most expensive currency with regard to market cap, and it also has got user support in WeChat, the most popular mobile app in China.
NEM peculiarities and causes of popularity
NEM presents itself as P2P crypto platform with smart-contracts support. This is a multipurpose system rendering services for both crypto holders and Blockchain users. But compared to Ethereum, a more popular project with similar options, this one works at far larger scale.
The primary objective the platform developers set is net and transactions attack prevention. The currency includes an unmatched identity method – PoI («Proof of Importance»), which technically resembles the one used in the Google’s PageRank algorithm. The PoI type allows for much higher efficiency, scalability and security rather than PoS, for example. What is more, it ensures clear transactions and provides additional rewards for people who contribute a lot into currency development.
The developers are striving for making NEM a full-fledged payment and exchange floor, not just a means of investments. They have introduced a dynamic commission fee system: the more XEMs sender and receiver accounts have, the higher transaction fee is. Putting it in other way, the developers encourage users for active interaction, not just mindless saving.
Another point for NEM is that there are two block strings inside it – a private one with account information and a public part of Blockchain. Both cooperate fine while not affecting system stability. This allows for NEM-using enterprises to develop effective and reliable applications. Furthermore, the platform exploits Smart Asset System which provides for blockchain customizing and creating of own chain when using fixed specialized assets called mosaics. At that, creating Blockchain apps on this platform does not imply undue effort so NEM is in favor among many companies.
Due to open Blockchain the platform users can address regular net nodes while private net must start on its own servers. Generally not every business is eager to adopt open and transparent technology at once, and, what is remarkable, NEM is quite precautious when offering its users both options. More importantly companies may implement Blockchain into production without troubling about integration with existing processes.
NEM helps in managing projects of any scale up to creating own PayPal version. Owing to ioNEM solutions the platform may well be helpful for “Internet of things”.
All in all one can say for sure the project has got almost unlimited possibilites no matter the user and purposes.