Only a few months after launching, NEM (New Economy Movement) a revolutionary blockchain platform and cryptocurrency, successfully secured an undisclosed amount of Venture Capital funding from a high profile Japanese
NEM’s unique source code introduced unprecedented functional concepts to blockchain technology with their proof-of- importance (POI) algorithm, multi-signature accounts, encrypted messaging, and an Eigentrust ++ reputation system are but a few of the innovations jammed into this bad-boy.
Java coded New Economy Movement (NEM) or XEM was first conceptualised by Bitcoin Talk user, UtopianFuture, initially as a fork of the NXT blockchain, but developers later opted to build the platform’s source code from scratch. So what makes NEM so different from other blockchain platforms?
Launched in 2015, the NEM blockchain’s source code was built from the ground up and is not based on pre existing blockchain code base. It employs a Proof-of- Importance (POI) algorithm as opposed to a Proof-of- Work like Bitcoin and several other blockchains, which relies on mathematics to harvest (mine) blocks instead of hardware, meaning any devices from a laptop to a smartphone can perform the functions of a node without delivering blows to the environment.
The algorithm is aimed at fair distribution of chances on block calculation by not just taking a number of coins stored in a user’s wallet into consideration, but all incoming and outgoing transactions as well. This makes it possible to reward users who make the biggest contribution to the currency’s development and distribution. Blocks are created every sixty seconds. NEM’s currency is inflation free, with a cap of 8,999,999,999 XEM all issued at launch.
NEM also sports an Eigentrust ++ reputation system, which maintains the integrity of the NEM blockchain by monitoring node behavior within its network. Unlike the POW system where the amount of work a node performs is measure for of ability to protect the network, the Eigentrust++ system puts emphasis on a node’s quality of work. This increases the NEM network’s ability to be run and maintained with maximum efficiency.
NEM also uses multisig (multiple signature) technologies, allowing for the creation of smart contracts with multiple signatories, built into its source code. Multisignature accounts require another more than one user to sign a transaction before it is broadcast onto the blockchain.
If you lose your wallet through a hack, none of your funds can be spent without another wallet signing it. multisignature accounts can help protect community-held funds because a majority of designated users must agree before a transaction can be executed from a community-held wallet (allowing for the development of decentralised stokvels, or spousal joint accounts).
The NEM blockchain also allows for the inclusion of messages in transactions in either encrypted, unencrypted, or hex form. This can be used for secure communication to any XEM address or applications based on the blockchain as no funds need to be sent in order to send messages. Messages carry a charge of 1 XEM per 32 characters, however.
BUT WAIT! THERE’S MORE!!
This Hurricane Thunderclap of a platform, in addition to everything mentioned above, also comes packing a domain creation system similar to the internet’s ICANN called namespaces. One can create domains and subdomains within a namespace and can be used as a reputation system for mosaics (custom NEM based assets; we may see NEM based ICO’s in future), dramatically reducing the odds of buying into a dud ICO.
In 2015 Singapore based NEM.io, partnered with Japanese blockchain solutions firm Tech Bereu to created a private NEM based blockchain called Mijin. Mijin was successfully tested by a number of Japanese banks the following year, achieving 1,500 transactions per second with 2.5 million virtual bank accounts. On the third of this month, Tech Bereu announced NEM based COMSA, which will enable trustless transactions in native currencies and remove the need for third party agencies like exchanges. Any token issued on the COMSA platform will integrate with both the NEM and Ethereum blockchains helping to make the ICO process more transparent and streamlined.
We’re witnessing the birth of a whole new way of doing business here people! DIM, another NEM based platform has its sight set on the stock market. DIM ecosystem, which launched their ICO on July 16 is aimed at removing the multitude of intermediaries involved in stock trading, speed up transactions and reduce costs. DIM’s platform is set to be a game changer in the field of equity markets, equity products and other segments like the commodities market. You can also get bonus DIM tokens for your investment till August 19th.
NEM, currently ranks fifth on the list of the worlds biggest cryptocurrencies by market capitalisation, with a market cap of R31,5 Billion and a per token value of around R3.50. The NEM team’s main focus, however, is not on becoming the biggest cryptocurrency, but the best world’s best blockchain ecosystem. NEM technology is developed under Test Driven Development methodology, which focuses on meeting predefined requirements before the technology is implemented, avoiding inefficiencies and unnecessary code.
Following on the hills of the successful launch of their Android app on Google Play store, NEM.io
released an iOS compatible version on the Apple App Store. The NEM mobile app features locally
encrypted storage of all private keys and other important data, allows users to generate, import and
export NEM accounts has an option to edit multisig contracts and account management functionality,
for managing multiple accounts.
The app also has an interactive messaging interface to display recent transactions, encrypted and plain text messaging allowing users to sign multisig transactions. The NEM “lite” client supported by NEM APIs eliminates the necessity to download NEM blockchain. One can also monitor their XEM Harvesting status through the app.
I don’t know about you but I think NEM is just screaming “Watch me closely!”