NEM or New Economy Movement is a cryptocurrency that works as a blockchain network. It was launched in March 2015, Singapore. Its currency symbol is XEM. The initially purpose of this creation was to promote a new era in terms of blockchain technology.
NEM’s algorithm was designed to involve two components: NEM server and the client. Today, the cryptocurrency is also used in commercial blockchains.
How to use the NEM network?
To be part of the NEM blockchain, first you need to install the NEM Community Client. The platform will connect you with a peer-to-peer network. When you download the software mentioned above, you will also get a wallet, called NanoWallet.
The platform is known as a strong network. The NanoWallet’s advantage is that nobody can attack it. The designers implemented an airgap system of protection. If an attack will take place on the NEM servers, your wallet will not suffer. You can install your wallet on every device and if you have a low-power computer, you can still be part of the NEM blockchain.
Innovation of NEM platform
To become one of the most appreciated blockchains, the designers brought an innovation. They created the NEM Smart Asset System. This software permits you to personalize how to use the NEM network. You define the home domain of the blockchain how you prefer. The users usually provide names that are easy to remember. After you defined your signature, this can become a coin, a status or even more- it depends on your preferences.
NEM permits you to design addresses that further will represent your user codename or it can become a personal secret document. You can update them through transactions. This innovation offers to blockchain a higher security.
The Advantages of NEM blockchain
– NEM is the first blockchain in the world that brought the Smart Asset System;
– It has a strong secure interface. The network lets users to customize their blockchains with multi-signature control;
– Nobody can attack your blockchain directly. The Smart Asset System created a connection, but in the same time a different domain technology between the server and the client devices;
– The NEM platform provides their own NanoWallet for users. You can install the app on every device and also check your balance account in real time from wherever you prefer. Your money is safe;
– The users appreciate the simplicity of login in blockchain network;
– You can withdraw your money any time;
– The fee for your transactions is 0.1% of the amount;
– NEM is using less electricity than Bitcoin for example, this means that the environment isn’t damaged and it is cheaper to maintain the platform.
The Disadvantage of NEM blockchain
– Follow the rules as the designer recommends you. There are situations when you introduce the password in the wrong place and you will not be able to see on your profile the empty nodes to mine. You should not worry, just check more carefully or ask other users on forums!
There are a lot of users who appreciate the NEM platform. It is simple to log in, to mine and even to withdraw your money. It is an interactive network, that allows you to personalize your profile.
NEM cryptocurrency is for sure, one of the most promising blockchains in the world.
To get updated with news you should follow NEM’s official website.