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How the Recent NEM Developments Will Impact Its Future

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NEM
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NEM (XEM) has been one of the best performing cryptocurrencies since its inception in March 2015. In a crypto-world dominated by big guns with gargantuan market caps, NEM has managed to gain a formidable position for itself by providing ingenious new features to their customers along with making new upgrades in its blockchain platform through new partnerships. When the most popular cryptocurrencies like Bitcoin, Ethereum, Monero, etc. are struggling with several issues like intractable price volatility, insecurity in the smart contracts system, lack of anonymity, high transaction fee, and many more, NEM seems to maintain its position and market cap quite well.

One of the main reasons behind NEM’s popularity is its unique technology. NEM offers a blockchain algorithm known as Proof of Importance (PoI) which is significantly different from the traditional Proof of Work or Proof of Stake algorithms. The algorithm determines the importance of a NEM coin holder based on various data and provides transaction service accordingly. Recently, this cryptocurrency has undergone some major developments. In this article, those two developments would be discussed along with their probable impact on NEM’s future.

NEM XPOS Devices:

NEM is set to release XPOS devices with significant succor form PundiX, another rapidly growing cryptocurrency. The partnership between NEM and PundiX commenced during the end of 2017. Since then, these two have been working in tandem to implement digital currencies into the retail industry. The partnership with PundiX has worked very well for NEM so far. PundiX released about 20,000 NEM devices right after their partnership for strengthening their association.

XPOS devices are yet another outcome of this collaboration. NEM is set to distribute these devices to various business organizations under the name NEM XPOS. The devices are specifically designed for retail business and they are capable of making the existing NEM transaction system even faster.

Besides this, XPOS would make instantaneous payment possible for the customers willing to use XEM as a valid currency. Once XPOS devices are properly designed and implemented, they are likely to NEM even more convenient to its holders. Besides, XPOS implementation would also increase the circulation and acceptability of NEM as a global cryptocurrency.

The Implementation of Catapult:

In Consensus 2018 that was held in New York recently, NEM development team first announced implementing Catapult. This Consensus offered a huge opportunity for every currency to increase their popularity and acceptability and NEM managed to make the most of it.

Catapult is the updated version of the very efficient NEM technology named Mijin. In layman’s terms, Catapult is the new blockchain-based engine that is created to represent new NEM protocols to the customers. The release of this technology has been awaited by NEM holders for a considerably long time.

The development team behind NEM has been working on this project for three years. So once this technology is finally implemented, it is likely to bolster NEM’s position to a great extent. Catapult would also come with a vast range of ingenious features tailor-made for NEM’s integration in various industries such as money systems and protocols, logistics, food, and many others.

Other Advantages of NEM:

NEM offers several features that are not to be found in any other coins. Besides the two major aforementioned upgrades, NEM has been offering some intrinsic advantages to its users from the very beginning. Some of these advantageous features include:

  • Namespace System: A system that allows a user with one domain to create multiple subdomains. As a result, XEM holders can store their NEM coins in various secured locations.
  • Multi-signature Transaction: A system that requires multiple signatures to conduct a legitimate transaction.
  • Harvesting: A system that allows traders to create their own blocks for lucrative purposes.
  • Reputation System: The EigenTrust++ reputation system makes sure that the efficiency of NEM’s blockchain ecosystem does not decrease.

Current Scenario of NEM:

NEM currently holds the 14th position on Coinmarketcap with a market capitalization of approximately 2.8 billion USD and the price nearly equivalent to $0.32 (as of 21st May 2018). The price chart of this coin exhibits an upward trend, possibly because of the Catapult announcement.

Final Thoughts:

NEM was the first cryptocurrency to offer Proof of Importance system along with several other features. Now, with the implementation of XPOS devices and Catapult, this currency is likely to offer both a highly scalable ecosystem and diversity of various industries. Under current circumstances, where traders are always looking for a more efficient system, the possibility of NEM prevailing seems great. Based on these inferences, it can be concluded that 2018 should end really well for this cryptocurrency.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

3 Coins Coinbase Will Adopt Next

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Coinbase is one of the largest and most popular cryptocurrency exchanges in the world. However, throughout its existence, it was very picky when it comes to which coin it will adopt. So much so, that it has become a very large achievement to get support by the exchange.

Recently, however, Coinbase has decided to act on its users’ wishes and expand its list of accepted coins. In theory, this was a big deal, and the exchange actually started looking into a lot of coins. However, it only adopted a few of them. Right now, Coinbase is supporting Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, USD Coin, Basic Attention Token, and 0x.

Even so, Coinbase wishes to add more of them, but only after it ensured that the coins are a part of legitimate, non-controversial projects. As a result, the entire crypto community started speculating about which coins will be added next. This will also be something that we will try to answer today, by listing three projects that are the most probable candidates.

3. EOS

EOS or Ethereum On Steroids, as some like to call it, is a more than a decent project that has made headlines multiple times this year due to its progress. It managed to launch its own MainNet, which made it perfect for dApp development and smart contract creation. This makes it similar to ETH, but many…

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Bitcoin

What Will It Take For Bitcoin (BTC) To Rise Again?

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It is no secret that 2018 has been a terrible year for cryptocurrencies when it comes to their value. Things looked so bright during the first few days of this year, with Bitcoin hitting $20,086 per coin, and every altcoin reaching new heights. However, it was not to last, and soon enough, the market crashed, and prices went down.

What followed was months and months of a heavily bearish market that kept pushing the prices further and further down. It prevented any attempt of recovery, although several of them gave it their best shot.

Despite a situation like this, crypto investors never forgot the potential of Bitcoin, and many have been predicting another bull run that would have the same results. Those expectations were quite large, and potentially even unrealistic at first. Now, however, as the year approaches its end, it doesn’t seem like anything will happen. The community started to wonder why that is, and what would it take for another bull run to emerge, which is what we will try to answer right now.

What does Bitcoin need in order to have another bull run?

1. Bringing regulation

The crypto space remains highly unregulated in most parts of the world, which is one of the largest reasons why BTC remains dormant. While there are attempts to regulate it, these attempts are made even more difficult due to the fact that the market is constantly changing and…

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Altcoins

Stellar plans to Airdrop 150 Million USD in XLM to Blockchain Wallet Users

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Recently the Stellar Development Foundation partnered with Blockchain Wallet to airdrop $150 million value of XLM, to the owners of the wallet. The Block declared that the first batch of XLM would be shared this week for all users who signed up to use the Blockchain wallet.

The team behind the stellar Development Foundation hopes that this partnership will make XLM a real rival for other cryptocurrencies from the market.

The co-founder of Stellar, Jed McCaleb declared the following about the airdrop:

“We believe that airdrops are central to creating a more inclusive digital economy. Giving away lumens for free is an invitation to communities to design the services they need.

By working with Blockchain to increase the availability and active use of lumens on the network, we will increase the network’s utility by many orders of magnitude.”

Just $25 value of XLM each

To share some respect to the worth of XLM will distribute for each user, the team of Blockchain wallet declared that after verifying the identity when signing up to the wallet, $25 value of XLM will be shared to each. Furthermore,  there will be a first- come and the first-served clause in this airdrop which says:

Offer available until XLM giveaway supply is depleted. Limit of one XLM airdrop per person, unless participating in any bonus activities.

A person can receive the XLM airdrop in only 1 Blockchain Wallet.  XLM…

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