Connect with us

Blogs

How the Recent NEM Developments Will Impact Its Future

Published

on

NEM
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For the latest cryptocurrency news, join our Telegram!

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.

Image courtesy of Pexels

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

Published

on

Bitcoin crash
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

Continue Reading

Altcoins

Top 3 Coins to Buy Before They Go Big

Published

on

coins
READ LATER - DOWNLOAD THIS POST AS PDF

Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

Continue Reading

Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

Published

on

crypto credit cards
READ LATER - DOWNLOAD THIS POST AS PDF

It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

Continue Reading

Elite