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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.

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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

DGB Price Prediction For 2018 and Beyond

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DGB price prediction
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With the crypto market being constantly bearish throughout this year, a lot of investors are having second thoughts about buying additional coins. While some large cryptocurrencies like Bitcoin or Ethereum can be considered safe investments, smaller coins like Digibyte (DGB) often receive a lot of doubt. This is why the DGB price prediction is necessary so that the investors can know what to expect.

DGB Price Prediction

DGB has had its ups and downs throughout this year, and at some point, it even went up by 70%. However, the constant bear market affected it just as much as numerous other cryptos. This has brought its value down to its current $0.025378 per coin. Some optimistic predictions from earlier dates saw the coin reaching as high a price as $9.20 by the year’s end. However, as we approach the date, it seems less and less likely that this DGB price prediction will come true.

The coin is generally seen as a profitable investment. As it is always the case with cryptocurrencies, they should be bought when their prices are down, so that a profit could be made when they spike up once more. Digibyte is no different, but it should be noted that investing in this coin means having patience. DGB is not among the coins that will make you rich overnight, and instead, it should be seen as a long-term investment.

Even though 2018 has been as…

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Altcoins

Why ZCash (ZEC) Is Heading to $10k

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ZCash
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Back in mid-May, the Winklevoss Twins made the headlines for embracing ZCash (ZEC) as one of its major digital assets on their groundbreaking Gemini exchange. When the announcement was made, ZEC rallied in the market by showing a 45% increment in value. The coin made it to $357 in a matter of hours.

Further assessing the currently available digital assets on the Gemini platform, we find that the exchange currently has USD pairings for only Bitcoin (BTC), Ethereum and ZEC. There is also additional pairings of ETH/BTC, ZEC/BTC and ZEC/ETH with plans to onboard Litecoin in the coming days.

Another thing to note is that the exchange also provides custodial services for institutional investors thus giving ZEC the much-needed exposure to the firms on Wall Street. Custodial services provide a guarantee that all digital assets on the platform are stored by a licensed entity thus extinguishing any cybersecurity concerns. For an entity to be licensed in New York for custodial services, the proper due diligence and research have been done.

Another thing that makes the Gemini exchange attractive and appealing to institutional investors, is that all USD deposits are insured by the FDIC. The latter entity is the Federal Deposit Insurance Corporation that provides insurance for USD deposits in American banks. This means that once again, the funds of individual and institutional investors are safe and insured, further making…

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Ripple XRP Mega Breakout: What’s Next?

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Ripple XRP mega breakout
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The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

XRP is now sitting at .51704  as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.

Ripple XRP Mega Breakout

The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.

While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…

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