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NEM (XEM) Back Among The Top Cryptocurrencies Following The Recent Surge And Announcement Of WeChat App

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NEM (XEM)
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Things seem to be looking up for NEM following the recent surge that placed it in the top ten list of cryptocurrencies based on market cap.

The recent surge in the price of the altcoin is believed to have been influenced by news announcing the development of a WeChat app. The surge in the price initially saw it rise to $0.47 after which it was ranked 10th on December 11. However, the price has continued to go up and the cryptocurrency was valued at around $0.88 by December 19 with a volume of$233,392,000. This pushed the altcoin up by one position, thus placing it at 9th place.

NEM is one of the cryptocurrencies that made an early debut into the world of digital currencies. The altcoin came into the market in 2014 and its XEM coins were freely airdropped as opposed to the current situation where tokens for newer currencies are sold via ICOs. NEM also happens to be one of the cryptocurrencies that focus on security. It system employs a modular design that shields it from hacks and DDOS attacks.

One good example of NEM’s supreme security measures is the use of the “Node Reputation System” to identify suspicious activity. The system leverages machine learning as well as network nodes that are beyond normal behavior to pinpoint a deviation and also to roll out countermeasures for blocking attacks. This kind of focus on security is a key factor towards creating more confidence especially among developers which has, in turn, boosted its popularity.

NEM not only focuses on security but it also transaction speeds. Its system uses features called “supernodes” which boost transaction speeds and also deliver limitless scalability. The technology combines the payment features of blockchain technology with other technology-based infrastructures.

The NEM infrastructure has also opened doors to the creation of new technology such as the Smart Access System which allows developers to create a variety of decentralized applications. This could range from authentication services, document notarization, ICO, andtracking logistics among others.

As for the performance and growth of the cryptocurrency, it has registered a lot of growth since the beginning of the year but it is worth noting that it experienced a lot of volatility during the second half of 2017. Meanwhile, there was some confusion in the cryptocurrency community when the WeChat app was announced. The partnership was on whether the NEM developers were developing an app or whether they were teaming up with WeChat. However, there was clarification which revealed that it was not a partnership but rather an application for the WeChat ecosystem.

The confusion and a sudden drop in the trading volume caused the price of the cryptocurrency to plummet from $0.63 to $0.33 on Sunday.

We will be updating our subscribers as soon as we know more. For the latest on XEM, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of Albert Hsieh via Flickr

Featured news

Can Sharding Fix the Limitations of Blockchain or is the Network Doomed?

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Performance and scalability issues have bottlenecked the future development and real-life application of popular mainchains, such as Bitcoin and Ethereum. Many methods have been employed to solve this problem, but all of them have their own pros and cons.

The Impossible Trinity – safety, decentralization and scalability, coined by the blockchain world, bars the way to the future and the industry has fought hard to figure out an optimized solution. Sharding, proposed by Ethereum, has been viewed as one such candidate.

What is sharding?

Sharding technology splits a network into smaller partitions called shards, which contain an independent state and transaction history. The idea behind this is to divide a huge amount of workload into smaller pieces to make life easier for every participating node.

If sharding were to be adopted, each node will only need to keep a part of the network’s information, instead of downloading the whole ledger, which can lead to a large data file. Subsets of nodes grouped into one shard will only process transactions specific to that shard. By doing this, the network will be able to process many transactions in parallel, and the performance will continue to increase with more nodes joining in, thus making the network highly scalable.

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Altcoins

Encrypgen’s New HODLING Incentive Program May Send DNA Token Soaring

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Encrypgen
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Cryptocurrency traders have enjoyed a Bitcoin moon shot during the past few months.  Those gains have created a much more enjoyable environment for crypto bulls.  Whether it’s a temporary or permanent increase remains to be seen but hitting the 10,000 level has put everyone in a better mood.  Unfortunately, altcoins have not had experienced the same type of gains and are lagging significantly behind Bitcoin.

I’ve written articles in the past year that there is at least a decent chance that many altcoins won’t survive the current environment.  The ones that do will do so because they created a platform that has real world usage.  After spending countless hours researching many of the existing altcoins, I’ve yet to see a company that is more promising than Encrypgen (DNA).

Encrypgen Background Information

Encrypgen is a genomic blockchain network that provides customers and partners with best-in-class, next generation, blockchain security for protecting, sharing and re-marketing genomic data. This creates a fair marketplace for a person’s DNA that can be stored privately and sold (if a person wishes to do that). A person’s DNA can also be shared privately and securely with their physician for their personalized care.

Typically, people can send their DNA off to a lab to find out who they are and where they come from. As fun as that might sound, there is a significant security problem…

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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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…

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