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