In the fierce competition of approximately 1800 cryptocurrencies, every coin needs to offer something very unique to the traders to survive and maintain a decent market capitalization. All of the digital currencies that are leading the price chart at the moment offer a certain x-factor of their own which compel the investors all around the world to use trade them. Since the beginning of this year, the most popular cryptocurrency Bitcoin has been exhibiting drastic fluctuation in its price. Despite recovering from such incidents, Bitcoin has lost the trust of a large portion of cryptocurrency traders, predominantly because of its volatility. Under the circumstances, myriads of neophytes, as well as experienced traders,s are inclining towards the Altcoins that are completely independent of Bitcoin’s influence. NEM (XEM) certainly belongs to that group of Altcoins which have managed to secure a commendable market cap by offering something entirely new to the traders.
The cryptocurrency of NEM was introduced to the traders on March 31, 2015. Ergo, it is quite conspicuous that within just three years, this coin has managed to achieve a formidable market cap along with a large pool of trusting investors. According to many cryptocurrency connoisseurs, this NEM coin paradigm can cause significant changes in future for the cryptocurrency traders. Here, a few aspects of this coin are discussed to vindicate this speculation.
NEM’s Unique Technology:
NEM is based on predominantly two programming languages – Java and C++. However, the uniqueness of its technology lies in its blockchain algorithm. Most of the currencies traded nowadays are either based on Proof of Work (PoW), or Proof of Stake (PoS), or a combination of both whereas NEM uses a Proof of Importance (PoI) blockchain algorithm. Besides this, NEM’s technology comes with various other distinct features such as an EigenTrust++ reputation system (a popular reputation management algorithm for peer-to-peer networks like blockchains); multi-signature accounts which require multiple signatures form the investors to ensure authentication, an encrypted messaging system, and many more. This currency uses the same blockchain software used by another very popular blockchain platform named Mijin.
Advantageous Features Offered by NEM:
NEM coin offers a plenitude of features to XEM holders that can be used to their advantage. Some of these features include:
a. Namespaces: Namespaces refers to a system of naming new domains that shares striking similarities with ICANN (Internet Corporation for Assigned Names and Numbers). The system allows an individual with one domain to create multiple subdomains as per his/her requirements. As a result, the NEM holders can store their coins in secured yet user-friendly addresses.
b. Multi-signature Transaction: NEM’s multi-signature transaction system (also known as multisig) is one of the main reasons behind its popularity. In this transaction system, m out of n signatories (m ≤ n) have to sign a transaction before it can be transferred through the NEM blockchain. Because of this system, the traders can update the contract metadata by themselves simply by adding or subtracting a certain number of signatories. This transaction system is one of the mainstays behind NEM’s impregnable security.
c. Harvesting: Harvesting refers to the act of generating new blocks. NEM traders who take part in harvesting are allowed to possess at least 10,000 XEM coins in their individual accounts while running a synchronized node. It is a very lucrative feature for the XEM holders as once a trader finishes harvesting a single block, another block is generated automatically and the fees collected from the block are transferred to that trader’s personal account. NEM also provides the opportunity for delegate harvesting.
d. No Reputation System: The EigenTrust++ reputation system implemented by NEM takes care of the overall health of the NEM blockchain by analyzing the past behaviors of the nodes on the same blockchain network. The reputation system provides the bastion for NEM’s flawless and efficient blockchain system.
e. Proof of Importance: The proof of importance algorithm is undoubtedly the pièce de résistance of NEM’s features. The algorithm is based on NCDawareRank network centrality measure, the number of signals necessary for achieving consensus, and the transaction graph topology. The algorithm determines the importance of a NEM holder by analyzing the number of coins s/he possesses along with the number of transactions made. Because of the PoI algorithm, the transaction system of this currency is way more convenient than other currencies.
Besides these five main features, NEM also offers paper wallet functionality, compatibility of Trezor wallet and debit card, smart contract tools, and many more.
NEM has already been engaged in strategic partnerships with more than 40 globally reputed companies. Among these organizations, the partnership with Xhai Studios is worth mentioning as it would make the integration of blockchain system into mobile video gaming. Gaming is one of the most thriving industries at the moment and this partnership would certainly increase NEM’s acceptability.
With a market cap of approximately 3.2 billion USD and a coin price of circa $0.36, NEM currently holds the 12th position on Coinmarketcap (as of 18th April 2018). If this cryptocurrency continues the upward trend it is currently following, NEM can topple multiple cryptocurrency big guns by the end of this year. Despite the general volatility of all digital coins, it can be inferred that with new partnerships and frequent technical updates, NEM can certainly cause a major paradigm shift in cryptocurrency market.
We will be updating our subscribers as soon as we know more. For the latest on NEM, sign up for 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 Tim Haynes via Flickr
How Can Foreigners Get Loans in Singapore
Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.
At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary.
What defines a foreigner in Singapore?
A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…