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NEM: The Dark Horse That Can Cause Major Paradigm Shift in the Crypto World

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NEM
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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.

Notable Partnerships:     

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.

Final Thoughts:

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

Altcoins

3 Coins Coinbase Will Adopt Next

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Coinbase is one of the largest and most popular cryptocurrency exchanges in the world. However, throughout its existence, it was very picky when it comes to which coin it will adopt. So much so, that it has become a very large achievement to get support by the exchange.

Recently, however, Coinbase has decided to act on its users’ wishes and expand its list of accepted coins. In theory, this was a big deal, and the exchange actually started looking into a lot of coins. However, it only adopted a few of them. Right now, Coinbase is supporting Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, USD Coin, Basic Attention Token, and 0x.

Even so, Coinbase wishes to add more of them, but only after it ensured that the coins are a part of legitimate, non-controversial projects. As a result, the entire crypto community started speculating about which coins will be added next. This will also be something that we will try to answer today, by listing three projects that are the most probable candidates.

3. EOS

EOS or Ethereum On Steroids, as some like to call it, is a more than a decent project that has made headlines multiple times this year due to its progress. It managed to launch its own MainNet, which made it perfect for dApp development and smart contract creation. This makes it similar to ETH, but many…

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Bitcoin

What Will It Take For Bitcoin (BTC) To Rise Again?

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It is no secret that 2018 has been a terrible year for cryptocurrencies when it comes to their value. Things looked so bright during the first few days of this year, with Bitcoin hitting $20,086 per coin, and every altcoin reaching new heights. However, it was not to last, and soon enough, the market crashed, and prices went down.

What followed was months and months of a heavily bearish market that kept pushing the prices further and further down. It prevented any attempt of recovery, although several of them gave it their best shot.

Despite a situation like this, crypto investors never forgot the potential of Bitcoin, and many have been predicting another bull run that would have the same results. Those expectations were quite large, and potentially even unrealistic at first. Now, however, as the year approaches its end, it doesn’t seem like anything will happen. The community started to wonder why that is, and what would it take for another bull run to emerge, which is what we will try to answer right now.

What does Bitcoin need in order to have another bull run?

1. Bringing regulation

The crypto space remains highly unregulated in most parts of the world, which is one of the largest reasons why BTC remains dormant. While there are attempts to regulate it, these attempts are made even more difficult due to the fact that the market is constantly changing and…

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Altcoins

Stellar plans to Airdrop 150 Million USD in XLM to Blockchain Wallet Users

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Recently the Stellar Development Foundation partnered with Blockchain Wallet to airdrop $150 million value of XLM, to the owners of the wallet. The Block declared that the first batch of XLM would be shared this week for all users who signed up to use the Blockchain wallet.

The team behind the stellar Development Foundation hopes that this partnership will make XLM a real rival for other cryptocurrencies from the market.

The co-founder of Stellar, Jed McCaleb declared the following about the airdrop:

“We believe that airdrops are central to creating a more inclusive digital economy. Giving away lumens for free is an invitation to communities to design the services they need.

By working with Blockchain to increase the availability and active use of lumens on the network, we will increase the network’s utility by many orders of magnitude.”

Just $25 value of XLM each

To share some respect to the worth of XLM will distribute for each user, the team of Blockchain wallet declared that after verifying the identity when signing up to the wallet, $25 value of XLM will be shared to each. Furthermore,  there will be a first- come and the first-served clause in this airdrop which says:

Offer available until XLM giveaway supply is depleted. Limit of one XLM airdrop per person, unless participating in any bonus activities.

A person can receive the XLM airdrop in only 1 Blockchain Wallet.  XLM…

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