New Economy Movement or digital coin otherwise known as NEM is one of the top 10 most popular cryptocurrencies that you can find today. This is a truly extraordinary success given that this currency is rather new, originated and launched in 2015. During the course of two years this cryptocurrency has not only managed to climb the list of top ten digital currencies, but now commands a market cap of 8.1 billion dollars in total.
What makes this cryptocurrency so great to invest in and how come it experienced such success in only two years?
With dozens of different digital currencies with similar or unique features, it can be hard to reach the top and sit with the big guys like Bitcoin and LiteCoin, but XEM is rocking it. Here are the reasons why.
Main Reasons why XEM Rocks
Like any other digital currency circulating the market of digital currencies, XEM is designed and based on blockchain technology which enables creating decentralized platforms that provide users with possibilities of trading and exchanging transactions without the third party involved and with maximum security included while guaranteeing transparency when it comes to transactions. All your transactions are perfectly clear and visible to you and the second party as the transaction is in progress and only you and the second party are able to follow up with those transactions. Fees are minimal as well, which makes this way of trading a lot more cost-effective, thus making digital currencies attractive.
Now, what makes XEM different than other digital currencies that didn’t make it to the magnificent top ten?
One of the novelties that XEM introduced to digital currency market is the Proof of Importance function. POI is very similar to Proof of Stake, otherwise known as POS, but unlike proof of stake, POI enables the user to gain on using XEM. Proof of Importance is made in a way to guarantee the rise of importance for extensive use of XEM. That means that the more you are using XEM for transactions the more importance you will gain. That way, the system enables progress with performing transactions while at the same time encouraging users to work with XEM rather than just passively keeping their coins in digital wallets. That also affect the money flow positively, also affecting its value in a positive way.
Mining is well known as a way of acquiring digital currencies without investing any money in it. While mining is available for most cryptocurrencies, XEM is offering harvesting. While mining requires extensive usage of electricity and expensive hardware, harvesting is made to be quite the opposite than this function. XEM can be harvested simply by processing transactions and actively using your coins. The only condition needed to be fulfilled is to work with a minimum of 10.000 XEM. In case you have 10.000 XEM and running Supernode while processing transactions, you would be able to harvest more coins, that way earning profit easily without paying overpriced bills for electricity or purchasing expensive hardware.
Now, as much as Supernode and harvesting sounds great, given the fact that these are made to additionally secure the platform where transactions are being made as well as to allow you to earn while processing transactions, you can’t actually use Supernode unless you have 3 million XEM to start with.
All these features help XEM stand out from the crowd, but there is little about security that is actually well thought through and there isn’t anything revolutionary about this currency that we haven’t seen before in Bitcoin or similar digital currencies. When compared to Ethereum and Ethereum coin, XEM might not seem like something special, but the fact that this young digital currency has managed to reach the top 10 list in only two years from being launched says much about its stability.
How Stability Affects XEM and other Cryptocurrencies?
Having a stable currency means that you are dealing with a currency that is strong and is less likely to have a drop of value. Automatically, you are dealing with a desirable cryptocurrency that has a potential of becoming as valuable as Bitcoin or even more in the time to come. That is why people who are investing in digital currencies are more likely to choose to invest in new but stable currencies that have low value per one coin but high total value – like XEM has total value of “bit” over 8 billion dollars – than invest in cryptocurrencies that have high value per one unit but are more likely to have their value drop.
Stability of cryptocurrencies is reached via having people actively using it and not selling and exchanging coins for “real money” in order to try and earn some profit. Having XEM value stable over a long period of time means that there are lots of people who are actually using this currency for their personal transactions, that way keeping these coins alive.
Although XEM is not a revolutionary cryptocurrency it is pretty straightforward and easy to use, being transparent and stable. Those are practically the main reasons why this currency have managed to acquire a stable status.
The Last Week of 2017
The last week of December and simultaneously the last week of the current year was a bit rocky for some cryptocurrencies as although many digital coins have experienced a sudden jump of value, majority of those same coins have later on in the last week lost some of that newly acquired value, dropping from 30% to 100% for some cryptocurrencies. XEM have also suffered a drop, but a very insignificant drop in oppose to its total rising value. Now the market cap for XEM is 8.5 billion dollars while the drop equals only 0.30%, making this currency as stable as it was before.
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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 liebeslakritze via Flickr
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