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Why NEM (XEM) Is Already Better than Ethereum (ETH)

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NEM

When comparing digital coins, a lot of people judge them by their current success, price, or rank according to various lists. However, one of the important things that everyone seems to forget at times like this is that they need to keep in mind the coin’s actual potential for the future, instead of its accomplishments so far. This is what we need to concentrate on when comparing Ethereum (ETH) and NEM (XEM).

NEM is a coin that has suffered a large impact, like every other crypto, in the last six months. After the market has turned bearish, NEM dropped to the rank of 10, and since then, it fell down even more on the ranking list. Currently, it is ranked as a 15th coin on the CoinMarketCap’s list. However, this doesn’t mean that the coin’s potential has dropped as well.

In fact, some experts believe that NEM already has the potential to exceed even the second largest digital currency, Ethereum (ETH).

It goes beyond the comparison of market stats

Comparing NEM’s price ($0.188905) to Ethereum’s ($466.53) certainly would not suggest that NEM has a chance to ever coming close to the second largest crypto. The same goes when we compare their market caps, with NEM’s being less than $2 billion, while Ethereum exceeds $46 billion.

In order to truly establish just how big NEM’s potential really is, we will have to dig deeper and to take a look behind the scenes.

Let’s start with technology. Ethereum’s tech is already well-known, used by many well-established firms, as well as startups. With that in mind, the firm behind NEM developed its own technology, which is in many ways similar to that of Ethereum. At the first glance, this makes them perfectly comparable- However, after a second look, this might not actually be the case.

The first difference between them is the issue of centralization. Ethereum is completely decentralized, following the standard that a true crypto needs to recognize in order to really be considered a cryptocurrency. NEM’s tech, however, is partially centralized. However, this also means that it is easier to quickly and easily integrate with the current technology of other businesses that are looking to adopt a crypto.

We will not go into too much detail for the purposes of this comparison, considering that this information can be easily obtained via a quick Google search. However, we will point out that the result of this difference is that NEM comes almost as just another plugin or a valuable new addition to the way these businesses operate. Ethereum, on the other hand, requires nothing less than a complete overhaul of the various enterprises’ technology. This is one of the biggest reasons why NEM comes as a much better solution for the issue.

Next, we come to the nature of the two coins’ blockchains. NEM’s blockchain technology offers both a public, as well as a private blockchain. NEM manages to achieve this via the platform called Mijin. This is important, considering how a lot of companies prefer their privacy and seek to protect the company secrets.

Ethereum’s platform, however, offers complete transparency, in the spirit of true decentralization. This makes it basically impossible to hide anything regarding the data or assets that the company has in store. Despite the nobility of such an approach, in the real-world situation, this is clearly another point for NEM.

If we add to that the fact that NEM supports basically any programming language out there, while Ethereum only uses its own called Solidity, NEM is once again a clear winner. This is due to the fact that the companies looking to adopt blockchain technology want convenience. Choosing Ethereum would mean that they have to hire developers that are already familiar with Solidity, or worse, to educate their current workers on how to use it.

What does this mean?

Nobody is trying to deny the importance of Ethereum to the crypto world or to reduce the accomplishments that this blockchain and crypto have managed to achieve so far. However, the fact remains that NEM seems to be much more convenient and integration-friendly than what ETH could ever be. The only real way that Ethereum can beat NEM when it comes to this is that the company in question originally starts as ETH-friendly when it comes to their current tech.

Those wishing to migrate to Ethereum’s blockchain will have to endure a long and complicated process, while NEM can literally be introduced overnight, and used with ease. It can even be used as a test-blockchain for those wishing to see how does operating via blockchain reflect on their business practices.

Naturally, NEM can be used as just a stepping stone, a blockchain for a test run. However, after experiencing it, and realizing its convenience and benefits, it is not impossible that the companies might simply decide to remain on NEM’s blockchain indefinitely.

Because of this, NEM’s potential is huge, and even though the market stats currently are not showing it, it can definitely rival, or even beat Ethereum when it comes to practical use.

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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.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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