7 min read
New Economy Movement or NEM is a virtual P2P payment platform that develops a more intelligent blockchain through its own crypto currency called XEM.
NEM, which calls itself the Smart Asset blockchain, is a technology platform that seeks to be an efficient way to manage assets and data easily and at low cost.
XEM’s crypto currency is focused on ensuring that transactions are fast and decentralized. With its supernode program and its consensus mechanism it has a high level of security for its users, projects and even for its own platform.
How does NEM work?
This platform is intended to be a valuable alternative for developers. To this end, the team has worked on a very intuitive and easy to use product, ideal for developers of any type of application. The NEM application is really easy to understand and allows users to configure their own “Smart Assets” when using the platform.
The Intelligent Asset system allows each user to customize their use of the blockchain. In this way, each user can have the experience of a customized blockchain built specifically for their application and assets. Developers will be able to save themselves the high workload of having to write their own Smart Contract code from scratch or develop alternatives outside the blockchain.
The start of NEM happens when a fork is made to NXT, another popular blockchain at that time. Since the followers of NEM wanted a fairer and more participatory cryptomone.
Thus, NEM starts to grow and add new projects to its platform. Among them are:
– NemNIS1: the platform of its blockchain which maintains an unblemished record in terms of security as it has not had any hacking or interruptions since its opening in 2015.
A site where developers can experiment with the different advantages offered by the platform.
– NEM Ventures: this is the investment and venture capital wing of the NEM blockchain ecosystem. Specializing in high-tech investments, NEM Ventures promotes ecosystem growth through strategic investments in projects that are aligned with the spirit of the NEM community.
NEM Ventures focuses on projects that demonstrate a truly differentiated product, the ability to generate positive net income in the medium term, and founders who show a desire to advance the ecosystem of the blockchain. Founded in 2018.
– Symbol: this is a new project, which will be the replacement of nemNIS1, and will be a big step forward for NEM.
Symbol will connect companies, developers and users giving them a great amount of possibilities in their blockchain. In its desire to constantly improve, it reduces the costs and complexity of existing processes, providing a platform for new business models and innovations.
At this time, users who wish to make an Opt-in which means to start making the early transfer of your XEM to the new silver, will be rewarded with XYM in a way equal to the amount of XEM. This is recommended since the currency used mainly in the new platform will be XYM
The Opt-in process opened on September 15, 2020 and will close on January 9, 2021, 5 days before the launch of Snapshot and Mainnet.
How to Mine XEM
Other cryptography networks, such as Bitcoin, use a POW (Proof-of-Work) or POS (Proof-of-Stake) system, which requires a mining device to work in the block chain. Rewards are assigned to miners based on their contributions to the work.
However, in POW, miners with greater computer/processing power have a significant advantage over those with less powerful machines. In addition, POW leads to higher energy consumption making the process inefficient.
At the point of sale, coin hoarders have an undue advantage, as participants with more coins are more likely to obtain more coins by mining and processing the transactions. It also promotes savings in crypts, rather than spending on other crypts.
XEM mining is not like any other crypto since they handle the algorithm called PoI (Proof of Importance) which gives more importance to the amount invested in the NEM platform. This means that XEM is not subject to strong price fluctuations or deflation and has a realistic interest.
So how do we mine XEM? Well, first we have to have an initial investment of 10,000 XEMs that are transferred to a portfolio. Once this amount is held, every currency in the account and every transaction that was linked to the account will improve its importance score. Miners with a higher significance score are more likely to be rewarded from mining.
As the days go by these XEMs will start generating blocks and thus receive commission for all transactions that have occurred in each block, the longer and more you have saved these criteria will generate more profits.
In this PoI algorithm, each time a transaction is made, the first computer that detects, verifies the information and the transaction is rewarded and notifies the rest of the users. If this transaction is part of a new block, the miner who writes it down in the blockchain gets all the credit
Like any crypto currency, it must always have security protocols in place to prevent malicious users from taking advantage of it. To defend itself, XEM uses computer synchronization, which includes an anti spam function, also with its multiple signature method which is based on blockchain. This prevents any concerns about cyber-attacks.
Where can I buy NEM?
It is normal that at this point you wonder where to buy NEM, and let me tell you that you have it very easy. In Bitnovo you can buy NEM online in a very simple and fast way. Our website is designed so that even the most beginners can do it.
Simply click on the link in the previous paragraph and there you will see a panel that will automatically calculate how much you will receive from NEM depending on the amount of Euros you want to exchange.
Once the amount has been chosen, we will ask you about your means of payment. You will see that it is a very intuitive process that will allow you to have your XEM available in a matter of minutes.