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A decentralized peer-to-peer blockchain network NEM appeared in 2015. From that time, it provides services to customers, who can use the platform for application building, token crowdfunding, and getting cryptocurrencies. NEM offers both public and private blockchains.
Despite the fact that NEM uses a blockchain technology, it is different from Bitcoin. NEM is based on the so-called second-generation blockchain algorithm that was built from the ground up to repair mistakes of Bitcoin and increase its opportunities. The main advantage is an advanced assets system. It’s a blockchain filing system that has a large set of functions including financial instruments, ownership records, supply tracking, and more.
The key feature that distinguishes NEM from other platforms based on blockchain algorithm is that it uses a proof-of-stake consensus. To put it simply, in proof-of-stake based process the creator of the next block is determined by random selection and “comparative importance”. On the contrary, Bictoin uses a proof-of-work consensus, which is based on complicated puzzles that should be completed to create new blocks (mining). Also, NEM’s proof-of-stake is more energy-saving than proof-of-work consensus and uses a hundred times less resources than Bitcoin.
Therefore, users should achieve high rank of importance to process successful transactions with NEM. To do so, you need to take part in harvesting. This is the transaction verifying process, same to mining. It uses software of your computer to complete mathematical puzzles and add blocks into a blockchain. Unlike Bitcoin, NEM manages without special computer hardware, however you need to contribute 10,000 $XEM in your account to have a right for take part in harvesting.
The interesting fact is that harvesting doesn’t actually create new coins (XEM), but allows users to get transactions fees inside the blockchain. This makes the process significantly faster and new blocks appear in a chain roughly every 60 seconds.
XEM is the currency launched by NEM platform. There are more than 8 billion coins created and distributed to the harvesting community. Owners took care about keeping XEM safe from inflation and ensure it preserves value for a long period.
One of the main advantages of Yobit is that it has a lot of different coins to offer. Among those coins you will also find XEM. This user-friendly platform is known for offering beneficial deals and low trading fees. However, read the rules and be attentive before purchasing coins from Yobit – some users claim that there are some hidden hazards there.
LiveCoin is a popular platform that offers a great deal of trading pairs, supports nine languages, and has low fees. LiveCoin takes a well-deserved place in the top 20 cryptocurrency exchanges.
HitBTC offers enhanced trading capabilities to users from all over the world since 2013. It is a simple exchange, suitable for both newcomers and professional market players. There you can trade with digital coins as well as exchange cryptocurrency in fiat money (GBP, USD, EUR).
We believe that NEM (XEM) is a reliable platform and a suitable candidate for long-term investments. NEM’s owners develop new technologies and solve previous issues, which brings real results and improves the way trading flows. Hopefully, NEM will keep that effort.