What is NEM?
NEM is an acronym for New Economic Movement. In order to strengthen the security, NEM operates on a platform consisting both public and private blockchain. NEM is different from most cryptocurrencies because of the nature of blockchain infrastructure. It is set for big businesses. The NEM blockchain has a consensus rule, which provides the users with Smart Asset feature allowing them to customize sequence of digital property within the blockchain. You can now Buy NEM (XEM) India.
Unlike many other cryptocurrencies, NEM is not a fork or even based on an existing system. Its foundation was built from scratch. NEM, in simple terms, is a digital ledger that records and keeps all transactions made through its cryptocurrency. The unique Smart Asset feature enables the user to design a customised smart contract and actually allows them to create their own blockchain that interacts with the main NEM chain. In simple words, Smart Asset System allows users to design and build what they desire on the top of the NEM blockchain.
How does it work?
Interestingly, NEM has two blockchains: Public and Private. The public is visible to all in the network while the private is anonymously available to all without permission. The users can even customise this to meet their desires choosing one either decentralised and public or centralised and permission-only access in the platform. In other words, NEM users have a wide range of options available to them.
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The public blockchain of NEM is available to everyone who desires. An individual can use the public blockchain by using API calls. And those who desire privacy and keep the matters in his/her own hands, they can use private blockchain of NEM which allows only the nodes preferred by the user in the transaction.
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The NEM blockchains use POI or Proof of Importance to administer its transactions. The Proof of Importance is more efficient and reliable than Proof of Work because of the checks and balances it deploys in the system. Also, the Proof of Importance advocates both collection and spending which consequently increase the usage of the cryptocurrency.
How does it differ from Bitcoin?
Harvesting is an alternative to mining. It is a system to generate XEM. Every time a user carries a transaction, the first computer to note and verify the transaction will bring the attention of nearby users to the same, creating a flood of information. This is called generating a block. Whenever someone with over 10000 vested XEM generates a block, they receive the transaction fees on that block.
Proof of Investment
Importance is a check of how much an individual is invested in the NEM system. The XEM assets in individual’s wallet become ‘vested’ after a defined amount of time. Once this number reaches 10000 XEM, the individual can generate a new block and earn the fee from all the transactions on that particular block.
The NEM blockchains are suitable for enterprise-level business. It is because they do not require considerable effort to integrate the private system with NEM. The Smart Asset technology is compatible with various modern coding languages.
· A built-in spam filter which helps in keeping the network clean. Basically, it blocks the garbage transactions from overflowing into the network and choking the work.
· A peer-to-peer time synchronization system which enables the system to manage correct and exact timestamp without depending on any external server for the same.
· Encrypted messaging on the blockchain itself all the while maintaining a distance from transaction field which other cryptocurrencies do not.
NEM offers one of the finest systems which is promising and has the potential to be a major player in blockchain economy. The ease of the system makes NEM a very attractive platform for a developer or a company.
Buy NEM (XEM) in India
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