NEM - A Cost Effective Cryptocurrency

NEM – A Cost Effective Cryptocurrency

NEM has been developing itself since its launch. NEM has also launched various workshops and it has been trending too. The effect of the NEM crypto was visible by the excitement within NEM’s pavilion at Consensus 2018 which was one of the largest international crypto events in the world.

NEM is one of the cost-effective cryptocurrency considering the security and stability that it offers. It has never failed to disappoint its users and has always ensured that it strives to offer the best than the rest.

About NEM

NEM is a peer-to-peer cryptocurrency and blockchain platform launched on March 31, 2015. NEM works with a stated goal of a wide distribution model. It has introduced new features to blockchain technology such as its proof-of-importance (POI) algorithm, encrypted messaging, multisignature accounts, and an Eigentrust++ reputation system.

NEM technology lets multiple ledgers to coexist on one blockchain. Using NEM Smart Assets, users can create mosaics which can represent any asset (e.g. currency). All transactions in NEM have transaction fee associated with them and denomination used to pay for transactions is mosaic named XEM. The NEM blockchain software is used in a commercial blockchain called Mijin, which is being tested by financial institutions and private companies in Japan and internationally.

What is so special about NEM?

NEM’s pavilion at Consensus 2018 was NEM’s most successful trade show to date. A diverse and growing group of companies are now conducting business on the NEM blockchain.

NEM doesn’t make use of a proprietary programming language like Solidity or Scilla when compared to a blockchain like Ethereum. The Development team of NEM has always been excited to learn about new companies which are looking to utilize their blockchain solutions.

In order to deliver best-in-class transaction rates, NEM overcomes scalability issues through a Supernode program delivering. The high-speed, public, open-source blockchain of NEM is available to anyone and is designed to handle any stress a user can pile on.

The blockchain of NEM is stable and secure as the engineering of NEM is designed to overcome the issue of inauthentic files that are problematic on a P2P network. NEM also gives an option to operate one’s own private chain for an added layer of security and trust. Many industries can benefit from NEM ranging from business management to decentralized organizations, coupled with finance and secure records.

NEM has also posted on Twitter that explains stating four reasons that how NEM helps catapult Businesses onto the Blockchain.

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Aayushi Dhawan
Aayushi Dhawan is an avid reader, researcher, crypto writer and a passionate student. While pursuing her graduation in commerce at SRCC, she realized that writing and Finance give her immense pleasure. She is currently pursuing her post graduation in Commerce (Finance) from Department of Commerce, Delhi School of Economics and keeps on exploring the intricacies of research, her biggest strength.