Overview of blockchain and cryptocurrency nem (XEM)

NEM (XEM) continues to generate growing interest due to its versatility and unique business strategy.

The NEM (New Economic Movement) blockchain acts as the missing link between private and public blockchains, connecting these networks. 

What problems does NEM (XEM) solve?

One of the main objectives of this platform is to increase interoperability between private blockchain networks.The problem is that each of these blockchains is currentlyThey can'texchange digital assets with each other.

The NEM protocol allows any digital assets, including tokens, contracts or files, to be transferred.In addition, the blockchain is configured in such a way that it can send data from a private internal corporate network, routed through a public chain of blocks, to the private network of another enterprise.

On the NEM network, you can create your own analogue of Paypal or Venmo.For example, NEMPay, an open-source payment application, already exists on the web. 

Any mobile application, web application, database or other programs caneasily connect to the NEM blockchain and interact with it securely using the API gateway server. 

How does NEM (XEM) work?

NEM (XEM) can accomplish tasks by integrating a variety of new technologies.This universal blockchain introduces a new consensus mechanism to the market – Proof-of-Importance (PoL).First of all, the PoL mechanism takes into account the time and amount invested in the network of coinsNEM.

How does the PoL algorithm work?

The PoL algorithm requires a validator to lock a minimum of 10,000 XEM in order to be eligible to create new blocks.Users who can add new blocks to the blockchain receivereward and a portion of the transaction fee. 

Another interesting feature of PoL is that it rewardsusers who are grouping with other members of the network.amount of transactions and uses this information to improve the user's rating.Each PoL user has a rating based on his participation and overall contribution.This indicator ensures that the best network nods will have more opportunities to earn.

NEM Harvest

Another important element of the system is the harvesting protocol.Linked accounts allow you to link your account to an existing nodesupernodes to use the total PoL score to increase the chances of generating a block in their favor.

In fact, supernods borrow a PoL account rating to complete blocks fromThis strategy allows the NEM to remain safe without requiringSo NEM is much more energy efficient than PoW systems.

NEM provides energy savings.In addition, because the harvest does not require expensive mining plants, it further democratizesSectorblocks.

NEM Name Spaces

NEM brings the concept of namespaces to the blockchain sector.Namespaces function like domain names on the internet.You can create and manage your own domain names on the NEM blockchain. 

NEM conducts multi-signature operations that allow it to control and expand the network to meet the firm's needs.NEM allows companies to easily track account activity, monitor assets such as XEM from one account, other mosaics, or create new tokens.

In accordance with the company's commitment to security, all multi-subscription smart contracts are directly in the NEM blockchain.NEM raises the plan in this sector due to its direct multi-subscription functions in the block chain.

History of the creation of NEM (XEM)

A user of the Bitcoin Talk forum named UtopianFuture explained how the cryptocurrency NXT inspired him to create a new project.By March 2015, an extensive version of NXT called NEM had been launched.Soon the developers decided to rebuild NEM from scratch.

At the end of the year, NEM got its own codebase.These improvements have made the platform more scalable and faster than NXT.The project continues to gain momentum until 2016, when the sectorThis non-profit organization specializes in ways to expand and implement NEM, including brand recognition, marketing, training, and partnerships.

Voting on the NEM blockchain

In 2018, NEM received its first real application.Blockchain was selected by the Central Electoral Commission of Ukraine for a pilot program to verify the possibility of voting systems based on blockchain.The NEM introduced a new era voting protocol that provided more transparency and efficiency than previous methods.

Cryptocurrency XEM

XEM is the native utility token of the NEM blockchain. XEM performsseveral vital roles in the ecosystem. NEM can serve as a cryptocurrency with lightning-fast transaction speeds.So far, the main goal of XEM has been to facilitate the execution of smart contracts.

How to buy NEM (XEM)

XEM is available on many major exchanges. Binance was one of the first platforms to integrate trading of this unique cryptocurrency.Currently in circulation is 8,999,999,999 XEM with a market capitalization of $1,052,091,750.

How to store NEM (XEM)

NEM users have a good selection of walletsto store your cryptocurrency. The developers offer a desktop wallet known as the NEM Nano Wallet. It is a lightweight wallet that allows you to store and manage your XEM coins with ease. This wallet includes some NEM specific features such as NEM address and namespace.

There is also a mobile app from the NEM Foundation, which is available for both Android and iOS operating systems.The app is free to download and easy to navigate.To store a large amount of NEM, you should consider using a hardware wallet. 

NEM (XEM) is an interesting project with a lot of potential, and it has established itself as a very resilient blockchain and community.At this point, NEM seems to have found its niche in the industry.This coin can be expected to gain traction as more pilot programs are launched.

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