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''Smart Asset Blockchain, Built for Performance'' says the white paper of NEM.
Since Bitcoin stepped into the digital world, the perspective of investors changed irreversibly. Today, cryptocurrencies constituted a passionate and competitive industry with miscellaneous side fields. Besides thousands of altcoins and tokens, there are a great number of exchange services, brokerages and crypto wallets in this circle. NEM is one of them.
NEM (abbreviation for New Economy Movement) is a cross-platform ecosystem utilizing blockchain and cryptography to connect and transfer any of digital assets between private and public blockchains. Although its blockchain resembles Ethereum, it is written in Java, a well-known computer programming language. Plus, NEM is the world’s first occupant of POI (Proof-of-Importance). XEM is the native cryptocurrency of NEM's NIS1 public blockchain network. NEM protocol was formed by three developers on the Bitcointalk.org forum, with alias Gimre, Jaguar0625 and BloodyRookie. However then NEM has converted from a theoretical project of three programmers into an enormous ecosystem of several platforms since 2015.
How does NEM work? Unlike Ethereum’s algorithm of PoW (Proof-of-Work), NEM uses PoI (Proof-of-Importance). This is a consensus giving NEM preference to provide scalability and functionality in multiple fields. This algorithm feature is just another reason why NEM is preferable. Can NEM be a solution for the transaction fees and speed issues that Bitcoin investors have been nagging about since the beginning? What is NEM exactly? In this article we will try to explain the most wondered sides of NEM.
Where to Buy NEM? There are various paths to buy XEM.
You can earn NEM : You can harvest your own XEM with the help of customized equipment and XEM harvesting software.
You can buy NEM with credit card, PayPal, debit cards, Bank Wire Transfers and e-wallets : Multiple cryptocurrency exchange services await for you to fund your account via miscellaneous deposit methods.
You can store your XEM in a wallet : Most of the crypto wallets are permitted to trade cryptocurrencies and fiat currencies in specified trading-pairs.
How Much is NEM? Due to the XEMs limitation in numbers in circulation, NEM price varies according to the supply-demand relationship. When traders begin purchasing XEMs, NEM value starts to rise and when they dispose it starts to come down.
Where to sell NEM? You can sell XEM by crypto exchange and brokerage services. All you need to do is to be a member of one of these service providers. Are you a XEM harvester? You can send your harvested XEMs from your wallet address to one of the crypto exchange platforms and trade them with other cryptocurrencies or fiat currencies depending on the NEM price at that moment. You can always google ''How much is NEM?'' to learn NEM value.
NEM fees are considered one of the lowest service charges in the cryptocurrency industry. Actually, NEM is mostly preferred for its reasonable XEM transaction fees. But the technology of this coin doesn't help us to avoid XEM fees including XEM withdrawal fees and NEM transfer fees. We advise you to check the ''Fees'' section of your exchange and brokerage service's official website.
How to Mine NEMs? The whole XEM supply is 8,999,999,999. This is the excavated amount before the launch of the NEM network. Therefore, it is not possible to mine XEMs. Because they are already mined. The correct word is ''harvest'' instead of mining. PoI algorithm aims to form a more comprehensive and cheaper blockchain using concepts of Proof-of-Importance (POI) and harvesting. Network nodes operate to contribute to the network by taking a pre-calculated share of the transaction fees by every new block. When a transaction happens on the NEM blockchain, the first node intercepts and notifies other members and this makes a proceeding data wave enhancing the chances of block generation. Your mining device or computer doesn't have to run all the time to process the harvesting operation and this is a great solution for high electrical power consumption in mining cryptocurrencies. Harvesting XEMs is made automatically with the help of the user’s wallet. It doesn't need customized or pricey NEM mining machines or hardware like GPU, ASICs and coolers.
Is NEM harvesting profitable? Since this is a Proof-of-Importance algorithm, your harvesting rate changes depending on your importance in the network. Another criteria is how many transactions you process. You can increase your ''importance'' by making outgoing transactions over 1000 XEM.
What is a NEM wallet? We can simply define it as an online wallet where you can use it just like a bank account for your crypto transactions. Every crypto wallet provides a NEM wallet address for its customers and this address gives the chance to receive and transfer XEMs. NEM (crypto) wallet types come in hardware, software (web-desktop-mobile), paper wallet and hot wallet.
How to get a NEM wallet? You have miscellaneous options to choose the best NEM wallet for your needs. According to your activity in trading, you can prefer to own a hot wallet or a cold storage which is a way to keep you XEMs offline and naturally safer.
How much is NEM worth? NEM value has gone through ups and downs in recent years. Although nobody can really make a point shot NEM price prediction due to the volatility of the cryptocurrency industry, traders can easily look up in streaming NEM price charts to have an idea for NEM price USD trends.
In order to sustain its network security, NEM utilizes the SHA3 hash algorithm and the Ed25519 public key signature system. Considering these two trusted safety systems are prestigious, we can clearly say that NEM is secure.
We wouldn't be mistaken to mention in our NEM review that NEM opened a new era by creating a hybrid model which provides advantageous time held, balance and network participation. It also protects the system from whales and ASIC-powered mining nodes. Another advantage of NEM is usage of JAVA and API calls. This specification increases the adaptation capacity of the programs. With all these pluses, it will need more than an exchange hack to beat NEM down.
Would you like to read genuine NEM customer reviews and NEM complaints? Please visit our comprehensive website, Kazan.io to be updated for the cryptocurrency industry.
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