The world of cryptocurrency is now flooded with different types of coins ranging from Bitcoin which has a market cap of over $60 billions to Shade Token which has a market cap of $48 at the time of writing. Among all these diverse and utterly unique crypto coins, New Economy Movement (NEM) might be a viable choice for your next crypt-investment.
Identical to Ethereum, NEM consist of a dual layer blockchain with the major difference being written in a popular programming language, Java. Like Ether to Ethereum , the proprietary currency on the NEM platform is known as XEM, which can be mined utilizing a special algorithm known as Proof-of-importance.
Introduction to NEM
The New Economy Movement platform is coded and designed to matter scalability and speed. The platform allows industry- leading transaction rate to be delivered by private blockchains. What makes NEM truly powerful is its Smart Asset System. This open , customizable blockchain solution consist of a powerful API calls which allows any amount of use cases to be built on top of it. This is extremely beneficial to developers who wish to build dapps (decentralized app) as all functionalities of the platform can be made available by simply accessing the API calls. This saved the needs for developers to use any kind of special NEM software. However, like majority of the crypto-coin, the development and growth of NEM isn’t always peace and calmful without any hurdle. In the early January of 2018, where all kinds of crypto-coin experiencing explosive growth in price, a horrible incident happened to Coincheck, a Japan-based crypto exchange. During the incident, Coincheck was hacked and 523 million XEM were stolen which was worth around $500million at that time but now worth 10 percent of what it was during the price peak.
To know more and gain a deeper understanding on NEM, a PDF of NEM whitepaper is included in the bottom section.