In this article we are going to talk about NEM, a blockchain platform that brings certain news about Bitcoin and Ethereum.
NEM started from a Bitcointalk user who wanted to improve Nxt, but together with a team of developers launched in Singapore the NEM.io that started from a development of the blockchain from scratch.
This blockchain platform was designed in 2015 and was implemented from the base thought for speed and scalability. The transaction rates per second far exceed the Bitcoin and Ethereum network.
At the development level, it offers a JSON REST API that can be used with any programming language. It adds ease when implementing a blockchain strategy in the current business processes of companies.
NEM was built from scratch with modular customization for any application. It is what is called the Intelligent Assets system. This allows us to focus on the concrete construction of what we need, be it a system for fintech, for logistics, an ICO, etc ...
In terms of security, the NEM architecture implements Eigentrust ++, which is an algorithm that allows network nodes to assess the reputation of the other nodes and reject the "bad" ones and balance the load across the entire network. The NEM nodes implement an antispam filter.
NEM was built from scratch using Java technology. Each node called NIS (NEM Infrastructure Server) uses well-known libraries such as Hibernate and Spring.
In addition, the nodes have two main functions: the first is to provide a gateway through an API so that the Dapps (distributed applications) can communicate with the blockchain. This API is based on JSON, and allows both mobile devices, web applications, or existing business applications to communicate with the information registered in the blocks. The second is that each node serves as a piece of the P2P network.
The network of nodes is incentivized by harvesting, which allows you to receive rewards from the commissions that are applied to the transactions. Unlike Bitcoin and Ethereum, they do not create cryptocurrencies in each block, so the issuance of their cryptocurrency "XEM" is stable.
A characteristic of the collection, is that it can be done by assembling one's own node or through another, through delegate collection.
The NEM-based solutions allow two models: a public blockchain or a private blockchain.
Among its features we can find:
The namespaces are similar to the domain names on the web. We can find root namespaces and subnamespaces. This allows the same organization to create different subdomains for different projects.
Mosaics represent digital assets, which are stored under a namespace and subnamespace. XEM is in turn a mosaic. These mosaics facilitate the task of creating Tokens, licenses, contracts, etc ...
It is the algorithm used in NEM. The importance of a user depends on the number of coins he has (and time) and the number of transactions he has made with his wallet (input and output). It's like an improved PoS (Proof of Stake).
To enter the relevancy calculation, the account must have at least 10,000 XEM expired.
It is the task of creating the blocks of the NEM network. What is usually called "mining" in Bitcoin and Ethereum. To be able to perform this task you need the expired 10000 XEM account.
It is possible to include messages (even encrypted) in transactions.
One of the characteristics of NEM is that we can create multiform transactions. That is, a transaction will require several users to sign the transaction before it is included in the blockchain. This is also an extra security measure for theft of wallets, since they can not get the accumulated money without the signature of the other participants. In the same way it helps to protect the funds of wallets of organizations, since the signature of all the members of the account is needed, to remove the money.
Transactions in the NEM network require small commissions that are paid in XEM, the native cryptocurrency of NEM.
XEM can also be purchased at some exchanges and its current value is 0.02 $.
There is a public TEST network where you can test blockchain applications without having to spend real money. As a cryptocurrency for the investor, it offers some very interesting features.
The costs of creating namespaces and nem mosaics is:
NEM is a blockchain technology with a long-term growth capacity and can be a very important option for the technological transformation of governments and companies, compared to Ethereum and its smart contracts.
It also eliminates the unnecessary waste of energy associated with the PoW (the work test) that other blockchain platforms such as Bitcoin and Ethereum maintain.