What is cryptocurrency NEM (XEM)

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2019-07-08 00:00:00:

Cryptocurrency NEM (XEM) is an abbreviation that means New Economy Movement or "Movement to a New Economy." Thanks to the NEM platform, users are able to create secure and easy-to-use cryptocurrency wallets, as well as exchange P2P messages. NEM basically exists to create a “smart asset system” where users are given access to create their own custom blockchains. The intellectual asset system can be divided into four components:

    Addresses
    Mosaic
    Namespace
    Deals

Short story

The idea of NEM belongs to the person known on the Bitcointalk forum under the nickname UtopianFuture. In 2014, he proposed making a fork of the NXT cryptocurrency, which worked on the Proof-of-Stake (PoS) algorithm. A little later, the developers decided not to fork, but to write a system from scratch using JavaScript and Java. On June 25, 2014, the project team released an alpha version of the site. A stable version of the platform appeared at the end of March next year. The uniqueness of NEM lies in the fact that its development was carried out on the original open source, so that the cryptocurrency was able to initiate many useful innovations.

NEM Features

Mosaic

Mosaic is a user asset on the NEM blockchain. The mosaic itself is configured through the Nano Wallet wallet. Mosaics can be designed to be transmitted and can be sent along with encrypted messages in one transaction. A jigsaw puzzle can be applied with a charge, so any jigsaw puzzle sent to the network will have to pay a special fee for regular transactions. This charging fee can be assigned as nem: xem (which is a mosaic designation for regular XEM coins) or any other puzzle on the NEM blockchain. The fee for creating a mosaic for the namespace is currently 10 XEM. Each mosaic gets a name that is under a unique domain in the namespace system in the format subdomain.domain: mosaic.
Namespace

The NEM namespaces are a domain system similar to ICANN’s centralized Internet domain name system. Namespaces have high-level domains and subdomains. This allows one person with one domain to create many different subdomains for different projects or for business accounts. It also helps to create and maintain a reputation system for mosaics.
Catapult

Catapult is a fully functional blockchain engine that provides a new version of the NEM protocol for both public and private networks, and for enterprises.

The public blockchain provides the exchange of XEM for other cryptocurrencies, payment for goods and services, the practice of harvesting and more. Thanks to the private type of organization, they solve internal problems, speed up operations without using the public side.
Where to store

To store coins and operate with currency, it is worth using special NEM wallets, for downloading which it is worth using only reliable sources. An example is the official NEM website, where the developer presented all the necessary information about the product. For convenience, users can choose the wallet version depending on the device used. From ourselves we can recommend the following wallets:

    Nem Nano Wallet - Official Wallet
    EXODUS
    Paytomat

Transactions

When transferring funds between accounts, the "Message" function is provided. Messages are intended for payments sent to exchanges, wallets, deposits with multiple users. They have one NEM address, but you need a way to determine which client it is for. If you do not indicate a message that identifies a particular recipient, that is, you, then the funds will go to the address of the exchange / wallet, but not specifically to you.
How to mine (mine) NEM

It is impossible to mine a coin in our usual way - using video cards (GPU) or asics is impossible. Cryptocurrency mining occurs by charging a commission to nodes that are involved in the process of creating blocks and is called harvesting (from English Harvesting - harvesting, harvesting). The commission is charged for transactions included in the block. Harvesting is of two types:

Local, in which the block is signed using the secret key of the node itself.
Delegated. It works remotely by providing the private key of an intermediary that has zero balance, which is automatically generated when switching to delegated mode. In this case, the award itself is credited to the main account.

To participate in the harvesting process, there must be at least 10,000 NEM cryptocurrency coins in the wallet. The degree of importance of the participant is determined by the number of coins in the wallet and the number of transactions that the participant conducts. Harvesting (mining) NEM encourages participants to actively use coins within the system. At the moment, harvesting does not bring significant income due to the relatively small number of operations on the network. However, harvesting may be more relevant given the wider use of the NEM platform in banking and other fields (the number of operations will increase).