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What is NEM

What is NEM

NEM project standing for a New Economy Movement is a cryptocurrency based on Java and JavaScript code. It was launched on March of 2015 and still working.

The key outstanding feature of this project is the Proof-of-Importance algorithm. This means, that network calculates the trust rating of the account.

This project was originally launched by the founder of the Bitcointalk forum. From the very beginning, the project code named UtopianFuture was supposed to be the branch of the NXT project. But when the community of the blockchain ambassadors started to discuss it they decided to develop the whole project from scratch, creating their own utopian cryptocurrency.

Advantages of using NEM

Smart Asset System

The whole project is made around extremely powerful blockchain basis supporting deep customisation. With the variety of templates and open code, developers can build their own smaller private blockchain based networks to meet needs of the organisation. They can implement its open API for their own projects.

Harvesting

In the NEM’s network every user can create a public node and add capacity to the whole network. Every ‘harvester’ will be rewarded by the fees of the transactions it handle. Users also can harvest without creating public nodes, using “delegated harvesting”.

Mobile app access

NEM supports it’s own mobile app, allowing smartphone users to access all features of the blockchain-based network on-the-go.

Legacy system integration

NEM can be integrated in business processes and contract’s logic and supports determined databases access.

Performance

Supporting private blockchain networks, NEM pushes transaction speed further. With the new consensus mechanism of this network, NEM’s blockchain can process huge amount of transactions at a time without compromising security.

Ease of development

NEM’s development team exposes the open API of it’s network so every developer or enthusiast can use it to implement blockchain solution to their own projects. You can easily configure and deploy it into your business infrastructure.

Deep customisation

NEM is built to be fully customisable to run almost any virtual application. This works on the Smart Asset system. It can be customised to be the part of any business process: logistics, documentation, authentication, ICO launching or fintech system.

NEM definitions

Cryptoasset

Cryptoasset is the name for any financial asset, that is secured by the blockchain technology. The first well-known cryptoasset is Bitcoin.

Exchange

These are special places or sites where you can exchange cryptoassets.

Node

This is a special public computer, where transaction history is kept.

Market cap

For every cryptoasset, the market capitalization can be found as the multiplication of the value of the coin supply and the coin price.

NEM investment strategy

There are lots of strategies to invest in cryptoassets. Everyone can select exactly what he or she is up to. Will it be a long-term investment strategy or will it be scalping on a short term market changes, it is up to you.

The easiest strategy is to buy and keep your cryptoassets for a while. You can buy NEM and watch it grow, because of its hard capped emission. When it will grow and you would like to fix the profits, you can easily switch NEM to fiat money or other coins you like via BestRate.org.

Where to keep NEM

NEM founders have created it’s own wallet – Nano Wallet – to keep your NEMs safe. You can use this wallet to buy, sell or send NEMs directly to other users in the network.

NEM also can be kept on the Trezor wallet, using Nano Wallet interface.

How to transfer NEM securely

As any crypto payment is a peer to peer money transferring, one should be extremely careful entering wallet address. There are some tips, that will help you to transfer NEMs safe.

Never type a wallet address manually

In any case, use copy-paste operation to enter wallet address. Any mistake can cause an error and let your money get lost in the network.

Look up the transaction fee

Any good wallet or an exchange platform will show you the transaction fee for your money transfer. Look for it anytime you send NEM to anyone.

Double check the address

Make sure that the address of the recipient is right and check it several times before sending off the sum, especially if you transfer big amounts of NEM at a time.

Test before sending

Anytime you send huge amount of NEM check the whole procedure on a small amount. When you will be sure that your partner received the money, do the same thing with the rest of the asset.