NEM

What is the token?

• NEM (XEM) is a blockchain platform with its native cryptocurrency, XEM.

• NEM uses a unique consensus mechanism called Proof-of-Importance (PoI), which selects validators (harvesters) based on their stake and transaction activity within the network.

Tokenomics

• The maximum and circulating supply of XEM tokens is 8,999,999,999.

• XEM is used to incentivize the network of public nodes to process and record transactions.

• Validators, or harvesters, must hold a minimum of 10,000 XEM to participate in the network and receive rewards.

Market Data

As of today 27 July 2024, the price of NEM is ₹0 INR, with a 24-hour trading volume of 10609083 USD. The market capitalization for NEM is 160493587.36USD. The circulating supply is 8999999999 NEM, with the total supply also being 8999999999 NEM.

Token Pros and Cons

Pros:

• Enterprise Solutions: NEM seeks to provide enterprise-level asset verification and movement solutions.

• Innovative Features: NEM introduced a new-era voting protocol and secured agreements for testing systems like certificate verification.

• Unique Consensus Mechanism: NEM uses a Proof of Importance (PoI) consensus mechanism, rewarding users based on their network contribution.

• Harvesting Option: NEM allows for "harvesting", where users can earn transaction fees as rewards without needing powerful computing resources, making it more energy-efficient.

Cons:

• Competition: NEM faces stiff competition from other blockchain platforms offering similar or more advanced features.

• Limited Use Cases: NEM's real-world applications and adoption by enterprises still need to be improved compared to its competitors.

• Marketing and Visibility: NEM has been criticized for its marketing strategy, which may need to be more aggressive and effective to capture a significant market share.

• Risk of Inflation: Although NEM's supply is fixed, creating a non-inflationary environment, the overall success and value increase depend on adoption and demand, which are not guaranteed.

?

• Investing in NEM may be considered due to its unique PoI consensus mechanism, which aims to reward active network participation.

• Its technology is designed for scalability and supports features like multi-signature accounts, which could be attractive for enterprise use.

USP of the coin

• NEM's unique selling proposition is its Proof-of-Importance consensus mechanism, which considers the amount of XEM one holds and its transaction activity, aiming to create a more active and egalitarian network.

The problem the coin is solving

• NEM aims to provide a more efficient and cost-effective way to manage assets and data on the blockchain.

• It addresses the limitations of Proof-of-Work and Proof-of-Stake systems by incentivizing users based on their contribution to the network's activity.

Founder and team background

• A Bitcoin Talk forum user, utopianfuture, launched the NEM project.

• The NEM.io Foundation, based in Singapore, now manages the development and progress of NEM.

ICO Price

• During its private token sale, NEM's ICO price was low at just $0.000011 per token.

• The project successfully raised $70,000 in its private sale phase.

• A substantial number of tokens, 351,000,000 XEM, were made available for sale during this phase.

• Investors received their tokens with 100% availability at the Token Generation Event (TGE), indicating no lock-up period for the tokens purchased during the ICO.

Risks Associated with Investing in the Coin

• Risks include potential competition from other blockchain projects, the impact of the launch of Symbol on NEM's future, and the past financial challenges faced by the NEM Foundation.

• Market volatility and regulatory changes are general risks associated with investing in cryptocurrencies.

NEM incorporates advanced cryptographic techniques such as the SHA3 hash function and Elliptic Curve Cryptography to ensure high security for transactions on its platform. It features a unique address format that enhances security and reduces the chance of errors through a network byte, a hash derived from the user's public key, and a checksum.

NEM's account system is divided into vested and unvested balances, integral to its Proof of Importance (PoI) mechanism. This mechanism and its address design are designed to minimize collisions and promote fairer economic participation than traditional Proof of Stake systems.

The PoI consensus algorithm at the heart of NEM rewards users for their active engagement and contribution to the network's economy, aiming to avoid the wealth concentration in other blockchain systems. NEM introduces features like harvesting, which allows users to earn transaction fees with less computational effort and supports multi-signature transactions for enhanced security.

Its versatile blockchain supports mosaics for asset customization, namespaces for unique asset identification, encrypted messaging for secure communication, and an API-compatible Smart Asset system for various applications. With a focus on community, development, and continuous innovation, NEM is positioned for diverse applications, from financial services to supply chain management, leveraging its scalable, efficient blockchain infrastructure.