NEM: The Dark Horse That Can Cause Major Paradigm Shift in the Crypto World

Ideas, Opinions, Ramblings
User avatar
Posts: 301
Joined: Thu Feb 22, 2018 7:58 pm

NEM: The Dark Horse That Can Cause Major Paradigm Shift in the Crypto World

Sun Jun 03, 2018 7:52 pm

In the fierce competition of approximately 1800 cryptocurrencies, every coin needs to offer something very unique to the traders to survive and maintain a decent market capitalization. All of the digital currencies that are leading the price chart at the moment offer a certain x-factor of their own which compel the investors all around the world to use trade them. Since the beginning of this year, the most popular cryptocurrency Bitcoin has been exhibiting drastic fluctuation in its price. Despite recovering from such incidents, Bitcoin has lost the trust of a large portion of cryptocurrency traders, predominantly because of its volatility. Under the circumstances, myriads of neophytes, as well as experienced traders,s are inclining towards the Altcoins that are completely independent of Bitcoin’s influence. NEM (XEM) certainly belongs to that group of Altcoins which have managed to secure a commendable market cap by offering something entirely new to the traders.

The cryptocurrency of NEM was introduced to the traders on March 31, 2015. Ergo, it is quite conspicuous that within just three years, this coin has managed to achieve a formidable market cap along with a large pool of trusting investors. According to many cryptocurrency connoisseurs, this NEM coin paradigm can cause significant changes in future for the cryptocurrency traders. Here, a few aspects of this coin are discussed to vindicate this speculation.

NEM’s Unique Technology:

NEM is based on predominantly two programming languages – Java and C++. However, the uniqueness of its technology lies in its blockchain algorithm. Most of the currencies traded nowadays are either based on Proof of Work (PoW), or Proof of Stake (PoS), or a combination of both whereas NEM uses a Proof of Importance (PoI) blockchain algorithm. Besides this, NEM’s technology comes with various other distinct features such as an EigenTrust++ reputation system (a popular reputation management algorithm for peer-to-peer networks like blockchains); multi-signature accounts which require multiple signatures form the investors to ensure authentication, an encrypted messaging system, and many more. This currency uses the same blockchain software used by another very popular blockchain platform named Mijin. ... pto-world/

Return to “Opinion”