1 Level
12 Review
9 Karma
Review on NEM by Nguyen cuong
Third Generation Crypto that has all the right components, technically speaking…
Third Generation Crypto that has all the right components, technically speaking, but could use more push from a marketing campaign to help public adoption. Extremely undervalued platform that has unlimited potential. Needs professional marketing and a community manager. Extremely popular in Asian markets, under exposed in North American Market
Pros
- NEM is overall improved by writing the code completely from scratch in Java: It can handle 3000 transactions per second, while only 3 to 4 transactions can be processed per second in Bitcoin. Introduces “namespace”: Namespace is like a domain name system that can be used to create a unique place and subdomains for businesses. Use the new Proof of Importance(PoI) algorithm: Compared with Proof of Work depending totally on hardware mining abilities, this algorithm takes into account how many transactions are made and the total token amount in an address. This incentivizes coin holders to carry out transactions, which helps the growth of the network in the long term.
Cons
- The official website is still not easily understandable for standard users. Mass adoption is less likely to happen if people are not well educated with NEM’s features. As Ethereum is widely accepted and has no significant drawbacks now, it is hard to see people switching to NEM. The number of users is something to concern about.(I personally will stick to Ethereum for development, but will keep an eye on NEM.)
