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Review on NEM by Tam Pham Duy

Revainrating 4 out of 5

NEM Summary NEM is its own independent blockchain. XEM is the first, most…

NEM Summary
NEM is its own independent blockchain.
XEM is the first, most important token issued on the NEM chain.
Anyone can issue tokens as well as tokenize real world assets.
The NEM chain is already being used for two applications: Catapult and Apostille, both of which make the NEM blockchain’s usefulness readily available to businesses.



Pros
  • NEM is a decentralized blockchain-based peer-to-peer network on which third parties can build their own applications, including cryptocurrencies and crowdfunding tokens. NEM offers both public and private (Mijin) blockchains. One of the biggest differences between NEM and other blockchains is its use of proof-of-importance consensus, as opposed to proof-of-work or proof-of-stake. proof-of-importance is a consensus algorithm that determines who gets to verify transactions on the NEM network based on their comparative “importance.” Like proof-of-stake (PoS), PoI requires network members to invest a certain amount of cryptocurrency in a network in order to be able to verify transactions (10,000 $XEM). But unlike proof-of-stake, proof-of-importance assigns an importance score to everyone who meets this threshold that takes into account factors beyond account balance, such as size of transactions completed, number of transactions completed, and quality of transactions completed. In other words, even if you're not NEM's richest holder, you can still have a high-ranked account if your account is consistently processing fast transactions. Like proof-of-stake, proof-of-importance is also an energy saved when compared to wasteful proof-of-work consensus. The NEM network uses 100 times less power than Bitcoin to complete a transaction.
Cons
  • NEM Smart Assets Like the NEO “Smart Economy,” NEM launched a few years ago with the goal of modernizing “smart assets” which were then only just coming into existence. NEM makes the correct assessment that existing blockchain asset management amounts to one-time, fixed data, that cannot be altered or transferred in the future. According to NEM’s pseudonymous founder UtopianFuture, this situation can be rectified with more modern designs which allow for the seemless transfer and issuance of assets. A token which could secure such transactions financially would carry value — thus enters XEM. Like Ethereum or other tokenized blockchains, NEM allows developers to build their own decentralized applications, and even their ecosystems for such applications, using the XEM token to pay for actual transactions executed on the network chain. This is what makes the token .

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