Review on NEM by Philipp Friedmann

Name: NEM
Item: NEM
Rating: 4

August 30, 2018

NEM works through a customized version of the Eigentrust ++ algorithm. But NEM…

NEM works through a customized version of the Eigentrust ++ algorithm.
But NEM developers have decided to create a completely new code base.
The system that NEM uses is the proof of importance (POI), unlike the proof of work that uses Bitcoin for example. This means that the knots are measured on the quality of the work provided and not on the quantity. This is the technique that protects the network.
﻿

Pros

NEM has set up a rewards system called Supernodes. It is through this system that the NEM Foundation rewards people who manage very active nodes. As a result, users with 3 million XEM receive 140000 XEM reward, divided by the total number of Supernodes daily and requiring the execution of Supernodes. In addition, to receive the reward, the user must meet the minimum requirements of the NEM Foundatio

Cons

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.