Review on NEM by David Olayide

Name: NEM
Item: NEM
Rating: 4

January 01, 2021

NEM Could Be The Best Yet!

NEM which means new economy movement was created in March 2015 as an offshoot of the popular NXT blockchain-based cryptocurrency. NEM is completely different from the parent project NXT. NEM has its very own cryptocurrency that is called XEM although XEM is currently not being used by traders as a source of payments just like bitcoins and other cryptos. Yet XEM has nonetheless, grown steadily in value and is currently the twelfth-highest market cap among cryptocurrencies.

The NEM cryptocurrency only works with one wallet, called the Nano wallet. NEM tries to achieve a long-term goal of improving the blockchain network and it tries to do this, by using two important tools namely POI (Proof of Importance) and harvesting which is quite unlike that of Bitcoin which uses the POW (Proof of Work) system. So this POI is designed in such a way that you do not have to use your hardware processor in mining crypto coins at all on which is different from the Proof of Work system available in Bitcoin that requires users or miners to use to use their processors in mining cryptocurrency.

NEM also has many other uses for example it can be used to transfer digital tokens, files, documents and even contracts from one party to another. It can also be used by retail chain stores to keep records of consumer loyalty points reward system. NEM (XEM) keeps soaring because of it’s versatility and unique business strategy. Users of the project find it easier to manage assets and data in a more organized and efficient way by using this new model of blockchain technology. In fact, NEM was built specifically with the needs of large businesses enterprises in mind.
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 The official cryptocurrency XEM, can be bought on a lot of exchange platforms today. The crypto itself has a possibility of reaching great heights of price in the future.
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Updated 4 years ago

Rating changed from 5 to 4

NEM continues to make progress in it’s field of concentration as a cryptocurrency trying to make a change. I was pleasantly surprised to see that they have a lot up their sleeved when I visited the platform's website recently. At least it’s good to keep innovating and finding out more ways to improve whatever projects that have already been implemented.
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