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Review on NEM by Kai Stackhouse
Virtually any member of the NEM network, including everyday users of the…
Virtually any member of the NEM network, including everyday users of the platform, community members and developers, can suggest developments and updates. Development is paid for via a fund created during the creation of NEM. Other funding sources include community funding, investors, and people with large stakes in XEM who want to improve the network in hopes of growing their XEM value.
Pros
- 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
- 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.)
