Review on NEM by Olugbenga Ajayi
NEM now and in the future.
NEM stand for New Economy Movements and powers the smart asset system . It was created in March 2015 as a blockchain protocol with a lot of built in features like mosaics and multisig account. These two features can be accessed via API and SDKs. NEM code was written in Java . Mosaic function tokens to be created, issuud and distributed on NEM. Multisig provide a security platform where there must be multiple signatures for transaction like remittance to be approved. It is a 3-step wallet used to secure transaction. Every user owns XEM in NEMs currency. When a user owns XEM as many as 10,00, he or she will get importance score. NEM also provides features like messages included on transaction that can be used for secure communication. The NEMs recent project has been undertaken project that can solve corporate, organizational and social issue.
NEM has enjoyed a lot of growth even amidst of thetheis pandemic. Early this year NEM hit a six months high. Data from cointelegraph Market watch showed that XEM recently gained nearly 25 percent overnight. Recent announcement by it's president to go on 6 months sabbatical has met with divided view form it's user. Also plan is underway to consolidate NEM three projects which are NEM ventures, NEM trading and NEM software. How these will affect it's growth is yet to be seen.
Pros
- NEM has made a good name among it's user community
- It works beyond fintech space
- Transaction approval is fast
Cons
- It lacks clarity
- Fee for producing token is high
