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Review on NEM by Annett Jager
NEM is a peer-to-peer blockchain platform for app developers. Its nativeβ¦
NEM is a peer-to-peer blockchain platform for app developers. Its native cryptocurrency is the XEM. Its code was created from scratch in Java by the New Economy Movement (NEM), which seeks to build a new economy based on the principles of financial freedom, decentralization, equality and solidarity. So I think it will grow very fast in the near future
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Pros
- The NEM platform is meant to offer blockchain solutions to entrepeneurs and businesses. It is meant to be easy to use, without a need for programming. It is designed for speed and scaleability, not for secrecy, which is why it has been described as being a contender to Visa, Paypal and Mastercard rather than a project for anonymity.
Cons
- Harvesting in NEM is analogous to mining in blocklchains like Bitcoin. It serves the same purpose of processing transactions and creating blocks in exchange for a reward in native cryptocurrency. The significant difference between mining and harvesting is that the latter does not need any specialized, high-energy-consuming hardware. When users broadcast transactions to the network, they pay a low transaction fee that goes towards supernodes. Supernodes are nodes that process payments on the network in order to obtain a reward in XEM (i.e. supernodes are nodes that harvest). Users must have at least 10,000 XEM in their wallet in order to harvest, and 3 million XEM in order to become a supernode. I feel it is not cheap
