Review on NEM by Moshe Bal

Name: NEM
Item: NEM
Rating: 4

June 17, 2019

Nem ( XEM ) review

NEM offers is Namespaces and Mosaics. Namespaces are like unique named addresses that you can save for yourself where you can attach your assets. Mosaics are tokens that are used for fuelling that system. 
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NEM project’s main goal is to have a blockchain for every type of industry, government or academia. Right from the moments of inception, the blockchain has been developed with two things as a focus – scale and speed. 
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The unique blockchain technology it possesses delivers industry leading transaction rates for internal ledgers. On top of that, the revolutionary consensus protocol and the Supernode program ensure the growth and stability of the network.
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The NEM cryptocurrency was created back in 2015 on the 31st March. Its origins can be connected back to January 2014 and the whole code was written in Java instead of being a fork or a copy of an already existing blockchain. Unfortunately, there is no official road map for the NEM project as developers like to just give results without creating a roadmap for now. 
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According to some of the analysts though, NEM can easily rise to the top 5 positions of the most valued cryptocurrencies in the near future. This is the reason why a lot of investors are looking out for this crypto coin and looking for opportunities. The team has announced that they will continue to work on a project for a private blockchain along with the Tech Bureau Corporation and finish their development of the blockchain engine code named Catapult. 
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The NEM blockchain is a peer-to-peer decentralized network that uses an unique consensus mechanism called Proof of Importance (PoI). Unlike Bitcoin’s well-known Proof of Work consensus algorithm,
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Pros

Transactions of Nem are traceable and there is buyer and seller protections at work.
Energy efficient – any computational resource necessary for any action within the network is hundrets of times less intensive than running a node on a different network like Bitcoin
Not subject to inflation – all of the coins were generated with the Genesis block, which leaves no opportunity for inflation to occur

Cons

Network possesses is then main con of Nem, that it lacks the technology and flexibility of other networks like Ethereum.
Bad marketing strategy – maybe the biggest flaw of them all
Poor community – while it is active, they are not informed well and the reports for activity are lacking