Review on NEM by Othere Obtentus
New Economy Movement
NEM (New Economy Movement) is a digital network that aims to be an effective way to approach assets and data efficiently and cheaply. NEM was built from scratch, creating its unique blockchain from the foundation, with some significant variations from other related ventures, including 'harvesting' and 'Proof of Importance'.
Delegated harvesting is a NEM substitute to mining, where accounts that have staked 10,000 XEM will connect the account to a node to create blocks on the blockchain.Accounts communicate to each other to log and check transfers and receive processing fees as incentives.
The Proof of Importance (POI) protocol uses network theory to allocate a system of harvesting accounts depending on the amount of tokens involved, the transactions made in other NEM accounts, and the scale and volume of such transactions.
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Pros
- Designed specifically for business enterprises
- Unique harvesting system and proof of importance algorithm
- Many established business partnerships
- Private blockchains through Mijin adaption
Cons
- Anonymous Team
- Lack of Strong Marketing
