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Review on NEM by Anke Fuerst
NEM is a peer-to-peer cryptocurrency and blockchain platform launched on March…
NEM is a peer-to-peer cryptocurrency and blockchain platform launched on March 31, 2015. Written in Java, with a version in the works, NEM has a stated goal of a wide distribution model and has introduced new features to blockchain technology such as its proof-of-importance (POI) algorithm, multisignature accounts, encrypted messaging, and an Eigentrust reputation system. The NEM blockchain software is used in a commercial blockchain called Mijin, which is being tested by financial institutions and private companies in Japan and internationally
Pros
- Have its own wallet (the Nano wallet, simply click and download). It can be set up quite simple and fast(uses your browser window to open the wallet), but still not that user friendly for generic public. (A quick demo video)
Cons
- NEM, like most of other cryptocurrency networks, is a peer-to-peer (p2p) network. P2P networks have the great advantage over centralized networks in that they are robust against failures of some nodes since eliminating some parts of the network doesn’t interrupt the operation. However, they are not flawless
