Review on NEM by Francisco Varela

Name: NEM
Item: NEM
Rating: 4

May 13, 2020

NEM

NEM provides you with a platform to implement the best of blockchain technology for your business, quickly and securely. And NEM's Smart Asset system and simple development API put blockchain to work for you with maximum customization and minimum disruption.
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Pros

All of the NEM projects listed on their website are open source projects created by members of the NEM community.
The DAO Community Fund was created to promote the development of the NEM ecosystem by funding NEM start-ups to help drive their businesses.
The NEM core was built from scratch with a focus on solving real-world needs on a global scale. Which means NEM is higher performance, more customizable, easier to develop, and more secure than other blockchain solutions, by design.
The NEM architecture provides an incredibly secure and stable platform through the use of Eigentrust ++ and an incentivized public node network based on its two-tier architecture. The significant risks inherent in "smart contracts" on the blockchain are removed by providing building block customization to NEM functionality that keeps application security in your hands, not on the blockchain.

Cons

On January 26, 2018, the Japanese cryptocurrency exchange Coincheck fell victim to a massive hack that resulted in a loss of 523 million XEM coins, the native NEM token, worth approximately $ 400 million.