Review on NEM by Kenan Chalabi

What is NEM?

NEM, which is decentralized and autonomous like all other altcoins, has set itself the phrase “Everyone who uses NEM coins has equal rights” as its goal. NEM got its name from the initials of The Economy Movemenet (New Economy Movement). Launched in March 2015, NEM describes itself as the world's first smart asset.

NEM's development and progress is now managed by the NEM Foundation, which operates in accordance with regulations in Singapore. Founding members of the foundation are known as Erik Van Himbergen, Jeff McDonald, Lon Wong and Leon Yeoh. Erik Van Himbergen is a Belgian entrepreneur. He studied business economics at KU Leuven University, accounting and corporate finance at the EHSAL School of Management, and software engineering at the University of Antwerp. Van Himbergen, who founded the NEM Foundation but left the project in April 2020, founded the Manitpro BV consulting and information technology services firm.

How Did NEM Emerge?

NEM's developers use pseudonyms just like Bitcoin's developer, Satoshi Nakatomo. That's why it's anonymous. So it is not known exactly who created it. Created by someone nicknamed UtopianFuture, NEM initially originated as a fork idea. However, later on, it entered the path of becoming a crypto money with the partnership established with the Tech Bureau.

What is the Purpose of the NEM Project?

The highly complex NEM argues that it can see future potential as a coin designed from scratch. As the name suggests, it would not be wrong to say that NEM, which wants to create a new economic movement, has drawn a crypto money portfolio that wants to dominate the market in the coming years.

Structure of NEM Coin

The feature that makes NEM coin different from all cryptocurrencies in the market is that it has created a unique chain by rearranging the Blockchain technology. Building the blockchain for itself from the ground up, NEM is not like any other digital currency in terms of operation. By doing this, NEM, which tries to create an intelligent asset within the Blockchain chain, has thus created two chains. One of them is the private permissioned Blockchain, and the other is the Blockchain that is open to everyone. As we mentioned above, this situation looks rather complicated in the image. However, both Blockchain chains are integrated into NEM and they work closely together without interfering with each other.

Pol Feature of NEM Coin

In fact, we can say that NEM's event is to be preferable by providing difference and convenience in every field. Pol feature is also one of the reasons why it is preferable. Thanks to this system he created within NEM, he claims to have solved the transaction fee and transaction speed issue that Bitcoin investors complain about. As the number of trades made in NEM increases, the transaction speed will increase while the transaction speed will decrease.

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Operating System of NEM Coin

NEM, which is different from other coins with its establishment and structure, is also different from others with its operation. Not just a trading project, NEM is also a messaging program. NEM also has two different wallets designed for iOS and Android. In addition, it is not affected by inflation because high rates of NEM cannot be introduced to the market in a short time. At the same time, NEM, which has a trading order feature, provides its users with the convenience of making transactions even when they are not online.

No Mining, Harvesting Yes

Another feature that distinguishes NEM from all other coins is; harvesting instead of mining. As it is known, mining is done using Blockchain technology. NEM, on the other hand, has brought harvesting instead of mining to protect its own Blockchain. Harvesting technology is based entirely on “block production”. Accordingly, a transaction made by a user generates a block by transmitting it to all nearby users. If you have 10 thousand or more NEM coins in your wallet, you can generate blocks and receive the transaction fees of other users as payment.

Advantages of Harvest over Mining

The computer does not need to be high spec as there is no mining involved.

It consumes less electricity than mining. Such NEM harvesters save on electricity bills.

Unlike mining, thanks to the Supernode feature, network security increases and users' money can be protected more easily.

Other Advantages of NEM Coin

Thanks to its Harvesting feature, we can say that it makes its own money out of stone. By reflecting this on transaction fees, it tries to attract potential customers.

NEM, which allows you to customize the blockchain, increases your security.

The Blockchain used by NEM is so complex and so useful that there is almost no limit to what you can do. You can create your own cryptocurrency or even your own payment system using the NEM Blockchain.

Where to Buy NEM Coins?

NEM, which is not available on worldwide trading sites like almost all altcoins, can be obtained from popular crypto money sites such as Hitbtc, Binance, Bittrex and Bitfinex in exchange for Bitcoin or Ethereum.

NEM Coin Highs and Lows

Although we keep the NEM coin separate from other cryptocurrencies thanks to its structure, operation and Harvesting feature, NEM has taken its share from the fluctuations in the market. NEM, which entered the market at the level of $ 0.0001 in 2015, had its brightest year in 2017, like many altcoins, and saw around $ 1.80 in January. NEM, which is currently falling like all cryptocurrencies, is traded at $0.07.

Can I Invest in NEM Coin?

Investing in any coin can be risky in these months when the crypto market is bottoming out. We do not expect the NEM coin, which is at a better point than where it started, to experience big fluctuations for a long time. However, the rise of a NEM coin that has achieved its goals in the long run or made important steps in this direction may be an inevitable end. Because of the differences it has created, it has succeeded in raising expectations considerably. For this reason, to be able to invest in NEM coin, it is necessary to follow the investments and innovations made by NEM coin and not miss them.