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Review on NEM by Lena Schneider
NEM was started by a Bitcoin Talk forum user called UtopianFuture who was…
NEM was started by a Bitcoin Talk forum user called UtopianFuture who was inspired by Nxt. The initial plan for NEM was to create a fork of NXT, but this was eventually dismissed in favor of a completely new codebase.[8] Starting on January 19, 2014, an open call for participation began on the Bitcointalk forum. The goal of the call was to create a community-oriented cryptocurrency from the ground up.
Pros
- Use the new Proof of Importance(PoI) algorithm: Compared with Proof of Work depending totally on hardware mining abilities, this algorithm takes into account how many transactions are made and the total token amount in an address. This incentivizes coin holders to carry out transactions, which helps the growth of the network in the long term.
Cons
- As Ethereum is widely accepted and has no significant drawbacks now, it is hard to see people switching to NEM. The number of users is something to concern about.(I personally will stick to Ethereum for development, but will keep an eye on NEM.)
