Review on NEM by Oliwier Adler

Name: NEM
Item: NEM
Rating: 4

June 17, 2019

Nem review

The New Economy Movement is a solution for impending blockchain technology. The New Economy Movement (NEM) is quite unique for a number of reasons. The primary reason is that it is the first cryptocurrency to design the code from scratch after the bitcoin. The other factors which make it unique and different and stand out from the other cryptocurrencies such as versatility, stability, and a consensus system.

The NEM was initially started as the fork of the NXT. But later it created its own code from the scratch and became NEM. It was launched with an aim to create a blockchain which is smarter and more technologically advanced in the month of January 2014. 
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It is a cryptocurrency which is designed to provide an improved and enhanced platform and also a systematic method to maintain a ledger for transactions which is safe and secure.
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 The New Economy Movement has made the cryptocurrency transactions more efficient and simple. This has been achieved by eliminating the mining process and the requirement for powerful and expensive hardware. It has also reduced the energy and time which is required to process the transactions.
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Pros

The process which is involved in obtaining the NEM coins is known as harvesting. The NEM platform does not mine its coins unlike Bitcoin and various other cryptocurrencies. This system which is designed by the NEM will notify the users every time a transaction is processed on the network and generate a block. The transaction fees go to the user when someone generates a block with 10000 coins.
The interface of NEM is quite adaptable and also compatible with various most popular programming languages such as C++ and Java.

Cons

Some of the major drawbacks with every cryptocurrency remains the same. These include the danger of always losing the keys to the NEM wallet and getting involved some type of fraud. There is no consumer protection on the NEM network. The risk related to anonymity and high volatility cannot be overlooked as well.