New Economy Movement is one of the cryptocurrencies very few people have paid attention to in the past. Many enthusiasts assumed this was just another altcoin, even though it uses a completely different codebase. But over the past few months, NEM – or XEM, as it is called on the exchanges – has been increasing in value. At the time of writing, the cryptocurrency was nearing the US$100m market cap.
What Makes New Economy Movement So Appealing?
Making a new cryptocurrency stand out from the others is not an easy task these days. New Economy Movement is a proof-of-take cryptocurrency, but with a more corporate idea behind it. NEM follows the organization principle to promote fairness and equality, while still attracting new developers.
Over time, this concept has evolved into some exciting features. All of the network nodes have a reputation score, preventing illicit players from sending false information to the system. Moreover, active nodes will have their data acknowledged, whereas others will need to build up their reputation over time.
A cryptocurrency is nothing spectacular without some exciting features. New Economy Movement offers multisignature contracts, all of which are provided “on blockchain” This means the multisig wallet is not based on the client, but rather on the blockchain itself. As a result, the solution is cross-currency agnostic, as long as the wallet or app connects to the NEM chain.
The Multisig part of this technology creates a contract assigning rights and powers to specific accounts. Users can also change the m-of-n structure of these blockchain-based contracts whenever needed. Adding or removed people is very simple to do which adds another layer of security to this concept at the same time.
There are other interesting features offered by NEM, which attract a lot of attention from investors right now. New Economy Movement has seen a spectacular price increase over the past year, by over 7,624%. Moreover, this largely under-the-radar-flying cryptocurrency is moving towards a US$100m market cap.
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