NEM – New Economy Movement uses XEM, a cryptocurrency. They have officially launched on March 31, after having been developed for over a year. NEM features unprecedented Proof-of-Importance (POI), a 100% original codebase and uses very little energy. Additionally, it currently has a good number of active people, with a potential of increasing rapidly in the future.
POI is a mechanism that creates consensus by working out how important an account is based on its balance, activity and transactions. In doing so, the velocity of money is increased as people no longer hoard their money just to increase their importance.
Naturally, with this type of program, security is of the biggest importance. Hence, both individual accounts and the network itself are highly protected through the Eigentrust++ system, which ensures only trusted sources can receive network traffic. Additionally, there is a node synchronization services, which also protects from spam. No other cryptocurrency has been able to do the same so far, so this is another factor of uniqueness tied to NEM.
NEM has a number of features that make it worth taking a look at, including:
- Multi-signature capabilities
- User friendliness
- Encrypted messages
NEM is currently written in Javascript and Java. Their team is made up of some of the most recognized web developers, including a number of Ph.D. holders. They perform various tasks on a daily basis around the world, including testing, marketing, PR, design, tech support and so on.
The system has been tested rigorously and it can now be used in various applications. It is very obvious that reliability and security are at the forefront of the platform itself. The NEM ecosystem is much bigger than their XEM cryptocurrency as well. They intend to have a fully decentralized system that includes such things as smart contract, asset exchanges, property tiles and so on. The goal is to offer something simple that truly works.
The platform can also run on mobile devices and other low-power products, without there being any need to download third party information. Hence, a user always has full control over their platform.The NEM ecosystem will soon be launched in full which means that it will be ready to take on a range of different real world transactions and will strong link to social media as well.
Based on everything that has been outlined so far, what do you personally think about the new developments? Do you trust the idea that this cryptocurrency system will continue to improve? Let us know your thoughts in the comment section below.
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