In this article, you’ll learn about NEM/XEM and its great features!
NEM is a blockchain Java based platform that provides smart solutions for payments, messaging, assets and even a naming system. The platform was officially launched on March 31, 2015. The main goal of NEM is its distribution model on a proof-of-importance algorithm.
Developers can create light and easy applications on NEM that don’t require much computing power and electricity. NEM can be used to create different apps features, such as encrypted messages, offline wallets with harvesting including mobile ones for Android, spam protection and node rewards.
NEM contains certain features to build truly easy and secure applications. Mosaics and Namespaces allow to build a brand, its reputation and create variable assets to make, buy or sell them worldwide. NEM provides P2P mulitisig secure accounts.
One of the key features of NEM is its code on the Proof-of-importance algorithm and a client-server model. This is the first crypto platform with the Eigentrust++ algorithm integrated as a reputation tool. NEM checks the behavior of nodes placing the emphasis of the quality.
NEM’s working principle is based on two things. The first one is NIS (NEM Infrastructure Service), the other is NCC (NEM Community Client). One runs independently of the other through the P2P.
Multi signatures integrated into NEM require more than one user to complete a transaction before it’s included to the blockchain.
Where NEM is implemented
NEM now is used by a private blockchain technology named Mijin, which is designed to decrease banking costs. This technology is successfully tested by the largest Japanese banks.