Last month was quite fruitful for the Changelly team. We’ve added three (!) new cryptocurrencies to our list. Now, it’s time to explain in details about each one. 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 independent of the other through the P2P.
Multi signatures integrated in 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 techology named Mijin, which is designed to decrease banking costs. This technology is successfully tested by the largest Japanese banks.
NEM is powered by XEM, a cryptocurrency which you may buy and sell on Changelly.
How to exchange XEM
1. So you’re on the homepage. Choose the amount of BTC you wanna exchange. Beneath you see the estimated XEM rate. Press ‘Exchange!’
2. Check the information. Change it, if needed, and proceed to the next step.
3. Specify your XEM wallet where you want your funds to be sent to. If you still don’t have one, learn how to choose the best.
4. Check attentively all information you’ve entered. Note that the amount in field ‘You get’ is estimated which means it remains volatile while the exchange process. Confirm and make payment only in case you agree with it.
5. Send your coins to the address below in one transaction. To do it, copy the address or scan the QR-code with your wallet app. Also please take into account, that you have 24 hours to send your funds, otherwise the transaction will be cancelled automatically.
6. Go to your BTC wallet and paste the address into the corresponding field.
7. Almost done! Wait until the transaction is finished.
8. Here you go! The transaction is completed, and now you can check your XEM wallet. Note that although the transaction is finished, in some cases your wallet needs for additional confirmations to display your received funds. All you should to is to wait until your finds are displayed.