NEM is a platform that utilises blockchain technology. It was designed such that all application developers could use it and not just as a currency. It allows direct public transactions using a smartphone application. It also provides cloud services. Instead of the user having to create their own smart contract, NEM has a library of features that users can take advantage of, thus making it easier for everyone.
What is it?
NEM was created by a user or group of users who met on an online forum. NEM was founded in Singapore. NEM makes use of a cryptocurrency, XEM for its platform. Since NEM is completely new, built from scratch, it had the opportunity to do away with the proof-of-work and proof-of-stake algorithms. Instead of these, the platform uses the proof-of-importance algorithm. This algorithm helps avoid the use of expensive hardware that is usually required for mining cryptocurrencies.
Where to buy XEM?
As with many other cryptocurrencies, XEM can be bought online using netbanking. Or else, users can exchange other cryptocurrencies for XEM. BuyUCoin is a platform that allows the purchase of XEM. Binance, CoinSwitch, and Changelly are other sites that allow a user to buy or exchange XEM.
NEM makes use of a wallet called NEM Nano Wallet. Using this wallet, a user can send XEM and messages to any address or namespace. It allows On-Chain Multisignature and Multi-User Accounts. It can be connect to Changelly Instant Exchange. It allows the user to upgrade from an NCC (NEM Community Client) Wallet. It has been developed such that it is compatible with various popular software like Windows and Linux. There is a option to integrate this wallet with Trezor Hardware Wallet. The NEM Mobile Wallet is available with the official NEM Android App on the Google Play Store or the iPhone App on the Apple App Store.
XEM can be mined. Instead of using proof-of-work and proof-of-stake algorithms, NEM uses something called the proof-of-importance algorithm. The usage of this algorithm is beneficial because it makes the entire process of mining faster. This is because this algorithm is light and much more efficient compared to the other two algorithms. NEM also offers the opportunity for miners to use the other two algorithms. But using those, they can only mine other coins and those coins can then be exchanged for XEM.
XEM Price trends
As of mid-April 2018, XEM was trading at about $0.40 (USD). Historical price trends indicate that XEM started gaining in price (in USD) from around May 2017. There was a steady increase after this period that culminated with the boom in January 2018 when there was an increased enthusiasm about cryptocurrencies around the world. The price dropped off later though as interest in cryptocurrencies decreased. Here is a table with historical data for XEM prices for a duration of one year.
Risks associated with investing in XEM
As with all cryptocurrencies, there is an ever present danger of the currency being banned or prohibited in various countries. This is because the governments have not regulated the currencies. Also, from the historical price trends, we can see that the price of the XEM coin has varied by a lot, indicating high volatility. This makes it a risky investment for people looking to put their money into something safe with guaranteed returns. It would be better for investors to look into traditional avenues for investing like mutual funds that would beget them a better return on investment without running a risk of the government outlawing the product they have invested in.
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