Released in an alpha version in June of 2014, with the actual beta launch in March 2015, the digital asset NEM.io was conceived. It is the creation of a Bitcoin Talk forum user known as Utopian Future who was inspired by the cryptocurrency Nxt and wanted to improve upon it. Over time, NEM became an open call to participants on the forum. This led to a grassroots community charged with building it from a very basic seed of an idea.
NEM is more than just a peer-to-peer cryptocurrency that handles the native currency tokens known as”XEM”. It’s also a solution platform that is peer-to-peer in nature, providing services like payments, messaging, asset making, and naming systems. It is for these reasons that NEM is generally viewed as an evolving solution, replete with an outstanding core blockchain technology.
NEM comes in two flavors – the standard public blockchain and the permissioned or private blockchain. It employs a tiered architectural structure germane to the Internet but uncommon in the blockchain space. As a result, it is not necessary to run a node to be able to utilize the ecosystem. This method harnesses the ability to foster web, mobile and other thin clients without creating a costly footprint on devices.
NEM’s application-specific yet generic model allows it to do lots of things. First and foremost it’s a ledger that allows transactions to be executed in either numbers or text. Therefore it can establish proof-of-existence of an event or a document, such as an asset or even a simplified file.
Moreover, NEM is capable of managing multiple asset ledgers that coexist in the same blockchain, in either a mutually inclusive or mutually exclusive manner. Multiple assets can be uniquely issued and can come from one issuer. This allows NEM to be utilized for multiple applications such as game points, loyalty programs, mobile payment and settlement, notary solutions, document procurement and asset title management.
Another unique feature of NEM is that it has been developed independently of any other blockchain solution. In other words, it is not a fork and was developed from the ground up, utilizing fundamental blockchain concepts.
It also possesses a multi-sig feature which doesn’t require an intermediary server/wallet like most blockchain solutions. Transactions necessitating signatures are broadcast live online to all its nodes.
NEM’s Expansion Forward
As awareness about NEM continues to expand within the crypto scene, it has formed new collaborative relationships. A recent example is NEM’s new recent partnership with ChronoBank, a time-based cryptocurrency project for the recruitment sector. This arrangement will allow ChronoBank to issue Labour Hour (LH) tokens on the NEM network, as well as create a dedicated ChronoNEM app.
Chrono will also have access to on-chain, multi-sig transactions, one of NEM’s flagship security features. Up to 32 signatories can be required to sign a transaction and, unique to NEM, signatures are propagated across the blockchain as soon as they are created. This means further signatories do not have to worry about an aggregating server going offline – there is no single point of failure.
Lon Wong, President, NEM.io Foundation Ltd, who became part of NEM’s core team in June 2014 says Chronobank is a classic example of a situation where the need to manage and maintain multiple assets on a blockchain suits NEM’s capabilities well. “On the one hand, it gives them a peace of mind in managing their assets without worry about transaction issues. It also provides them with the means to sign or read transactions off the blockchain, allowing their core solutions to interact with the blockchain seamlessly and with ease. All of this shows how NEM can be put to good use.”
Wong’s greatest hope is the widescale adoption of NEM in the mainstream market before 2020. “Moving forward, we shall be engaging mainstream industries, academia and government globally. The industry is nascent and I am confident we will get somewhere in the years to come.”
Available on Shapeshift: No
Launch Date: March 2015
Market Cap: 54,677,879
Available Supply: 8,999,999,999
Consensus Algorithm: Consensus mechanism is based on the standard protocol of >50% of all accounts on the network agreeing to the transactions in every block.
NEM on CoinCap: http://coincap.io/XEM
NEM Website: https://www.nem.io/
NEM on Twitter: https://twitter.com/nemofficial