All Cryptos > NEM (XEM)
NEM is a peer-to-peer cryptocurrency and blockchain platform launched on March 31, 2015. Written in Java, with a C++ version in the works, NEM has a stated goal of a wide distribution model and has introduced new features to blockchain technology such as its proof-of-importance (POI) algorithm, multisignature accounts, encrypted messaging, and an Eigentrust++ reputation system. The NEM blockchain software is used in a commercial blockchain called Mijin, which is being tested by financial institutions and private companies in Japan and internationally.
NEM is overall improved by writing the code completely from scratch in Java. It can handle 3000 transactions per second
Introduces “namespace”: Namespace is like a domain name system that can be used to create a unique place and subdomains for businesses.
Use the new Proof of Importance(PoI) algorithm which takes into account how many transactions are made and the total token amount in an address.
Has a special messaging feature where no XEM needs to be sent in order for a message to be sent and the transaction fee is lower.
The official website is still not easily understandable for standard users. Mass adoption is less likely to happen if people are not well educated with NEM’s features.
As Ethereum is widely accepted and has no significant drawbacks now, it is hard to see people switching to NEM.
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