If you have been monitoring the NEM (XEM) price patterns over the past period, you perhaps want to know what is NEM and how the cryptocurrency project works in detail. We are here to answer that in today’s NEM cryptocurrency news.
Basically, NEM is a dual-layer blockchain that is similar to Ethereum but written in Java, a popular computer programming language. Launched on March 31, the NEM mainnet supports multiple ledgers on its cryptocurrency layer and the NEM Smart ASsets layer supports mosaics to represent any store of value.
What is NEM is a good question – and the proprietary crypto coin is XEM which is harvested (mined) using a Proof-of-Importance (PoI) algorithm. What makes this coin so powerful is the Smart ASset System, and the nodes on the NEM blockchain process API calls. This makes it easy to develop for, whether the dApp accesses NEM’s API directly, through a server or in the background.
Basically, what this coin trying to do is build a blockchain-based cloud platform with a NEM Infrastructure Server (NIS) made of secure, decentralized processing nodes on one side and a client side like the NEM Community Client (NCC) which acts as a gateway.
Of course, the XEM crypto market performance has not been all good and the cryptocurrency did not have bullish periods in the past. In fact, in January 2018 when all eyes were on the crypto market’s meteoric price spike, the Japanese exchange Coincheck was hacked and 523 million XEM coins were stolen, worth around $500 million at the time. The cryptonews showed major losses at that time.
What is NEM working on is the incentive hybrid model that lets anyone participate as a node, simply put their money in the bank and gain passive interest, incentivizing to support the network in more of a profit-share model. This is how pension plans used to work for everyone born in the cost-cutting era.
There is an approximate volume of $50,000,000 worth of XEM is traded on a daily basis. Exchanges which accept the coin include Binance, Poloniex, Upbit, Zaif, Kryptono and Exrates. The BTC/XEM pair is the most popular one, even though there are other trading pairs including ETH, USDT and even fiat currencies like USD.
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