NEM (XEM)

NEM

Basics

• Started in: 2015
• Based in:
• “New Economy Movement”
• Currency, Exchange, Pegged assets within, instead of controlling just money, you can manage stock ownership, contracts, medical records, and stuff like that.
• It appears to be the public counterpart to a private blockchain called Mijn, à la Ripple.
• Also has another new sister blockchain, called Symbol (16-3-2021).

History

• Founding can be traced back from NXT. Original investors (around 1500) paid NXT to get a XEM stake.

Token

Token Details

• Inflationary economic model

Tech

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].
• They created the blockchain from the ground up, 100% new code.
• Programming language used:

Transaction Details

• Capacity (TPS):
• Latency:
• "Instant Transactions", Transaction take about 6 seconds to show up, and 20 to confirm.
• You can write an additional message underneath your transaction, which costs 1 Nem per 15 characters.

How it works

• NIS1 is the original NEM blockchain.
• POI (Proof of Importance) which inherently promotes network usage as a currency rather than a storage of value.
• Allows multi-signature wallets.

Staking

• Works with “Super Nodes” needs 3 million NEM.

Privacy Method being used

• Not a private coin, blockchain is totally transparent.

Their Other Projects

NEM Hub

• From Crypto Briefing (24-7-2020):

"NEM has launched a cryptocurrency-powered social media platform that pays out cryptocurrency as a reward. The platform is intended as a way to earn rewards for NEM marketing content, not as a site for general content. NEM Hub went live on July 15, following an early launch on June 12."

Symbol

• Reinvented itself by launching its new Symbol blockchain (16-3-2021).

Roadmap

• Can be found [Insert link here].

Audits

• Bug bounty program can be found [insert here].

Pros and Cons

Pros

• Inherently encourages network usage
• Multi-signature wallets
• Consistent updates to the technology
• Has been active in establishing partnerships

Cons

• Less straightforward to understand the underlying technology than other cryptocurrencies which may inhibit uptake
• The Nem Foundation has had mismanagement and got almost broke
• What happened for NEM in 2018 according to Nic Carter:

1. "Something known as Catapult did not launch on mainnet
2. There were complaints over silence from the developers
3. The NEM foundation held an election, the results of which angered the NEM community, apparently
4. NEM decided to partner up with Ripple and Cardano
5. A Japanese exchanged called Coincheck got massively hacked, to the tune of $530m worth of NEM. The NEM foundation released a tool to blacklist those stolen NEM"

Team, investors, Partnerships, etc.

Team

• Full team can be found [here].
• Kristof Van de Reck: Co-founder and president of the NEM foundation
• Beniamin Mincu; Previously Product & Business at NEM Core

Investors

• In late 1-2019 the Nem foundation got into financial problems, reportedly only having funds left for 1 more month.

Partners 

• NEM decided to partner up with Ripple and Cardano creating Blockchain in Europe.
• Has gathered a list of partners around itself in combination with the Symbol release. Some of the partners are:

CoinGecko, Travala, Fireblocks, Storj, Humingbot and GurdaWallet (12-3-2021).

 (:

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