Difference between revisions of "NEM (XEM)"
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Latest revision as of 08:56, 23 January 2022
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
ICO
Token allocation
Utility
Token Details
- Inflationary economic model
Stablecoin
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.
Oracle Method being used
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).
Governance
DAO
Upgrades
Roadmap
- Can be found [Insert link here].
Audits
- Bug bounty program can be found [insert here].
Bugs
Usage
Projects that use or built on it
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:
- "Something known as Catapult did not launch on mainnet
- There were complaints over silence from the developers
- The NEM foundation held an election, the results of which angered the NEM community, apparently
- NEM decided to partner up with Ripple and Cardano
- 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"
Competition
Coin Distribution
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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