Hello Stemians and Investors, we will continue our overview today Nem (XEM) features will be explained, fasten your seatbelts we are starting.
Background
NEM is a P2P cryptocurrency and blockchain that aims to solve the Bitcoin scalability problems. Launched in March 2015, it offers blockchain solution for individuals and businesses.
Technology
This is the most interesting part I will try to make some comparisons to make it the most understandable.
Multi-Signature Wallets - you can set a number of signatures required, this wallet is good for families and business funds. For all who don't know the multi-signature meaning, for security reason, any transaction would have to meet the approval of more than one party. Therefore impossible to withdraw funds unless you have the secret keys from all the multiple parties.
Privacy - this is an important issue I am trying to cover during my last posts. There are two types of blockchains for individuals and businesses. Catapult version (Its predecessor is Mijin version) offers a public and a private blockchain for Business tested by SBI Sumishin Net Bank (Japan's largest trust bank) andJapan’s largest cryptocurrency exchanges, Zaif, formed a partnership. There is a smart contract support like all the Ethereum platforms.
Anonymous - a big con is Nem is an open Ledger and all can track your transactions and have the ability to track your spending habits.
POI (Proof of Importance) - Harvesting instead of mining -the possibility to gains fees only by having a number of XEM in your wallet, only if you have more than 10'000 XEM vested balance in your wallet. A bit similar to Neo but with a restriction to a specific number of coins. Updates and developments are voted by everyday users, very similar to Dash. but different to Bitshare because BitShares offers a DPOS system very similar to the voting system of today, choosing a witness(a representative ) to promote an idea or updates.
Supernodes - Similar to Dash anyone with a minimum of 3 million XEM gets paid 140,000XEM divided by the total number of supernodes every day for running a supernode that meets a minimum technological requirement. With Dash its required to have at least 1000 Dashies.
Transactions 20 sec to be confirmed, the creation of a block takes 60 sec, no block size. 9 million coins created no more will be issued. 3000 transactions per second, 0.01% fees.
P.S - Nem is not open source, only the client code is open source
Team/Personalities
Nem president and founder Lon Wong - Vice-President of the Association of Consulting Engineers in Malaysia. Mastered a Bsc of Engineering honors degree in Electrical Engineering from the University of New South Wales, Australia
Nem developer Nikhil Jha - working on the IoT connections.
Treasurer Ken Leng Chan - Financial controller at GE. (General Electric)
Vice president Jeff McDonald - CTO at LUXTAG a digitized certificate of authenticity company, teacher of religious study (??)
Partnership
NEM Foundation partners with Metaps Plus. Seoul-based Metaps Plus, a leading Korean fintech company, and mobile marketing platform developer, integrate NEM’s blockchain technology to improve the payment processes.
In addition, they have the initiative to open a Blockchain Center in Kuala Lumpur, Malaysia to serve as an incubator, accelerator promoting the uses of their platform. And the monetary organizations described in the privacy section
