Blockchain, NEM, Technology
NEM is more than just a cryptocurrency. It possesses a revolutionary platform based on a blockchain technology, having an improved ideal blockchain that has been well-thought of from scratch. It does not only allow peer-to-peer standard transfer of transactions, it also stores data, authenticates identity, stamps documents by date and time, creates new digital assets, and builds domain registry systems. NEM is enabled by the use of secure cryptography to be utilized for a variety of applications in different industries such as finance, medicine, government, and logistics.
Any business, government, and/or individual can use the NEM platform to reduce operational costs and improve traditional processes. Its objective is to be able to adapt to the needs of end-users by analyzing the advantages and disadvantages of existing blockchain platforms.
It has a two-tier architecture that specializes in security. The two layers (server and client) consist of NIS (NEM Infrastructure Server) and the wallet or light clients. In order to perform and log transactions without the need to download the entire blockchain, securely connect wallet to a NIS which will offer a convenient experience to users. NEM’s main wallet, NanoWallet, alongside other projects, also allows transactions with the NEM blockchain using its APIs.
The Test-Driven Development (TDD) methodology developed the NEM technology. It centralises all efforts to meet the requirements before starting to execute the technology, safeguarding each small piece of code created which meets one of these requirements/tests, hence avoiding inefficiencies and unnecessary code.
NEM Universal APIs are very convenient to use. By directing to an NIS, you can safely make calls utilising the methods in this documentation. Companies can create blockchain applications using their current development teams due to its easy integration, without having the need to hire and train new developers and expand infrastructure that may be too costly.
Proof of Importance (POI)
Proof-of-Importance (POI) is the first blockchain algorithm-based reputation of each account which NEM uses as an innovative consensus algorithm. It is grounded on facts of which accounts with more reputation are more likely to end up “harvesting” the next block. This shows that the commitment of consensus maintainers is significant due to the enormous amount of stake and network usage needed to achieve in order to increase their “harvesting power.”
Using POI, NEM improves on several characteristics compared to others that use Proof-of-Work and Proof-of-Stake. POI makes NEM less costly with regards to system maintenance and is also environment-friendly. It does not need to have expensive machines that consume heaps of energy. Through using previous commented APIs, any application can access the NEM blockchain securely without having the need to download the entire blockchain.
More Special Features of NEM
NEM also has an outstanding feature of having an average block time of 1 minute–10 times lower than that of Bitcoin. NEM, therefore, executes and validates transactions in a shorter time.
It is also the first blockchain with delegated harvesting (secure proxy mining), protection against localized spam, Eigentrust ++ for reputation management between node pairs, and customizable multi-signature m-of-n accounts with blockchain-based alerts. Another advantage of NEM is its zero inflation in the currency, which means it has a fixed supply of 8,999,999,999 million XEM coins created during the NEM launch. NEM has more other features worth mentioning, one of which is its automatic synchronization of P2P nodes, possibility of sending encrypted, unencrypted and hexadecimal messaging, signing and payment transaction approval in several geographically distributed steps, and permissible private sidechains (Mijin Instances).
NEM indeed has a wide variety of features that make it special. Many companies and institution tested it, proving its out-of-the-box and well-developed system and making it one of the top cryptocurrency there is in the market.
Reference: NEM.io
Source: https://coinsessions.ph/nem-production-level-blockchain-platform/