Hello everyone,
I wanted to share with you my thought regarding NEM since i was following them closely for the last 6 months.
The question is is it NEM trying to surpass Bitcoin or is it even better than Bitcoin and Ethereum?
In some areas, I could say yes. For instance NEM is indeed more than ten times efficient in securing the network if you are going by upkeep costs. This means basically that Bitcoin miners are dumping probably more than a million dollars of Bitcoin each day to keep Bitcoin alive, but NEM harvesters barely need to sell anything at all. How does that matter? Well, let me put it the opposite way, what would the NEM market cap be like if US$1m of new money came in each day? It would be a lot higher than Bitcoin’s market cap probably.
With the next major release, we also will definitely have a main net that will scale in tx/s more than ten times Bitcoin.
And as far as features go, well, yes we have ten times that too. Imagine CounterParty built into Bitcoin; that is NEM Mosaics, but Mosaics are better. Imagine Namecoin built into Bitcoin. That is Namespaces, but yet, namespaces are A LOT better. Imagine messages being allowed to be built directly into Bitcoin in a proper way that it was designed instead of people hacking into the OP_Return. Imagine an advanced multisig application like Bitpay’s Copay built into NEM, except for again, NEM’s is still much better. I’m not just saying that; it really is.
And then we have spam protection, something Bitcoin has long needed, and we have node reputation. And imagine Factom that didn’t need its own coin and didn’t’ need its own network, and instead of just offering plain one-off timestamps, instead offered timestamps that were transferable to others, updatable, able to hold additional memos and even be branded, and now you have NEM’s Apostille. All right there for you when you log into NEM.
So that is more than enough to show why NEM is 10x better than Bitcoin, but what about Ethereum?
Well, for one, Ethereum doesn’t scale and can’t scale and will quickly run into the same problem as Bitcoin once somebody actually starts to use it. But NEM has been designed from scratch to scale. Two, Ethereum is not easy to build on nor safe. With NEM, third-party devs get super easy APIs to build on that are always 100% safe. Ask yourself where is Ethereum’s namespaces or Ethereum’s Apostille? There is a reason you can’t really find it. Both of these are actually possible in Ethereum, but would require something quite complicated to build, but these are easy to do in NEM. So in some cases, NEM is ten times easier to build on than Ethereum for a certain range of advanced applications, but in other cases, this isn’t true. In some cases, Ethereum can do some things NEM can’t. That is because the platforms are very different.
So while a good case can be made that NEM is always better than Bitcoin, it is hard to say the same applies for Ethereum, but overall I think NEM is still better than Ethereum. Think of Ethereum as a platform where you can do anything, but it might be a little hard, and NEM as a platform where you can do a lot of the most important things, but it is easy to do. Anyway guys let me know what you think.
Thx