I first got interested in cryptocurrency just a few months ago, and now I have taken much time to learn about the benefits of NEM. (The New Economy Movement). This coin caught my attention after I learned about the features that it brings to the table compared to ethereum or bitcoin. In this article I am going to discuss Proof of Importance, how it beats ethereum in certain aspects & lastly, the upcoming months of NEM.
Nem uses the POI (Proof of importance) algorithm. POI on the network goes hand and hand with harvesting. For those who don't know what harvesting is, basically it's the process of generating blocks and earning the transaction fees in that block as a reward for the contributed work. To be able to harvest, you need to gather 10,000 vested NEM. Vesting is a process that takes 10% of your total amount of coins daily, and automatically vests the coin. For example, if you had 20,000 NEM. The first day of holding the NEM, 2,000 would vest. 18,000 would remain un-vested until the end of day 2. On the end of day 2, you would vest 1,800 (10%). In just 2 days of holding all your NEM, you would have 3,800 Vested. Technically speaking, if you wanted to harvest in 1 day, you would have to purchase 100,000 Nem and hold on to them for 1 day, and sell back 90,000 a day later. After you have 10,000 vested you will be forced to pay a one time payment of 6 XEM. You will then login to your NEM nano wallet & select a node to start harvesting on. 6 hours of wait time and boom you are now harvesting. There is no need for any expensive equipment. You can sit back, relax, and slowly gather XEM with no effort at all. I do have to warn you, sometimes the node gets reset & turns off your harvesting, but if you check it every couple of days, it doesn't have much affect on total profit. I would say, on average, you should find a block every 6 days, with a range of values from 0-60 Nem. Overall harvesting is easy & 1,700 dollars is a fair price on what this coin will earn you in the future. Plus, no programming or fancy equipment is needed. You can even harvest on a raspberry pie.
Next, Nem vs Ethereum has lots of discussion. I personally believe both will do great things. As far as NEM beating ethereum and outpacing it, well that is a big question considering this is all a speculative market. In my opinion, NEM is like the Wordpress and Ethereum is like the HTML. Nem offers a lot of built in application, allowing for faster projects, lots of time saved, and money saved on programmers. Nem also uses a lot less electricity since it uses harvesting instead of mining. It is a very eco-friendly coin. Lastly, Nem uses EigenTrust++ security. This is some top notch security. Nem uses 100% new code. This is an added security layer compared to other coins. Lastly, when delegated harvesting, your coins can be safe offline. When mining with ethereum, all your coins are on the network. Nem offers lots of JSON/API's that are easy tools for developing the products people are working on. Overall, NEM is highly sophisticated & can do most of what Ethereum can do, but sometimes better and in a much more timely manner.
Lastly, I would like to talk about the future of NEM. In the upcoming months, NEM catapult will gets announced. This will be a major financial overhaul of the current system in place. It will offer a lot of built in application to wipe out the current crap that banks run on. This will be the biggest update NEM has seen in the past year. The expectations for this product are expected to be quite high. Anyone not familiar with NEM catapult, I encourage you to google it & learn more on exactly how it will help the financial industry. Just today, we got an announcement that NEM will be setting aside 40 million dollars for global expansion & to develop an incubation center for more people to grow their products. It will be a overhaul for IT infrastructures. Lastly, NEM also will be getting a new updated wallet. This wallet offers more features than the previous wallet. Overall, I expect NEM to hit 45 cents by late August & be a powerhouse up and coming in the 4th slot on the overall crypto rankings. The announcement of catapult will be huge, and will bring a lot of money into catapult, where most may stick.
Nem will be one of the greatest cryptocurrencys in the game, as I have no doubt. Anyone interested in NEM can join the NEM RED telegram chat (via app). They can learn more about the technology and even communicate & hear about NEM news before most of the public finds it. Nem should rise for the next month in pre-hype to catapult being announced this summer. I have a lot of hope for this coin and I don't think it's going anywhere even with a slight fallback as of recent.
