Cryptocurrency NEM: overview, purchase, prospects for 2018September 10, 2018
NEM is a popular alternative cryptocurrency (altcoin), which functionality is based on blockchain technology. It was launched in March 2015, and its name is an abbreviation for the expression “New Economy Movement”. The new coin has received a rapid recognition in the crypto exchange society and has become one of the most promising assets for investment.
Description of cryptocurrency NEM and its features
NEM is not just a mean of payment. This is an exceptionally secure block technology that offers services such as payments using your own XEM token, messaging, smart asset registration and much more.
This cryptocurrency is very fast because the system performs transactions 10 times faster than bitcoin.
The alphanumeric cryptocurrency token NEM is called XEM and it is the heart of its work. The transactions are performed in the network with the help of XEM. But the financial possibilities of NEM are not limited to financial transactions. Thanks to additional security measures, this cryptocurrency can be reliably used for a variety of purposes, starting from the financial departments of enterprises to the government agencies, logistics companies, medicine, and many other industries. NEM can be used as a database for all types of information, providing a high level of security and sophisticated cryptographic technologies so that confidential information does not fall into the wrong hands.
One of the differences from other cryptocurrencies is that the algorithm of the network is based on POI (proof of importance), and not on POW (proof of work). Due to this, transactions attach a great importance to those users who regularly use NEM and have a large number of operations. Such users are given priority in speed when performing operations, as well as a preference during the block formation in the mining process.
Where to buy and hold NEM
If you want to buy or earn XEM (NEM) using mining, the first thing to do is to download the software called Nano Wallet. This is a free wallet, running on Windows, Mac, and Linux platforms. There is also a downloadable mobile wallet NEM for Android and iOS applications. If you want to use all the functionality of NEM, the PC versions are the best option. The version for smartphones is basically limited to sending and receiving XEM between users.
In order to install the wallet, you need to visit the official NEM website, where you can find a wallet download option. It’s quite easy to use this wallet. A high level of software security guarantees the safety of coins in the wallet. A specific file will be generated in the process of a new wallet registration, as well as an access key. This data should be stored in a safe place.
Как только кошелек установлен, можно приступать к покупке XEM. Сделать это можно на биржах. После покупки желаемого количества XEM их следует перевести в свой Nano Wallet.
How to earn NEM
All those who are interested in mining (collecting) cryptocurrency and making a profit, should make an initial investment of 10,000 XEM and delegate them to the node. Nano Wallet provides a similar function. Unlike Bitcoin or Ethereum, where you need to have your own powerful equipment for mining, here you need a minimal configuration of computing power. You must bind your account to a network of nodes.
By analogy with Ethereum and Bitcoin, transactions have a small fee, which goes as payment for the miners. Thanks to the POI algorithm, those users who make more transactions will receive more XEM.
The best option for NEM mining is the cloud mining service. At the same time, it will be necessary to rent the computing power of the server. Now such a service is not very expensive, but it makes it easy and comfortable to deal with the coins mining.
Prospects for NEM development
Now NEM is used around the world to pay for various services and fast financial transfers, and the fee if to compare with other popular cryptocurrencies is quite low. In order to buy XEM, you can use electronic and fiat currency. You can also exchange other cryptocurrencies for it. All this contributes to the growing popularity of NEM.
The first serious growth was observed in mid-2016, after which there was a decline. It was possible to make the successful investments at that time, because in the near future the value of NEM began to grow again and increased by 10 times.
At the moment, financial analysts believe that this crypto-currency has good prospects. It is connected with the high level of market capitalization and stable economic components. Since it is difficult to expect sharp growth of the exchange rate, it is recommended to consider NEM as a long-term asset.