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Choose your quick section of our NEM review below.
A Quick Overview of our NEM Review:
NEM is a blockchain solution which was created specifically for business enterprises, offering them with an “on-ramp” into blockchain technology and the various crypto spheres.
NEM Live Price
What is NEM?
New Economy Movement, more commonly referred to as NEM, is a blockchain project which was developed to cater to service business enterprises in powering their private mission-critical infrastructures. NEM was built on its own blockchain and has several notable differences that set it apart from other projects and cryptocurrencies.
Key Features and Takeaways of NEM
A distinct and notable feature of NEM is that it was built from scratch on its own blockchain, and it has some of the following key features and takeaways:
NEM is a blockchain solution which was created specifically for business enterprises, offering them with an “on-ramp” into blockchain technology and the various crypto spheres.
NEM was built with compatibility in mind, allowing it to interoperate with a variety of applications ranging from mobile applications to mission-critical business infrastructure.
NEM has a permission-based and private blockchain that delivers industry-leading transaction rates to various internal ledgers.
NEM uses “Smart Assets” which are also referred to as “mosaics” which resemble digital assets such as bonds and securities as either cryptocurrencies or crowdfunding tokens.
The Proof-of-Importance (POI) algorithm is used by NEM and it utilises network theory to assign a specific hierarchy to harvesting accounts of miners or stakers depending on how many tokens they have stakes, their transaction totals, and the size and frequency of transactions.
NEM has its own foundation which was set up in Melbourne to build various partnerships and strategic alliances in Australia. It is a non-profit organisation which was established in Singapore and is the driving force behind promotion of various technologies to governments, industries, and academia.
NEM is used to create self-executing programs in addition to self-enforcing smart contracts. Through this, NEM and XEM is seen as an important part of industries such as banking as these applications are especially important.
The blockchain that NEM offers can be used to developed fintech systems, logistic tracking, ICO, documents, decentralised authentication, and several others.
NEM is focused on offering solutions that are both simple and flexible, with the blockchain run by nodes that use specialised software to ensure that NEM’s specific consensus mechanism is achieved.
NEM’s nodes provide the API gateway that applications may use to gain access to the blockchain, and they also work with others to build a peer-to-peer (P2P) blockchain network.
Supernodes are what forms the backbone of NEM’s network and to operate one, users must possess 3 million XEM, or more. These supernodes are run 24/7 in processing transactions on the network. These nodes keep the system fast and powered, ensuring that there is adequate efficiency and performance so that operation runs smoothly.
Supernodes are rewarded around 320 XEM per day that they operate.
NEM Mining
Overview
NEM’s proprietary blockchain uses the POI consensus mechanism to manage how nodes compete and verify the next block which is added to the chain. This order depends on the “importance” assigned to each node, determined by a score, and consisting of several factors including the number of coins the user holds, the number of transactions in the last month, and other factors.
The POI algorithm is one that has been modified from Eigentrust++, a system used to measure reputation on P2P networks. It works by enabling nodes to monitor others on the network and it also creates a reputation for these nodes based on their past actions.
XEM mining is different from other cryptocurrencies that require users to use computing power to produce blocks. Users who want to use the conventional method of mining can mine altcoins and convert them to XEM at exchange rates before taking up XEM harvesting as indicated below.
Harvesting and Vesting
The POI algorithm determines the users who can “harvest” NEM blocks. The harvesting of blocks involves the recording of blocks onto the chain and subsequently earning XEM rewards. There are two types of harvesting namely local harvesting mode and delegated harvesting.
In each of these harvesting modes, users must use the option for mining NEM or XEM which is not related to their current importance score. Users cannot purchase XEM from an exchange and expect to start harvesting right away.
As users deposit XEM into their NEM wallet, they are filed into an “unvested” category and 10% of the funds which were deposited will be transferred daily into a “vested” category. Once the user has more than 10 000 vested XEM in their wallet, the harvesting process can start.
Local harvesting consists of the user using the default settings on their own server instead of the NEM Infrastructure Server (NIS). There are three rules involved with local harvesting, namely:
The user is required to click on the “start local harvesting” icon or banner.
The user must be online while they harvest.
Users may not use NIS while they are harvesting.
The second type of harvesting, delegated harvesting, allows for NEM users and XEM holders to use a remote server to harvest on their behalf when they transfer their importance score to a proxy. Users who use this can collect NEM while they are not actively online as they delegate their harvesting rights to another user.
When using this mode, there are three rules involved, namely:
The collection of coins is non-stop.
There is lower power consumption when NIS is being use.
Account activation can take a few hours, typically up to 6, and it costs 6 XEM.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| XEM has shown increases in value in recent years as result of the unique technology that NEM uses | Only one wallet supported |
| NEM has a different take on blockchain technology, freeing it from the competitive field in which other crypto projects find themselves | Competition with Ethereum’s smart contracts |
| Unique take on mining called “harvesting” which has different requirements | To harvest, users must have 10 000 vested XEM |
| Lower computational requirements than other cryptos | |
| Variety of uses for NEM’s blockchain and technology |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Delegation harvesting and using NIS | 6 XEM |
| Requirement to start harvesting | 10 000 XEM and more |
| Withdrawal fees | 5 XEM |
Should you buy NEM?
NEM’s key feature is the fact that it uses different approaches with cryptocurrency and blockchain technology, with Mosaics at the core of that. Contracts are executed outside of the blockchain, meaning that they are faster and there is also no programming language used to build contracts. Developers make use of an API, which is faster and more secure than others.
Due to its unique technology, NEM and XEM have seen increases in value as the use cases for it increases. However, investment in this project and its native token will depend on the risk tolerance of the investor.
How to buy NEM (XEM)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase NEM/XEM and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
XEM can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading XEM.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading XEM, select the option from the “Trade” Menu. Enter “XEM” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select XEM_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair XEM/USDT.
Here, you will see that you have the option to buy or sell XEM either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy XEM through via Limit Order
To buy XEM and create a limit order for it, you can enter the amount of XEM you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell XEM through via Limit Order
To sell XEM, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, XEM that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
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Frequently Asked Questions
When was NEM first launched?
NEM was launched in March 2015.
Who founded NEM?
NEM came as result of a fork in NXT, a popular blockchain and payment network platform.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was NEM’s ICO and how much did it raise?
NEM did not have an ICO.
Is NEM legit?
Yes, both NEM and XEM are legit.
What is XEM’s total supply?
The total supply of XEM that will ever be issued is 9 billion.
What is the purpose of NEM?
NEM seeks to be an efficient way through which assets and data can be managed easily and cost-effectively.
On which blockchain is NEM based?
NEM is based on its own blockchain.
Does NEM work with smart contracts?
NEM has its own smart assets technology.
Does NEM have potential to become more valuable?
Yes, through its unique approaches towards blockchain technology, NEM and XEM have the potential to appreciate.
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