NEM (XEM) is a peer-to-peer cryptocurrency and blockchain platform written in Java and JavaScript languages. The cryptocurrency was developed by Bitcointalk users. User UtopianFuture was inspired by Nxt cryptocurrency. Initially, the XEM coin was supposed to be a fork of Nxt but ended up with entirely new codebase.
New Economy Movement
NEM (New Economy Movement) is a blockchain technology built with servicing various business enterprises in mind. The project is developed from scratch, with emblematic features such as ‘harvesting’ and ‘proof of importance’. NEM has a native token (XEM) that is used as a digital asset and spending currency.
Company Message
(nem.io) NEM’s architecture provides an incredibly secure and stable platform through its use of Eigentrust++ and an incentivized public node network based on its two-tier architecture. The significant risks inherent in on-blockchain “smart contracts” are eliminated by providing building block customization to NEM functionality that keeps application security in your hands, not on the blockchain. And NEM’s private blockchain option allows complete control over internal data privacy when a public blockchain isn’t the right solution.
NEM supports Mosaics, which allow you to create various blockchain-based assets. They can have various uses, such asas currency in games, loyalty points, securities, vouchers and more. Mosaics can be transmitted and non-transferable, divisible and indivisible, have their own description and can be sent along with an encrypted message in a single transaction.
NEM API allows building dApps for documentation, fintech, supply management, etc. NEM has multiple established partnerships which are already using its services and infrastructure.
Nodes in the NEM network interact with each other by sharing information about entities like transactions and blocks of transactions. A node can either broadcast new entities to other nodes or ask other nodes for those entities. Having received information from a remote node, a node can verify the validity of the information and check if the information is usable. Each node can decide if an interaction (or ’call’) should be seen as a success (new valid information was received), neutral (valid, but already known, information was received) or failure (invalid information was received).
NEM uses elliptic curve cryptography to ensure confidentiality, authenticity and non-repudiability of all transactions. Each account is a private+public keypair and is associated with a mutable state that is updated when transactions are accepted by the network. Accounts are identified by NEM addresses, which are derived in part from one way mutations of public keys.
Each account is associated with its current state, which factors things like
• account balance
• number of harvested blocks
• height of the first transaction that referenced the account
• list of multisig accounts and list of cosignatories
• information about delegated account status
• importance and NCD aware rank
• vested balance
Poof-of-Importance (PoI) is the name of the block chain consensus algorithm used by NEM. Each account is assigned an importance score that proxies its aggregate importance to the NEM economy.
Accounts with higher importance scores have higher probabilities of harvesting a block. Because all transactions are publicly available in NEM, the transaction graph of the NEM economy can be calculated exactly. The topology of the transaction graph can be used as an input into the importance of an account. The insight that the transaction graph can be used for elucidating the importance of an account is the key innovation of Proof-of-Importance.
The NEM block chain platform allows all transactions to be transparently viewed. This information about value transfers between accounts can be used to determine a rating for the importance of accounts. The intuition that not all nodes in a graph have the same salience, or importance, is not new.
To be eligible for entering the importance calculation, an account must have at least 10,000 vested XEM. All accounts owning more than 10,000 vested XEM have a non-zero importance score.
As mentioned before, NEM is a blockchain solution designed specifically for business enterprises as an onramp into the blockchain and crypto sphere. It is built to be compatible with many applications from mobile apps to mission-critical business infrastructure. Its permission-based private blockchain delivers industry-leading transaction rates for internal ledgers. As a smart assets system, NEM enables users to create and deploy assets on the blockchain, which can serve different purposes, depending on business needs. Either Initial Coin Offerings or Security Token Offerings can be hosted on NEM, or build a loyalty points program. XEM is a native cryptocurrency of the NEM ecosystem. It is used for paying within the public blockchain. NEM has both private and public blockchain. The private blockchain, named Mijin, allows users to reduce operational costs and improve operation quality. The NEM blockchain uses smart asset system. It helps to create native assets for dApps, which serves different business purposes like KYC, money transferring, voting, etc.
From the two most popular hardware wallets, only Trezor offers Nem support.
Trezor
Installing is really simple. To properly install it users should attach the unit to the computer. After that continue with installing the bridge which allows the Trezor to join with the computer. The first step is to connect the Trezor to device’s USB slot with the cable given in the box. After that, go to myTrezor.com and proceed with installing the browser extension. Trezor can also be used on Android or an iPhone, or on a Windows or Mac computer. Now, initiate the extension and myTrezor will direct you to pick a PIN. After this, you will notice nine buttons but the numbers are hidden. Afterwards, users should check the Trezor’s screen to recognize which numbers are in which place because it switches every time. Now set the PIN. Shortly after, Trezor should present a 24-word wallet “seed”. In short, one word at a time. Note down this seed and save it carefully. If your Trezor device malfunctions or is lost, you can utilize the seed to reconstruct the complete wallet. This video explains how to set up your trezor quite well.
NEM NanoWallet
NEM’s NanoWallet is a desktop client that’s designed to make it as quick and easy as possible to store and manage XEM. Compatible with Windows, Mac and Linux operating systems, it allows you to send XEM, mosaics and messages to any address or namespace. You can create on-chain multi-signature and multi-user accounts, and the NEM NanoWallet also allows you to maintain control of your private keys.
Exodus
For users that prefer a more traditional approach, Exodus offers NEM support.
Exodus supports numerous other cryptocurrencies along with NEM and is pretty straightforward and easy to use. Just download the app from the official site(exodus.io) and get straight into creating your wallet. Exodus stores your Private Keys on the machine you choose and not on any server, providing you with a relative peace of mind when it comes to the security of your coins.
Unfortunately, we cannot recommend any online wallets for NEM, as the ones that are already available do not meet the security criteria we adhere to.
Coinswitch
CoinSwitch provides an easy way to buy NEM with credit card (Master/VISA) anywhere in the world at the best available rates. At CoinSwitch, you can compare current NEM rates across all major exchanges, and buy XEM with credit card instantly in just 3 clicks. Currently no big reputable brokers like Coinbase or Coinmama offer NEM purchases with credit card.
Another route you could always take is buying BTC first and NEM through one of the big exchanges, like Binance
