BOSTON, Mass. – NEM (XEM) is one of the cryptocurrency platforms that are drawing investors and traders. After Bitcoin’s success, investors and traders have been enticed by cryptocurrency investing. However, after Bitcoin’s setbacks, these investors have lost confidence and trust in Bitcoin in spite of its successful attempts at making a comeback, as shown by the various fluctuations in its price. This led said investors to transition to altcoins, which are independent from the influence of Bitcoin. NEM is one of those altcoins that are anticipated to make a potential continuous upswing should cryptocurrency continue its current upward trend.
NEM (XEM)’s features and technology, especially in terms of security, are what investors like about it. Although utilizing only two programming languages – C++ and Java – its algorithm is robust and therefore impressive. While other crypto platforms use proof-of-stake, proof-of-work, or a combination of both algorithms, XEM is programmed with a proof-of-importance algorithm. It also utilizes a famous reputation management algorithm named EigenTrust++, which is basically built for peer-to-peer networks.
Moreover, NEM further enhances its security features through its multi-signature accounts. This ensures authentication by requiring multiple signatures from investors.
It also has a notable feature called Namespaces, which is a system that enables renaming domains and allows users to create subdomains under one domain, thereby giving the users freedom to store their coins in user-friendly and secure addresses.
In NEM, a user can also generate new blocks. This process is more commonly known as harvesting. Users who harvest are given a minimum of 10,000 NEM coins while they run synchronized nodes.
There are currently 40 reputed companies across the globe that are in partnership with NEM. Its one significant partnership is with Xhai Studios, which might lead to a possible blockchain system and mobile gaming integration.
Currently priced at circa $0.36, NEM (XEM) is capped at approximately $3.2 billion in the market. As of April 18, it ranks at 12th place in the Coinmarketcap. This crypto platform regularly updates its features and technology. Possible partnerships in the near future, as well as contant upward trend, might lead to potential shifts in paradigm in the cryptocurrency market.