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What Is NEM Cryptocurrency: Everything You Need To Know About NEM

NEM is one of the oldest cryptocurrencies, which was started in 2014. However, it is the least popular one. The origin of NEM is Japan, but slowly it expanded its reach to Asia, Europe and beyond by collaborating with major corporations around the world to use the private version of the NEM blockchain.

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NEM was formed as a branch of NXT, which is another open source cryptocurrency and payment network platform. But shortly it got its own codebase after the development team at NEM.io foundation as it was decided to rebuild the system.

NEM.io i.e. nem.io is a non – a profit organization which was founded in Singapore is the motive behind the development of the NEM platform.

Symbol Initial Release Date Algorithm Type Max. Supply
XEM 31st March, 2015 N/A 8,999,999,999 XEM

You can buy, sell or trade NEM in the following cryptocurrency exchanges:

  • CoinSpot Cryptocurrency MarketPlace
  • Changelly Crypto – to – Crypto Exchange
  • Cryptopia Cryptocurrency Exchange
  • ShapeShift Cryptocurrency Exchange
  • Pholoniex Digital Asset Exchange
  • Bittrex Digital Currency Exchange’

Key Features of NEM

Read below to know the key features of NEM:

In order to construct a better blockchain, NEM platform and its associated coin XEM has two key strategies, which are:

Harvesting

Harvesting is the substitute to mining; it is a system that is designed by NEM in order to generate XEM. And this help maintaining the integrity of the NEM blockchain. And in every transaction someone makes, the first computer sees and verifies the transaction will notify the near will notify nearby users of that transaction, creating a cascade of information. And this process is known as “generating blocks”. Every time someone with more than 10,000 vested XEM generates a block in NEM, they receive the transaction fees on that block as payment.

Vesting XEM and Proof of Importance  

Mostly cryptocurrencies uses proof – of – work system which means that the computer does the work for the blockchain and you get the coins in return. However, with harvesting, NEM uses a “proof – of – importance” system instead.

Supernode Program

NEM supernodes are a high performance blockchain node which forms from the backbone of the NEM blockchain network. Supernode program provides advantageous to people who runs active nodes. High performance nodes are beneficial as it helps secure the network. The random given rewards are bandwidth, chain height, ping, and responsiveness requirements. However, to participate in the Supernode program, one must have at least 30 million XEM.

How to Choose a NEM Wallet

If you invest in a NEM wallet, you will want to keep your XEM coins safely on your NEM wallet. Or alternatively you can also keep your coins on exchanges. However, it is important to be cautious about its being secured on the exchange.

Also, a NEM wallet does not come with a lot of options. The only real option is the NEM Nano Wallet, which is a desktop wallet and it is compatible with Windows, Mac and Linux. And it is considered to be the best option as well.

It also offers a NEM Mobile Wallet that can be downloaded via the Android app or iPhone app.

How to Download the NEM Nano Wallet

To download NEM Nano Wallet, you can follow the below mentioned step – by – step guide:

Steps 1 – Visit the web page of NEM downloads i.e. nem.io/downloads and select your desired version of the wallet i.e. Windows, Mac, or Linux

Step 2 – Download and open the wallet.

Step 3 – Click on “Sign Up” which will be shown on the screen

Step 4 – Now you get to choose your wallet types: Simple Wallet, Brain Wallet, and Private Key Wallet. Select whichever option is convenient for you

Step 5 – Enter a name of your wallet. In the ‘Select a Network’ section, keep the default option of ‘Mainnet’. And then enter a secured password

Step 6 – Click ‘Create Simple Wallet’ and your wallet will then be saved as WLT file, which contains your private key

Step 7 – Now you will be redirected to an ‘Account Safety Warning’ page. Read through the information carefully and check to make sure that your wallet file, private key, and password have downloaded.

Step 8 – You will now land at the login page. Select the newly installed wallet, and type in your password. Click on ‘Sign In’, you will now be taken to the interface where you can download your NEM Nano Wallet.

How to Buy NEM

Now you have downloaded your wallet, you can purchase your XEM coins. You can buy the coins by following the below mentioned ways:

You can purchase NEM with Fiat on an Exchange

You can make this purchase with fiat via a couple of small exchanges, such as Exrates (XEM / USD) and https://www.litebit.eu/en (XEM / EUR)

Purchase BTC, and Exchange it for XEM on the Same Platform

This purchase is possible on larger exchanges such as Bittrex, Poloniex, or HitBTC. In case of Bittrex, you can also exchange Ethereum (ETH) for XEM. And is also considered to be one of the best possible options  available.

Purchase BTC, then Transfer it to Another Exchange Before Trading it for XEM

Also, you can first buy BTC on an exchange that does not have NEM such as Coinbase, Kraken, or Gemini. And then you can transfer it to the another exchange, in order to swap it for NEM.

Purchase NEM via Changelly

Or you can also purchase BTC at an exchange of your choice and then swap it for XEM on an exchange called Changelly. This is convenient as it requires almost no verification.

For that you can sign up with your email, and then can swap Bitcoin or any other crypto for NEM within 30 minutes.

How is NEM different From other Cryptocurrencies

There are certain aspects of NEM which sets it apart from other cryptocurrecies which are as follows:

NEM is 100% Traceable

There are no ‘private transactions’ on NEM just like its competitors such as Monero. Traceability also offers security features such as buyer and seller protection to be implemented. And that’s one of the reason NEM is a much secured coin.

It also has feature to track spending habits, which is a powerful feature and shall also attract more businesses to use it in future.

NEM Uses Less Power

Very minimal power is required with NEM rather than Bitcoin to run a node or harvest. That’s also the reason NEM’s transaction fees cost only a fraction of some of its competitors.

NEM is Not Subject to Inflation

NEM is substantial because all of the coins i.e. 8,999,999,999 (to be exact) have already been created. This means that there is zero inflation. For most of the coins such as Bitcoin or Litecoin, the mining process is still actively putting new coins into circulation, which will lead to some inflation.

NEM Does Not Focus on Retail Use

The focal point of NEM was never on coin price or retail use. On the other hand, many cryptococurrencies focus on the coins themselves, but NEM is much more focused on the platform and the development community to try to create new apps for the platform.

How to Transfer Money on NEM

You can transfer money using NEM; however that depends on the currency you’re transferring, since NEM is the blockchain technology and not the currency itself.

At present, NEM supports one wallet which is the Nano Wallet.

Follow the below mentioned guide in order to transfer money on NEM:

  • Enter the recipient’s wallet address or scan the QR code provided by the recipient
  • Enter an amount of XEM to send the recipient
  • Enter your wallet’s password, and click on “Send

The XEM amount will be sent to the recipient over the NEM network and will be received immediately.