1 Basic information
consensus algorithm: POI (proof of importance)
Mining method: harvest
Project launched: January 19, 2014
main chain online: March 29, 2015
Code base:build from scratch (Java)
TotalMarket Cap Ranking: 7
2 Vision and Mission
Vision: To transform the way the world INTERACT & TRADE in a more equitable & transparent way, for the good of all.
Mission：Sharing our NEM technology freely to EMPOWER societies, economies
and enterprises through education, equipping & enabling engaging
the world on the NEM blockchain platform.
3 NEM’s Features
NEM has a unique namespace/smart asset system, very similar to the structure of the internet domain/page, each user can easily apply for their own namespace, and issue the chain of assets on the public chain. XEM is the chain of assets published in the NEM base namespace. NEM is a set of zero-programmed, java-based blockchain systems, which runs the digital asset XEM with the following basic features:
the perfect collection value-The amout of XEM is constant, no inflation.
Easy to trade: chain transaction carrying capacity, TPS is very efficiency
Harvest system: hold coins for passive income
High efficieny: blockchain operation does not generate significant power demands and energy consumption.
Demand is high: XEM is consumed by billing and publishing smart assets on the public chain
4 NEM protocol
At present, the mainstream blockchain protocols are classified into Pow, PoS and hybrid protocols, the PoI consensus algorithm adopted by NEM belongs to the evolution of PoS. the PoI algorithm has the advantages of low power consumption, high efficiency, etc., and also protects against the 50% of Sybil attack that PoS may cause.
5 Ethereum VS NEM
The current Ethereum blockchain system provides a flexible smart contrac bears, it has a lot of development tools and has well-defined security standards.
However, Ethereum’s smart contracts are like the ancient Greece’s legal texts, once written it can’t not be changed. Although the contract has standardization and security, but it can’t implement many more complex functions, and also not easy to iterate. Once complex functionality is written on Ethereum’s smart contract system, there is a possibility that the backdoor and vulnerabilities will not be blocked.
While evaluating NEM, the way NEM are applied to the blockchain is different, the core is using NEM can write smart contracts below the line of chain to avoid many problems of Ethereum’s smart contract
NEM developed a complete REST API interface, it is easy to use, and supports for all major development language, to pack the core transaction module perfectly to improve the security and transaction atomicity. It uses namespace systems and mosaics to ensure NEM’s perfect financial trading flexibility and is ideal for all types of notarization, traceability, voting, registration, etc.NEM wallets Nanowallet has many versions, like windows, Mac, Linux, IOS and Addroid, which fully demonstrate the applicability of the API.
6 NEM’s R&D team
The core R&D team of NEM is a group of experienced technical geeks headed by Jaguar. They are distributed in different countries and regions in North America and Europe, they jointly build the NEM’s core engine.
NEM foundation is a non-profit organization with headquarters in Singapore and worldwide network. The foundation is committed to continually evolving the NEM blockchain technology to foster a vibrant ecosystem of NEM users and developers from all walks of life and government agencies.
7 NEM’ private chain Mijin
except for a public chain system, thers is also a complete set of proprietary chain systems, Mijin, which completes the development and promotion of Mijin’s private chain system with a technology team led by Japan’s technology agency
8 NEM Projects
NEM’s public and private chain applications have been around the world, distributed across different countries and industries. Recently, NEM has built a 1000-square-meter blockchain research and application center in Kuala Lumpur, Malaysia.
9 What’s Next?
NEM’s next generation core engine, Catapult, went line on the private chain in November and will release to public chain this year. Catapult uses C++ to reshape the core and will increase NEM’s TPS dramaticly.
New feature: Aggregate transaction will allow users not only to initiate payment transactions(push transaction), but also to initiate a receiving transaction(pull transaction).(the current banking and payment system is based on the pull transaction)
Aggregate transaction will also allows multi-asset and multi-account transactions.
Note: The project introduction comes from the materials published or provided by the official project team, which is for reference only and does not constitute investment advice. Some of the content may be out of date, error, or omission. Huobi does not take responsibility for any resulting direct or indirect losses.
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