NEM Investment Overall Score: B
NEM GROWTH POTENTIAL: B
NEM SUSTAINABILITY SCORE: B-
NEM BRAINS BEHIND CURRENCY: B-
NEM Blockchain Solution
Lon Wong founded NEM several years ago with a vision of steamlining blockchain. He realized that Blockchain technology offered a fundamentally different take on finances and control. By streamlining secure ledgers and transactions, you could change the way that currency and transactions were done worldwide.
NEM has been in production for some two and a half years now. Lon Wong still oversees the development and growth of the currency which runs under NEM.io. It is an open source technology that takes advantage of advanced encryption to safeguard and execute its public and private transaction. XEM now enjoys a worldwide circulation. It trades on several exchanges across the world and is openly recognized as one of the top bitcoin competitors by marketcap.
Wong is an established engineer in worldwide markets. He is largely the brains behind the currency and has bought and sold several businesses worldwide in his thirty plus years as a an esteemed businessman.
The goal behind NEM is simple: create mass scale transactions that are moldable without engineering knowledge. Transactions are meant to be moldable to the customer base in a way that is easy. The technologies of the currency include a Proof of Importance as well as the ability for NCC and NIS which allow for users to separate their Bitcoin wallet from a server.
NEM is developed to be used by mainstream consumers who aren’t technical wizards. It tries to apply mainstream logic to businesses where rules can then be set offline. Assets are customizable and can be altered in a console for the end user.
The strength of NEM and its API interface are what allow for this ease. Smart contract language can easily match existing business code to leverage blockchain for businesses and consumers alike. By using this existing logic, the two can leverage the strongest points of blockchain for secure and fast transactions.
Furthermore, NEM boasts the use of “Smart asset systems.” These help the user hone in on exactly what they are looking to accomplish. Whether you’re trying to track your shipments, ship marijuana, or create a secure ICO, NEM can be applied to solve your real world business problem.
NEM can be utilized for crypto mining using XEM. XEM is the native currency for NEM public blockchain. XEM is used to pay for transactions and/or policing transactions. It is used as an incentive for helping businesses on the public blockchain.
NEM claims that XEM has zero inflation and is scalable. Because business applications can be applied to blockchain, it isn’t merely a currency. The NEM blockchain is essentially nebulous, creating its own currency within itself.
This business usage is also promoted to help the currency’s sustainability given that business will remain a constant in society.
NEM also claims strong governance. It is managed by the NEM foundation which is classified to be a non-profit. Such measures hopefully guide the currency more effectively.
NEM is largely supported by the business community for its many use cases around professional commerce. Financial Payments, the creation of new cryptocurrencies, mobile payments, and many other facets of business could all be disrupted by the blockchain based cryptocurrency in the coming years.
Equity markets are also an industry ripe for disruption. Constantly dealing with trade backlog, payments, and settlements, because new technology in trade matching allows for opportunity. NEM could fill the gap left by technology. By utilizing the NEM blockchain, it would be possible to re-design trading ecosystems so that backlogs could match the fluidity of today’s instantly trading stock market.
When you google “NEM Supporters” you get an article from Steemit.com that calls NEM “The greatest decentralized hoax in history.” Much of the hate comes from the reliance on two developers. Tech Bureau, a prominent technology firm in Japan, and Dragonfly, a technology company that is based in Singapore are the two in question.
These two tech companies help create a private permissioned blockchain. Here companies can enhance their business practices by improving their own database and systems. This results in higher return on investment as well as a cost savings.
Many users wonder if this will be a short term gain for businesses as the prices go up over time. Many users who have done research wonder if NEM may become a system build to exploit the highest bidder when it reaches maturation.
I personally think it’s tough to tell. Read your articles. Do your research. Stick with fundamentals and only invest what you can lose. We never know with some of these cryptocurrencies. This one certainly has some hatred moving its way.
How to Buy NEM?
NEM requires a transfer from Coinbase to Binance or likewise. For a more detailed list of exchanges, click here. For a step by step guide on how to turn your bitcoin into altcoin, click here.
Thanks for reading and good luck out there!