NEM - First Smart Asset Blockchain

NEM is a peer-to-peer cryptocurrency and the first “Smart Asset” blockchain platform. NEM is built from the ground up to be a simple blockchain technology for developers to handle.

NEM lets users focus on building exactly what they need, whether it’s a fintech system, tracking logistics, an initial coin offering (ICO), document notarization, or decentralized authentication. NEM says it gives users the power to use the platform as if it were a custom blockchain, built for their applications and assets.

The NEM blockchain platform is built from a network of nodes, which provides a powerful, easy-to-use, stable, and secure platform where Smart Asset transactions are conducted, searched for, and immutably logged in the blockchain ledger.

NEM Smart Assets are built using four closely connected parts: Address “Container” Smart Assets, Mosaic “Fixed” Smart Assets, Personalized Namespaces and Transactions.

NEM Addresses are container assets on the blockchain that can represent a single object that must be unique and updatable. An Address could be as simple as a user’s account full of coins, but could also represent things like a package to be shipped, a deed to a house, or a document to be notarized.

Mosaics are fixed assets on the NEM blockchain that can represent a set of multiple identical things that do not change. A Mosaic could be as simple as a token, but it could also represent a set of more specialized assets like reward points, shares of stock, signatures, status flags, votes or even other currencies.

Namespaces give the opportunity to create a unique place for one’s business and assets on the NEM blockchain. A Namespace starts with a unique name similar to an internet domain name. It is then possible to define an own subdomain, as well as names for one’s assets, thus making them unique, easy to use, and trustable.

Transactions are how the Smart Assets are put into action. Transactions allow to transfer Mosaics between Addresses, transfer or configure ownership of Addresses, send messages and more.

NEM provides both a decentralized, open and self-sustaining public blockchain that can be used by anyone, as well as a private blockchain solution that can be provisioned specifically for use on one’s own servers when speed and privacy are the priority. In the second case, the speed of transactions can rise up to thousands per second.

Both use the same underlying code and the tools are 100% compatible, providing additional flexibility and future-proofing.

Unlike other blockchain platforms that use Proof-of-Work and Proof-of-Stake, NEM’s consensus is built on a unique Proof-of-Importance algorithm, using a technique similar to Google’s PageRank to prevent a variety of attacks on the trustworthiness of blockchain transactions.

It serves the same purpose as typical Proof-of-Work (PoW) mechanisms used by Bitcoin and others but is much more scalable and energy efficient. This allows nodes to run on almost any hardware while still providing an absolutely secure network that can scale without limit.

The Proof-of-Importance algorithm does not make use of expensive mining hardware, instead, harvesters are in charge of validating the network.

A harvester is simply someone staking coins to assist in network validation. Anyone can harvest the NEM network.

XEM is the native currency of the NEM public blockchain used to pay for transactions on this blockchain.

Price tracker CoinMarketCap.com currently lists NEM as the 18th largest cryptocurrency with a total market capitalization of $1.8 billion and a daily trading volume of around $33.3 million.

XEM can be bought from a wide range of crypto-exchanges either with fiat or crypto currencies.

Furthermore, anyone who owns more than 10,000 XEM can earn transaction fees by activating delegated harvesting on their account. Before starting delegated harvesting, it’s necessary to activate it. To do so one must go to "Services - Manage delegated account" and activate it from the left panel by entering the password and clicking "Send.” Activation will take approximately six hours and will cost 6 XEM in fees.

Once the ‘Remote status’ is active it’s necessary to wait until the ‘Vested balance’ graph (right next to ‘Remote status’) shows at least 10,000 XEM. After that delegated harvesting can begin, simply enter the password into the panel below, choose a node and press the ‘play icon’ to commence.

To review the blocks created, one can log in to the Dashboard of the NanoWallet and get a summary of the latest blocks and fees collected.

Delegated harvesting has many benefits. It allows NEM to use a tiered architecture. Besides, it enables a high proportion of users to participate in the Proof-of-Importance (POI) system. Harvesters collect transaction fees from the blocks they harvest, and NEM does not take a cut for themselves. Harvesters keep 100% of their catch.

Finally, delegated harvesting is an example of the spirit in which NEM was founded. Instead of rewarding those with a huge bankroll to buy hardware farms or hoard coins, it allows more people to participate in the reward system.

To get started on NEM, one will need a client to access the network. The Nanowallet is a browser-based client that will easily allow using all of NEM’s features. The Smart Asset features can be used both on the Mainnet, which uses real XEM tokens and on the Testnet, which uses test XEM.

NEM has several other wallets, as well.

Financial services companies can use NEM for instant payments and transfers anywhere in the world.

NEM’s Smart Asset System allows anyone to define and launch their own tokens or cryptocurrency with no programming needed.

The cryptocurrency is an excellent choice for mobile retail payments, considering that NEM blocks are completed every 60 seconds, making transactions confirmation quick enough for everyday use.

NEM can form the basis of escrow services. One can set up trustless accounts to manage currency, tokens, data, or any other transfers.

NEM’s accessibility and ability to host multiple asset types in a single ledger make it ideal for keeping track of customer information.

NEM is ideally suited for shipping systems and inspections since it’s the only scalable blockchain technology that lets users create new contracts and record keeping systems without coding expertise.

The blockchain can also reduce costs and improve performance by using automatic supply chain management.

NEM’s data management tools are perfect for public and private record keeping. It’s great for professional certificates such as for accountants, healthcare providers, brokers, and insurance agents.

The NEM blockchain is ideal for tracking land and property ownership and rights.

NEM is also well suited for crowdfunding and ICOs.

Partner companies have an international scope and have an interest in positively influencing NEM deployment and business adoption. Some of the partners are listed below.

Tech Bureau Corp. - a cryptocurrency and blockchain development company that uses NEM’s technology coupled with developer technical know-how as a part of its Crypto-Fintech Lab.

Sumeru Inc. - a global consulting company providing services in cyber security, data analytics, and cloud-based solutions.

Atraura Blockchain - a leading technology company specializing in the development, integration, and maintenance of Blockchain technologies across many kinds of industries from finance to government or logistics.

LuxTag powered by NEM - applies the NEM Blockchain Technology commercially into the brand protection industry.

Transform Group - a full-service public relations, social media, and marketing strategy firm. With an international client base covering a number of industries, including, financial communications, media/entertainment, consumer electronics and consumer products.

iCentric - an integrated, full-service digital agency, based in the UK.

Hot/Cold Wallet - the first-ever NEM cold offline wallet that can be used to send and receive funds.

ioNEM - combines the Internet of Things with blockchain technologies.

Landstead - uses NEM blockchain technology to create a land and property registry, allowing the government and citizens to co-create in an open blockchain system.

PacNEM - an open source multiplayer Pacman browser game.

By Bob Loxley