If you’re wondering what NEM cryptocurrency is and what its price prediction is for the next few years, you’re in luck. This article will explain what NEM is, why it’s different from other cryptocurrencies, and how the community behind the project is advancing it. NEM is a native coin on the NEM network, which has experienced tremendous volatility in the past year. NEM began as a project for enabling large companies to migrate their assets and business processes to the blockchain. You can check the value of NEM on https://bitcoin-up.live/ this platform enables it to be fast, adaptable, and scalable.
NEM is an open-source cryptocurrency token
NEM is a blockchain platform built in Java. The platform allows for multiple ledgers on the cryptocurrency layer and mosaics to represent any store of value. Its proprietary crypto coin, XEM, is harvested using a Proof-of-Importance algorithm.
The NEM protocol is built with an API, making it easy for any program to interact with the NEM network. NEM’s blockchain is scalable and fast. The blockchain is configured for various solution classes, including direct public transactions, high-performance permission enterprise backend, and Smart Assets.
Although many of the top blockchains are software branches and rigid forks of Bitcoin, NEM is a 100% original blockchain. It has eliminated Proof-of-Work and Proof-of-Stake for its transaction protocol, making it the first cryptocurrency to use “Proof-of-Importance” instead. This new algorithm allows for fast transactions and minuscule fees while maintaining 100% transparency.
NEM uses a hybrid consensus model that prevents mining nodes from controlling the network. The NEM blockchain also uses a double-layer protocol, like Ethereum, to prevent the network from heaping up. The NEM cryptocurrency, XEM, is a native coin on the NEM network.
NEM uses a unique consensus algorithm
The NEM blockchain has a unique consensus algorithm called Proof of Importance (PoI). This method is environmentally friendly and does not use large amounts of electricity or computing power. Its underlying philosophy is similar to Proof of Stake and rewards active participants in the economy. It also lowers the rich get richer ban, rewards the most active nodes, and uses a dynamic block size.
The NEM network has more than 20 projects. Five of them are payment platforms such as Eroiy, a privacy coin, and TravelByBit, a Brisbane-based project. And there are three charitable foundations based on the NEM network. The NEM blockchain also has an open-source research application (NEMWill). It is a platform for will-writing and digital carbon instruments launched at the beginning of September.
NEM has experienced significant volatility in the last year
The NEM cryptocurrency has been undergoing considerable volatility over the last year. The underlying technology is based on a public-key signature system, Ed25519, and a SHA3 hash algorithm. However, these technologies are not yet fully developed and are still in their infancy. Therefore, NEM may experience further volatility in the coming days. However, the recent hack may be good for the NEM crypto.
The first major mover for NEM price is the reorganisation of the ecosystem. This process has caused some significant volatility in the price. However, the gains have been quite substantial and coincide with the restructuring of the ecosystem governance.
The NEM Foundation is fully committed to the NEM ecosystem, so it is expected that the reworked governance model will increase the price of XEM. The increased use cases will increase the cryptocurrency’s price.
It is a Panacea to eliminate flaws and hurdles in the erstwhile designed currencies.
As a new-age blockchain, NEM has vast possibilities to solve existing problems, such as long processing times, network congestion, and centralised control. It also attempts to marry the public and private blockchains to create a more flexible system that offers a greater level of adoption. This new cryptocurrency may be worth a try for investors who wish to avoid the pitfalls of traditional currencies.
Unlike other cryptocurrencies, NEM has no mining requirements and uses an efficient POI algorithm. This method rewards users for their transactions while preventing the misuse of tokens through dummy transactions. The mining process is automated using the wallet of the participant. The Eigentrust algorithm balances the network load and removes non-contributing nodes.