Nadezhda Zakharova 01/19/2018
1 comment
The cryptocurrency market is bursting at the seams every day. Probably, only the lazy do not know the word cryptocurrency, token, but when faced with reality, they realize that they are poorly versed in this topic, which can suddenly become rich and successful.
The NEM cryptocurrency in 2022 is a good start for a profitable investment, which just a couple of months ago had no prospects for strong growth.
The crypto asset token is XEM.
The appearance of the XEM crypto fund in 2015 did not provide any prerequisites for confident growth.
At that time, the leaders of the cryptocurrency segment were the Japanese, and other participants were just taking a closer look at the market.
In Singapore, 6 desperate developers decided to go all-in, which paid off after some time.
A little history
This cryptocurrency entered the market in 2015. Since then, it has managed to gain fame and popularity among many participants in the cryptocurrency community. This project differs from many similar digital assets in the presence of open source code, as well as the use of a number of unique technologies aimed at increasing the processing speed of transactions carried out within the cryptonetwork and improving its security indicators.
XEMUSD chart courtesy of TradingView
The operation of the XEM crypto coin is based on the Proof Of Importance software algorithm, which is a modified version of the algorithm. Mining CHEM involves paying users a reward, which is called “harvesting” within this crypto network.
XEMUSD chart courtesy of TradingView
In addition, a new digital crypto platform called COMSA is being created based on the NEM software code. This project is aimed at supporting other cryptocurrency startups by streamlining and simplifying the organization and execution of ICOs with a purpose. obtaining financial resources to finance further developments and improvements. According to the authors of this site, their brainchild will help speed up the process of attracting investments to the cryptocurrency market, which should increase its liquidity and investment attractiveness. As a result, this will certainly lead to the beginning of exchange rate growth of the main cryptocurrency assets, which will help strengthen smaller and little-known crypto projects.
The total capitalization of the XEM coin has already exceeded $8 billion. This coin has gained popularity not only in Japan, where it was created, but also among users from other countries due to the fact that it is actively traded on such large cryptocurrency exchange platforms as Poloniex and Bittrex.
In general, the coin development team was formed by six programmers, whose identities still remain unknown.
XEM token
XEM is the token of the Nem network. In total, approximately 9 billion XEM were created, distributed initially to approximately 1,500 trusted supporters of the project, who later distributed them throughout the community. To protect the coin from inflation and ensure its value remains preserved in the long term, there will be no additional tokens issued.
Transactions on the network are carried out very easily and with a low commission - only 0.1%. For example, the fee for sending a total of $100 worth of cryptocurrency would be just $0.01.
Features and Specifications
Unlike many other cryptocurrencies, the NEM coin has its own program code. At the same time, the cryptosystem as a whole operates on the basis of blockchain technology with the simultaneous use of the POI software algorithm, which allows users to be selected for payment of rewards on a more equitable basis.
Thanks to the use of blockchain technology as the basis of the cryptosystem, the authors of this coin managed to achieve the highest level of security for transactions carried out within the cryptonetwork. At the same time, thanks to some technological innovations, the NEM coin demonstrates a higher processing speed of confirmation of monetary transactions, which should attract more users interested in using the crypt to this project.
To read: How to start mining: step-by-step instructions 2018-2019
The decentralized structure of the project eliminates the possibility of outside interference in its work. Moreover, even its authors will not be able to make changes to the operation of the cryptonetwork without reaching consensus with the user audience.
It should also be noted that the creators of the coin worked hard to create their own digital wallet, which ensures the security of crypto storage, as well as the ability to carry out exchange transactions between users.
Within this cryptosystem, miners are usually called harvesters. At the same time, the process of mining crypts is called harvesting. In order to start earning such digital coins, it is not necessary to have special mining equipment or a crypto farm to mine XEM; the computing power of a modern average personal computer is sufficient. Thus, this project becomes attractive to a larger user audience. In addition, it should be noted that this crypto coin can be mined using a cryptocurrency pool called NEM mining pool. This allows not only to speed up the process of forming blocks and receiving rewards for miners, but also makes it cheaper due to the competent redistribution of the computing power of participants in the cryptocurrency pool.
To maintain stable earnings, harvesters need to be constantly inside the crypto network, if possible, for prompt confirmation and execution of transactions. No new coins are generated within the cryptonetwork; all coins enter it from a previously formed reserve.
Mining the HEM coin does not require the use of significant energy resources. As the number of transactions confirmed by the user grows, the cryptosystem begins to give preference to him, sending him more and more financial transactions for confirmation, which helps him count on receiving more significant income over time. Based on this, the size of the reward directly depends on the time spent within the crypto network by miners.
Smart Asset System
The use of a special-purpose Smart Asset System allows flexible configuration for working with the blockchain network, which is completely protected, and transfers are processed in the global network of NOD nodes, where the main software from NEM operates. That is, the blockchain network is used as a server for the API gateway.
The Smart Assets system is based on the use of mosaics, allowing application developers to use them to create their own tokens, signatures, statuses, etc.
Advantages
Despite its youth, the New Economy Movement crypto coin has a number of advantages that allow it to count on quickly conquering the user audience.
The main advantages of this project include such properties as:
- having your own convenient and easy-to-use digital wallets designed to store NEM and carry out financial transactions. Installation of such a software wallet is possible not only on personal computers, but also on mobile devices running the Android and IOS operating systems,
- ensuring a high level of security for money stored in wallets, as well as the security of transactions carried out within the cryptonetwork,
- the cryptocurrency has a decentralized structure, as well as an international orientation, which should help it gain popularity among crypto users around the world, as well as eliminate the possibility of outside interference in the operation of the crypto network,
- built-in ability to exchange cryptocurrencies, as well as purchase XEM using cryptocurrencies and fiat money,
- the immutability and knownness of the final volume of the HEM cryptocurrency,
- the ability to mine coins using traditional tools for miners, which allows users to make a profit by providing the computing power of a PC for the purpose of carrying out mathematical calculations,
- taking advantage of Blockchain technology. Thanks to the use of this technology, users can not only carry out financial transactions using crypto, but also exchange information while ensuring its confidentiality.
To read: How to earn 1 bitcoin per day?
Due to the development of the New Economy Movement coin, the outlook for cryptocurrency appears favorable, especially considering the predicted recovery of the cryptocurrency market over the next year.
In any case, the unusual technical solutions used allow this coin to stand out among hundreds of other similar crypto projects offering users the opportunity to make a profit.
Flaws
Despite a number of advantages of the HEM coin, this coin also has disadvantages, which is not surprising, because cryptocurrency technologies are at their initial stage of development.
The disadvantages of the XEM coin include:
- lack of a clear marketing strategy, which negatively affects the effectiveness of the advertising campaign in order to attract users and popularize the coin among crypto network participants,
- a small number of exchanges that support the ability to conduct transactions with this cryptocurrency asset,
- the presence of serious competition from other projects offering similar functionality,
- weak support from the creators of the coin, which does not give it the opportunity to develop simultaneously with the crypto market.
Apparently, the listed shortcomings were the main reason why this coin was never able to become one of the largest crypto assets despite the fact that it has been on the crypto market for three years.
The XEM cryptocoin programming team should make efforts to minimize the impact of these shortcomings, which in the future will bear fruit in the form of an increase in the rate of popularization of the coin.
NEM Outlook for 2022
According to the latest information, the NEM development team is now actively working on introducing its own blockchain into the structure of one of the Ukrainian IT companies. True, so far no one has advertised the name of this company. The start of work by representatives of the real sector of the economy may indicate the transition of the HEM project to a qualitatively different level of development. Therefore, the prospects for the XEM cryptocurrency in 2022 will largely depend on the success of the implementation of the plans of its creators to form a pool of partner companies.
We also must not forget the fact that there is competition from some other players in the crypto market. Therefore, the success of this coin depends not only on the efforts of its authors, but also on the market situation. Moreover, if the situation in the crypto market worsens and the downward trend continues, crypto assets will lose value, which will lead to an outflow of users. Such a situation will have a severe negative impact on small projects.
To read: What do mining farms calculate? We understand cryptocurrency algorithms.
Catapult technology
In 2016, the Japanese blockchain startup, operator of one of the largest cryptocurrency exchange services Zaif, entered into a partnership with the platform and announced that the Mijin corporate network would release a software update to the NEM Catapult.
Catapult has been in development since early 2016 and is an enhanced version of NEM/Mijin, written in C++, designed to increase throughput, optimize network communications and network scalability, as well as more advanced features.
Is it worth buying CHEM now?
Before assessing the investment attractiveness of a coin, it is not enough to study its inherent advantages and disadvantages. To increase your chances of making a profit, you need to dive deeper into the structure of the crypto market to obtain information about the factors influencing its volatility.
As for the HEM coin, according to crypto experts, this coin will show an increase in price if the crypto market manages to stabilize and begins to grow again. Forecasts for 2022 for XEM indicate that this cryptocoin has good prospects for growth, because despite the presence of competition from other similar coins, this cryptocoin has some specific characteristics that attract crypto users who want to gain access to a reliable crypto asset.
In 2022, the price for HIM may reach 2 dollars. In this case, it is necessary to take into account the high volatility of cryptocurrencies, which makes it difficult to predict the volatility of the price of cryptoassets. For this reason, the NEM coin is more suitable for long-term investment due to its features and the instability of the cryptocurrency market.
Using NEM in the modern world. Strong competitor to Ripple.
Financial institutions and large companies in Japan were primarily interested in the NEM system, and after testing it they were satisfied. Since the network is transparent and its software is available to everyone, this only increased the trust of large corporations in NEM.
And in 2022, a fairly well-known Japanese trust bank tested this system for professional suitability for the first time, later noting in the media that the coin has a high transaction speed, good protection from cyber attacks and a low commission. And after that, the cooperation of this bank with NEM was immediately announced. After this, other Japanese banks also began to be interested in this cryptocurrency, testing it on their organizations.
In general, we can say with all confidence that this currency is a full-fledged rival of the Ripple cryptocurrency, which has no less prospects for development and support from many investors and large companies.
However, given the fact that Ripple is a centralized coin that was originally created by bankers specifically for their commercial enterprises, NEM is a better option for investing your funds. After all, bankers are not behind its development and it is inherently a more independent organization. That is why ordinary people love this cryptocurrency much more than Ripple.
