Cryptocurrency NEM (XEM) - NEM online course, calculator, mining, wallet

This digital currency gained popularity in early 2015. It is distinguished from many other digital currencies by its original open source code and a number of interesting innovations. For example, the XEM cryptocurrency is based on the POI (Proof Of Importance) algorithm, a “proof-of-stake” modification. However, unlike PoS, in POI, in addition to proof of storage of a certain amount of funds, the user’s activity is also taken into account - the number of transactions he has made. Receiving a block reward on the NEM network is called “harvesting”.

A major update called Catapult is expected this year, during which NEM will switch from Java to C++. The new version of the private network has been tested for stable operation at speeds of up to 3000 transactions per second. The update will take place first on the private Mijin blockchain and then on the public NEM chain.

Also based on NEM, a new platform, COMSA, is being developed, which is designed to support projects in conducting transparent and orderly ICOs. According to project representatives, the new solution will significantly optimize the process of attracting investments in digital currency.

XEM's capitalization exceeds $8 billion. The coin is popular not only in its native Japan, but is also actively traded on a number of major exchanges, including Poloniex and Bittrex.

The development team includes 6 people whose names are unknown. NEM is organized by Long Wong, Jeff MacDonald and Nels Valero.

Key features of the XEM cryptocurrency

NEM introduced a new consensus algorithm for determining the users who calculate subsequent blocks - Proof-of-Importance (POI). Unlike the Proof-of-Stake (POS) algorithm, the importance of a user is determined not only by how many coins are in the account balance, but also by how many transactions are made and to which addresses funds are sent.

The NEM platform architecture provides flexibility and simplified development. The blockchain is supported by network nodes that use NEM software that implements a set of platform functions. Blockchain allows you to implement both a decentralized public blockchain and a permissioned private chain on your own server.

• First of all, it is worth noting a feature that applies to all digital currencies, namely decentralization. That is, NEM cannot be affected by various external factors.
• One block of this cryptocurrency is generated in just 60 seconds - according to this indicator, XEM is superior not only to the more well-known digital money, but also to Bitcoin itself.
• It is important to note the maximum ease of use of both the software itself and cryptocurrency wallets. Moreover, such simplicity and clarity of use is rapidly gaining popularity not only among beginners, but also among the entire digital community.
• Maximum protection and security of wallets and transactions. All this is ensured through the development and use of a fundamentally new action code.
• Of course, it is worth mentioning the price of this cryptocurrency. Thus, in the first three months of its existence and active development, the cost of one NEM (XEM) coin increased by an impressive 1147%! At the moment, the price of 1 coin is $0.167 – 90 days ago it cost $0.051. The total market capitalization of the cryptocurrency is $1,506,597,861 with a daily trading volume of $3,954,600, which ensures its place in the list of the most popular cryptocurrencies according to these parameters.
• As for the technical features, this cryptocurrency has a blockchain that runs on a modernized POS model. Thus, the probability of creating a whole block of coins will be higher for those users who actively use its capabilities. The reward for one block is called Harvest, which translates as “harvest”.
• A total of 9 billion coins have been issued and no additional issue is planned in the future.

This cryptocurrency runs on its own open source code. The developers proposed additional innovations for Blockchain to the global community. Since its launch to this day, the crypt has been powered by Java.

The basis of performance is the POI algorithm. This is a new type of Proof of Share of POS funds (in this case we are talking about the principle - proof of storage of funds, coins for a certain period of time). That is, in essence, the algorithm looks at the number of coins in your account and the power of the equipment: how many transactions can you confirm in a certain time.

Important! In POS, the assignment of a block to a miner (validator) is probably determined depending on his Share of the deposit. In the case of POI, not only the size of the Share is taken into account, but also the activity of the miner. The process itself in the NEM network has an individual name: harvesting.

This algorithm allows you to select the user who will generate the next block. The developers believe that this makes the network itself more fair. The algorithm determines the best user based on a number of criteria. The system gives preference to those users who bring the greatest benefit to the infrastructure itself: the total volume of transaction confirmations.

These users on the network are called harvesters. “Anyone can reap the harvest by installing a masternode. This is a system that performs service functions. It acts as a guarantor for transactions before they are included in the block. At the same time, the masternode shuffles all transaction data, which ensures anonymity. There is a certain limitation on harvesting - the minimum amount that must be in the NEM wallet. The balance must be at least 10 thousand XEM (this is the market designation of the NEM token).

Example of POS and POI operation.

The working principle of the first concept. Here preference goes to the one who has more coins in his wallet.

The principle of operation of the second concept is that not only the number of coins in the wallet is taken into account, but also the performance of the equipment. There are 1000 coins + the ability to confirm 1000 transactions. The second one has 500 coins, but can confirm 5 thousand transactions. According to POS, the first user gets an advantage, and according to POI, the second one. In essence, we get an expanded version of the first option.

For the same Dash, the investment volume should be from 10 thousand coins.

The block generation speed fluctuates within 1 minute. Cryptocurrency wallets are available in a variety of formats. They can be used from all existing devices that use different OSes. Online transactions take only a few minutes.

Brokers who have created optimal conditions for effective trading of XEM USD

Concluding the story about the NEM cryptocurrency currency unit, we should consider in more detail the issue of the features of choosing a brokerage company. When choosing a broker, each practicing trader pays attention to a certain set of criteria that he considers important for himself. Most often, the key parameters include the list of available tools, the company’s reputation, regulation and innovation. The presence of various types of bonus programs and a number of other criteria are often taken into account.

According to experts, each of the parameters is important for the future client of a particular company. Practice shows that experienced and most demanding traders in most cases, among many projects, choose brokerage companies that are considered industry leaders. Leading brokers do everything possible to ensure that their clients can make the most of market mechanisms.

Leading companies offer traders an impressive list of available instruments. As a result, clients of such brokers develop diversified strategies with the highest rates of return. Then clients talk about positive experiences of cooperation with leading brokers in publications on specialized Internet resources and on social networks.

The information is then analyzed by experts from the Masterforex-V Academy. They take the data obtained into account during the study. Customer reviews and company assessments based on several dozen different criteria form the final indicator that determines the project’s position in the ranking of Forex brokers. Companies that receive the most positive reviews are included in the top league of the rating.

What distinguishes leading companies from many other brokers is not only their awards and victories in specialized competitions. In addition, leading brokers are doing everything possible to secure their position as a leader. To do this, they constantly improve the quality of services provided and introduce innovations. In August 2022, the list of major league brokers includes the following companies: NordFx , Swissquote Bank SA, Saxo Bank, FXPro, Finam, FIBO Group, FOREX.com, OANDA, Alpari, Interactive Brokers, FXCM, Dukascopy and FortFS.

It should also be noted that the list of second league brokers includes many companies that can be called old-timers. These companies undoubtedly deserve attention and trust. However, traders assess certain ambiguous aspects in the activities of companies negatively, which is why the final assessment of the quality of their services is reduced. The current list of second league brokers includes the following projects: Forex Club, ActivTrades, TeleTrade, XM.com, Xtreamforex, Larson&Holz, FreshForex, GKFX, ForexTime, eToro, Nefteprombank RoboForex, HY Capital Markets, FinmaxFX, TurboForex, Forex Optimum Group Limited, FXOpen, Alfa Forex (Alfa Bank), Admiral Markets, EXNESS (Exness), IG Markets, Forex4you, LiteForex, BKS Forex, Renesource Capital, MaxiMarkets, World Forex, PROFIT Group, HotForex, Grand Capital and a number of other companies.

The material was prepared by the Masterforex-V wiki and our Masterforex-V school and professional training courses.

Mining NEM coin

Cryptocurrency mining occurs by charging a commission to nodes that participate in the process of creating blocks and is called harvesting (from the English Harvesting - collecting, harvesting). Commission is charged for transactions included in the block.

There are two types of harvesting:

• local
• delegated.

Local harvesting differs from delegated harvesting in that the local mode implies a NEM client running online, providing a private key for signing the generated block. And delegated harvesting is launched remotely and provides a private key for an intermediary account with an empty balance, which is created immediately after the delegated mode is launched. By publishing the intermediary key, the security of the main account is created.

The entire commission for creating blocks goes to the main account since the importance of your account cannot be transferred to another account, so the intermediary account remains empty. As a rule, now only delegated harvesting works in all wallets.

To start delegated mode, activation is required, confirmation of which will take approximately 6 hours and will cost 6 CHEM. Once delegated harvesting is launched and activated, it will work even if you turn off the PC. Activation is done directly from the official NEM wallet.

Important: to start mining NEM cryptocurrency, the account must have at least 10,000 XEM of the active part of the balance (Vesting), otherwise the account will have a zero importance indicator.

Your wallet balance is divided into 2 parts:

• Active,
• Passive.

Vesting is the active part of the balance that begins to accumulate from the moment coins are credited to the wallet balance (passive part). This process is called coin maturation. Approximately 10% of the wallet balance is credited per day, and then every day 10% of the balance of the uncredited passive part is credited. Therefore, the more coins you have, the faster you will start harvesting.

Extraction methods:

1. Purchase of special equipment for creating large farms, which is produced using FPGA matrices or ASIC processors.
2. Home farm with powerful video cards.
3. Cloud mining.

The first option involves a fairly large investment, which will not pay off immediately. In addition, you need to have specific knowledge in order to assemble and configure equipment, including software

The second option involves using an individual computer equipped with a modern video card. To carry out mining, you need to connect to the network, install and configure special software, select a service to communicate with other PS participants, and that’s all.

The last option is less expensive. You just need to pay for the equipment rental and that’s it. This option can bring up to $500 per month.

To store mined coins, you need to use a wallet of this cryptocurrency. You can create and configure it on the nem.io website.

Instructions for creating an official wallet

1. Go to the website https://nem.io/downloads/.
2. We see two options: NEM Nanowallet and Streamlined NEM Mobile Client. We are interested in NEM Nanowallet, so click on the INSTALL NEM CLIENT button.
3. A new page will open with offers to download the client application for installation on a mobile device or desktop computer.
4. Let's choose the version for a desktop computer, so click the DOWNLOAD THE NANO WALLET button.
5. The system will offer to download the application to your computer or save it to Dropbox. Download to your computer.
6. We receive the archive, unpack it, and launch the file start.
7. The browser will launch and a page will open where you can register a new wallet. The page is translated into Russian, which the user must specify in the menu.
8. We select the “Registration” menu item, a page appears asking you to create a new wallet. In this case, the user can choose: a simple wallet, a smart wallet, a wallet from a private key. The options differ in the level of security provided by the system.
9. After entering the data, the system will generate a wallet file and an access key to it, which must be stored in a safe place.
10. The wallet has been created, you can log in.

Platform technical details

• A total of 8,999,999,999 coins were issued. There is no possibility of mining.
• Instead of mining, delegated harvesting is offered - in order to form a block, the user must have at least 10,000 XEM on their balance and have a synchronized node, then the XEM coins received from the block will be credited to the investor’s account.
• Low commission cost (0.01%).
• Transactions are confirmed in a short time;
• The number of transactions per second reaches 3000;
• NEM supports tokenization of user assets: registering property, launching an ICO, issuing cryptocurrency, intellectual property rights, conducting voting, launching business projects. This does not require the participation of intermediaries.

Proof-of-importance (proof of significance)

The NEM platform ensures transparency of all transactions. The POI algorithm includes 3 main parameters: the amount of XEM contained (10 percent is added to the users’ balance daily), the number of transactions, the amount in the account history and the recipients to whose account the transactions are received.

The “Node-client” model is supported. The node (NIS) and user (NCC) operate independently, avoiding copying the entire block chain.

The POI algorithm includes transactions with built-in multi-signature. This standard is provided for all services. Multi-signature accounts can be used to prevent sybil attacks and amplify votes during voting.

The figure shows a transaction graph in the form of an outgoing matrix from 04/29/2015, depicting 1,456 harvesting users:

Namespace

NEM implements namespaces as a domain name system on the Internet, similar in structure to the ICANN centralized network. The namespaces system consists of high-level domains and subdomains. Domain custodians can create subdomains for business or project accounts, maintaining a mosaic reputation system.

Mosaics

Mosaics represent user assets on the blockchain. They are configured by the users themselves to assign certain qualities: the possibility or impossibility of divisibility, transferability, endowment with their own description, etc. Mosaics can be used in the form of currency, coupons, vouchers, securities or loyalty points. The number of mosaics can be either fixed or variable. Mosaic names are issued in the NEM namespace, where they are assigned subdomain names.

Supernodes Reputation System

The supernodes reward program (reputation system) allows the NEM platform to reward harvesters who run active nodes. Anyone holding 3,000,000 XEM and meeting the minimum system requirements will receive 140,000 XEM distributed between harvesters daily.

Reserved and non-reserved XEM

Each account has balances of reserved and unreserved XEM. Many benefits of the NEM network (for example, the ability to collect or the importance score) are based on the reserved balance. XEM gradually becomes reserved over time: every 1440 blocks (approximately 24 hours) 10% of XEM from the unreserved balance moves to the reserved balance. When someone sends XEM, the currency is taken from both balances, but it goes to the recipient's unreserved balance. This discourages users from quickly trading XEM, and encourages users to store XEM, however, the importance algorithm discourages them from hoarding.

Development of the NEM blockchain

Over the entire period of its development, the coin experienced only one significant jump in rate and capitalization. In July last year there was a jump in capitalization. This led to the coin taking one of the leading places in the Japanese market.

Subsequently, there was significant stagnation over time. The main development took place in 2022. In the first 5.5 months, the NEM rate increased by at least 50 percent. The last jump, which occurred at the beginning of the last ten days of May, raised the coin to 4th place in the ranking of cryptocurrencies by capitalization. At the moment it is $2,083,410.

Such growth was made possible thanks to the creation of the Mijin private network, based on the cryptocurrency. This system allows you to safely carry out various banking transactions. Leading banks in Japan were testing the network. NRI conducted the testing at the request of SBISumichinNetBank. During the testing period, over 2 million transactions were carried out within 24 hours. This confirmed the reliability of the network and the cryptocurrency. Currently there are plans to enter the markets of China and Malaysia. Total coins are 8999999999. At the moment, 9 million have been mined.

An update called “Catapult” is planned for early 2022, allowing banks to increase operational efficiency, improve throughput parameters, optimize network communications and system scalability. Catapult is an improved version of Mijin with an architecture developed in C++.

NEM announced the launch of the WeChat Wallet application. The product is designed to expand the functionality of the WeChat messenger, which will allow you to attach wallet addresses to your contacts and send cryptocurrency to other users through the messenger.

Forecasts for 2018-2023

When studying price forecasts for the NEM (XEM) cryptocurrency at the end of 2022, a potential investor will be faced with different opinions. Moreover, if for other cryptocurrencies these opinions differ only in how much and for what period the price will increase, then in the case of XEM there are forecasts in which they expect not growth, but a fall in the rate.

For example, the wallet investor service, where forecasts are made based solely on technical analysis, assumes that the XEM rate will make impulse movements in the coming years. The following assessments are given:

• by the end of 2022 the price will increase to $0.92;
• by the end of 2022 it will slide to $0.83;
• by the end of 2022 it will continue to decline to $0.70;
• by December 2022 it will fall to $0.6.

It is important to understand that such forecasts take into account only the current dynamics, and since the cryptocurrency market is going through hard times in 2022, the long-term trend for NEM is still downward. However, it is important to understand that a change in the fundamental background will instantly change such forecasts.

If we take into account that the crypto market develops cyclically, and as the period of stagnation increases, the duration of the new wave of growth will also increase, then in this case the forecasts for XEM will look different:

• by the end of 2022 – $0.2;
• by the end of 2022 – $0.8;
• by December 2022 – $2.3;
• by the end of 2022 – $12;
• closer to the end of 2023 – $50;
• a rise above $100 is expected in 2024.

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