Cryptocurrency NEM (XEM) - exchange rate chart against ruble and dollar, calculator

NEM (XEM) is a cryptocurrency that serves as a means of payment for a data management platform. The full name of the project is New Economy Movement. Initially, the project was planned as a branch of NXT, but it turned out to be a unique network that entered the market in March 2015. The platform has its own code and operates on the POI algorithm. Today, NEM technology is actively used in the commercial sphere and is being introduced into the banking system.

Review

NEM is a platform for making payments and creating digital assets. Unlike bitcoin, which is only a means of payment, the NEM cryptocurrency provides a wide range of tools for creating your own tokens and managing their properties.

Figure 1. NEM logo.

Strictly speaking, NEM is just the name of the platform. The base unit of value in the system is the XEM cryptocurrency. With its help, users can make transactions and pay the commissions necessary to carry out any operations. The supply of XEM tokens is 9 billion and cannot be increased in the future.

What awaits NEM in 2019

In Japan, the XEM token is officially recognized. The confidence of Japanese banks speaks in favor of future prospects. Most consider NEM to be an effective means of payment for instant and secure payments. Some analysts are inclined to believe that in the future the XEM platform will overtake the cryptocurrencies that are currently in the Top 10 by capitalization.

Companies that want to use XEM technology must purchase a license for $300,000. An amount of at least 100 thousand USD must be reserved on their account. The fact that organizations are willing to shell out a lot of money to use the technology indicates a high degree of trust.

It is likely that after the cryptocurrency market stabilizes, the NEM coin will show active growth and rise to its previous maximum levels. Analysts advise adding XEM cryptocurrency to your investment portfolio. Today, the cost of coins is almost at the bottom—buying them does not carry any risks.

Buy or sell NEM cryptocurrency

Technology, algorithm, features

NEM is a cryptocurrency that uses the Proof-of-Importance algorithm. The probability of a new block being generated by a specific user depends on its significance, which is calculated based on three indicators:

• amount of XEM on balance;
• number of incoming and outgoing transactions;
• the significance of the recipients and senders of these transactions.

POI is a fairer version of the]Proof-of-Stake[/anchor] algorithm - at least that’s what the developers of the NEM cryptocurrency say. In NEM, significance calculation makes mining more accessible for users who actively use the wallet to send small amounts.

Developers can create their own NEM-based assets and currencies using mosaics and namespaces. Mosaics are tokens that can act as currency or serve as a reflection of real assets. For each token, an arbitrary name, issue volume, number of decimal places and other parameters can be specified.

Each mosaic exists within a namespace, a group with a unique name in the NEM system. A developer can use any name for their mosaic tokens; they just need to create a unique namespace for them.

For example, a startup team consists of 5 developers who want to share shares in their own company. In this case, they can create a startup namespace that includes a share mosaic with a maximum of 5 pieces. Each developer will receive 1 unit of startup:share and will be able to dispose of it at their own discretion.

Since 2016, NEM Apostille, a service for registering copyrights for any documents, has been available to users of the official wallet. Apostille allows you to create a certificate containing a timestamp, a hash of the file, and information about the author. The data is recorded on the blockchain and serves as a guarantee of authorship at a specific point in time. Any Internet user can verify the origin and information about the creator of a document using Apostille.

NEM can be used as a means of secure communication. The platform supports the transmission of open and encrypted messages.

Commissions in the system are floating and depend on the cost of the NEM cryptocurrency. The cost of creating mosaics is also adjusted depending on the current market situation.

NEM Smart Asset System

The Smart Asset System allows you to fully customize how you use the platform's blockchain. First, your namespace defines your home on the blockchain, where you can name your own tiles, provide easy-to-remember names for user addresses, and more.

Tessellations are then the basic building blocks of Smart Assets, which you can use to represent a variety of simple things: it could be a coin, a signature, a status update or more - you decide.

However, to create truly smart assets, the platform allows you to create Addresses that act as containers for Mosaics that can be linked to Multisig rules. The address may simply represent the user, such as the account holder. But it can also represent an individual unique asset, such as a document or a song, or a package. You can then update this asset through custom transactions.

Private blockchain Mijin

In partnership with Tech Bureau, the NEM Foundation team is working to create a private Mijin blockchain. A feature of this system is the ability to limit access rights to information in the blockchain. This is convenient for private companies working with confidential information that should be accessible to a limited number of employees and partners.

Another advantage of Mijin is its high speed. An experiment conducted in collaboration with several companies from Japan proved the system's ability to handle up to 4,000 transactions per second. For comparison, Bitcoin's throughput is no more than 4 transactions per second.

Like Ethereum, Mijin will be able to support smart contracts, but this feature remains unrealized at the moment. According to the official description of the project, by the end of 2018, the use of Mijin will help reduce the cost of maintaining banking infrastructure by 90%.

Is there a future for the XEM cryptocurrency?

NEM is an interesting project that combines the features of the three most popular cryptocurrencies in the world. At the same time, the developers do not share their plans for the development of the project with the community, but present the fact of new updates. The team has already achieved some success, gathering a strong community of developers around the world, and has the potential for further growth. The development is already supported by many financial institutions, which has a positive effect on the startup’s prospects.

With a successful release of the Catapult update and a positive trend in the crypto market, the value of cryptocurrency may show the growth that it has already shown in 2022 and early 2022.

Disclaimer

. The editors of BITSIDE do not encourage investing in specific cryptocurrencies or projects. Do not regard the material as a guide to action. Conduct your market analysis before investing in virtual coins and blockchain startups; do not invest more than you are willing to lose and remember the risks.

Project history

Development began in 2014 at the initiative of user UtopianFuture from the BitcoinTalk forum. Initially, NEM was supposed to be a branch (fork) of the NXT platform, but over time it was decided to create a product on a new code base, since many differences had accumulated in the concepts of the two projects. On March 31, 2015, the first stable version of the platform was presented.

A key figure in the management of the NEM Foundation was Lon Wong, a venture capitalist and founder of the Singaporean startup Dragonfly Fintech. Most developers prefer to remain anonymous and are known only by their nicknames on the bitcointalk forum. According to Wong, the number of developers on the project team is about 30 people.

Figure 2. Lon Wong, President of the NEM Foundation. Source: NEM official website.

In 2016, the developers announced plans to release a second version of the platform, called Catapult. To increase system throughput, the project code will be translated from Java to C++. According to preliminary analysis, this will increase the transaction processing speed to 100 tx/s on the public NEM blockchain and up to 4000 tx/s on the private Mijin blockchain. The release of Catapult is scheduled for the end of 2022.

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.

Key stages of project development

To demonstrate the development path of the project, we provide an overview of key events in its history.

• June 25, 2014 - release of the alpha version of the project.
• March 31, 2015 - platform release.
• March 2016 - the first version of the “light” NanoWallet wallet for Windows.
• April 2016 - Announcement of partnership with Tech Bureau to develop Mijin and Catapult.
• Autumn 2016 - the appearance of the Apostille service.
• November 2022 - Android wallet.
• April 2022 - wallet for iOS.
• June 2022 - entering into a partnership with Blockchain Global Limited for global promotion of the platform around the world.
• September 1, 2022 - the price maximum of the NEM cryptocurrency: the rate soared to $0.32.
• October 2, 2022 - ICO of the COMSA project using NEM technologies.

Figure 3. Historical chart of the price of the NEM cryptocurrency. Source: coinigy

XEM cryptocurrency: course and prospects

As practice shows, the XEM cryptocurrency, the rate of which fluctuated smoothly during the first few years of the coin’s existence, is more suitable for long-term investment than for short-term play.

So, after being added to the exchanges, the XEM token cost $0.0004. During 2015-2016, the altcoin price fluctuated slightly and was in the range from $0.0002 to $0.010 per coin.

NEM, like other cryptocurrencies, showed a strong jump in 2017. In addition to the general favorable background, internal information released by the XEM cryptocurrency also played a role in the jump. News of the development and implementation of the Catapult update generated an additional surge of interest, allowing the altcoin to rise to $0.71.

The token reached its historical maximum in January 2022. During the first 4 days, the coin was trading at $2 on some exchanges. At the same time, the market average price was $1.89.

Historical NEM (XEM) rate. Data: Coinmarketcap. Click on the image to enlarge.

Moreover, unlike many other cryptocurrencies, the growth of the rate was not affected by the lack of information about the dates of the new release of the platform (Catapult). No other news about the coin appeared during that period either. The only news item that pushed XEM upward was the news about the upcoming global hackathon. It involved the selection of key developers for the NEM team for the next 2 years.

After these events, the capitalization of coins and its rate began to gradually decline. The token is approaching a price of $1. The news of the theft of 523 million coins after the hacking of the Coincheck exchange provoked a further drop in the price to $0.76. Against the backdrop of a negative market trend, the value of the coin continued to decline in 2022. At the time of writing this review in mid-August 2022, the price of XEM fluctuated around $0.10 per coin with a total capitalization of $0.9-1 billion.

NEM does not have a roadmap as such publicly available. The team releases without prior notice to the community. In May, the developers presented a public preliminary release of the Catapult update, but an enterprise version ready for deployment and software licensing is planned for the second half of 2022.

How to buy NEM (XEM)

The only exchange that allows you to buy NEM tokens for rubles is Livecoin.net. To do this, you need to register and top up your balance using a bank transfer or one of the popular payment systems.

Important: account replenishment using some payment systems takes place through the Capitalist service. This is the name that should be selected in your personal account to use QIWI, Yandex Money or WebMoney.

Figure 4. Livecoin exchange.
Source: Livecoin Another way to buy XEM is to use the exchanger changelly.com. It allows you to purchase cryptocurrency using a bank card. Disadvantages of the service include high commissions and a long delay between making a transfer and receiving tokens.

Figure 5. Changelly exchanger. Source: Changelly

The listed methods are not suitable for purchasing large quantities of currency due to low limits and lack of liquidity. To buy XEM (NEM) cryptocurrency in large quantities, you should use large exchanges. To do this, you need to buy Bitcoin, then send it to the exchange and exchange it for XEM. The most popular exchanges where you can trade XEM cryptocurrency paired with BTC:

• Poloniex
• Bittrex
• HitBTC
• BTC38
• Cryptopia

NEM Developer Plans

In 2022, the founders of the project plan to open a large co-working center, as well as a research laboratory called NEM Blockchain Innovation. The purpose of these organizations is to help interested companies implement NEM technologies in their business.

In addition, NEM found investors willing to allocate $40 million to expand the project’s infrastructure. The developers also announce plans to create their own cryptocurrency exchange.

Based on the information above, we can conclude that the XEM cryptocurrency is a very good investment option. Even according to the most conservative forecasts of analysts, in 2022 the price of XEM may increase several times. If new funds from large investors begin to flow into the project, this will further strengthen its position in the crypto market.

Moreover, some analysts are confident that in a few years XEM will be able to overtake Bitcoin Cash, which is so popular in the Asian market. However, if the latter is popular thanks to its “big brother” - Bitcoin , then NEM will have to conquer the market only with the help of unique technologies and practical applications.

According to analysts, now, during the adjustment of the entire crypto market, is the time to buy the NEM cryptocurrency with an eye to a medium-term investment. According to experts, the minimum investment horizon for NEM is about a year.

Mining (harvesting) NEM

Since the blockchain is based on the Proof-of-Importance algorithm, it is impossible to mine NEM using video cards. Instead, harvesting is used to mine coins - the process of generating blocks based on the importance of the wallet.

To activate harvesting, the user’s balance must be more than 10,000 XEM. The mining process becomes more efficient if the user regularly exchanges funds with other participants. The algorithm is reliably protected from artificially inflating the significance, so making transactions between your own wallets will not lead to an increase in harvesting efficiency.

Delegated harvesting allows you to mine coins even when your computer is turned off: you just need to connect to the supernode once and make the initial setup. Supernodes in the NEM system can be roughly called analogues of mining pools for classic PoW cryptocurrencies. These are large nodes to which the work of mining XEM can be delegated.

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.

Cranes

There are only two NEM faucets that pay out every 60 minutes:

• https://nemfaucet.info/
• https://namuyan.dip.jp/nem/mainnet_nodb/index.php

Faucet nemfaucet.info

Figure 7. NEM Mainnet faucet. Source: namuyan.dip.jp

Recommendations for buying cryptocurrency

Due to the fact that for some time this coin was among the TOP 15 cryptocurrency assets by capitalization, the project managed to win a user audience, which aroused the trust of a number of cryptocurrency exchanges that added this token to their own crypto lists. Thanks to this, users were able to purchase this coin through crypto exchanges, which eliminates the possibility of losing money due to the actions of scammers.

To carry out such transactions within the framework of crypto exchanges, you first need to purchase Bitcoins or Ethereum for fiat money, after which you can carry out an operation to exchange BTC or ETH for XEM.

Also, do not forget that there are many services on the network that operate on the principle of online exchangers. Such sites offer services for converting fiat money and a number of cryptocurrencies into NEM. The advantage of such platforms over crypto exchanges is that to use them it is not necessary to go through the registration procedure. To obtain information about favorable exchange rates in online exchangers, you can use the site bestchange.ru, popular among miners and crypto investors.

Where to download a wallet for storing NEM

For long-term storage of XEM, the NanoWallet wallet, running on Windows, Linux and Mac OS, is designed. When working, the wallet connects to any of the available supernodes, so the user does not need to download the blockchain to his computer. NanoWallet allows you to transfer and receive funds, create new mosaics and perform delegated harvesting.

Nem wallet from inside

There are also wallets for iOS and Android platforms. The developers recommend using them only as an addition to NanoWallet.

You can download the current version of the wallet on the project 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 prospects

The presence of a strong team and experienced investors opens up great prospects for the development of the NEM cryptocurrency. With the release of Catapult, the platform will be able to provide high throughput, which will allow it to compete with traditional payment systems. Linking with other products, such as the ICO platform COMSA and the private blockchain Mijin, will lead to increased interest from developers, fintech startups and banking structures.

Further development of the system will inevitably affect the rate and distribution of the NEM cryptocurrency. In terms of its capabilities, the platform will compete with Ethereum, Ardor and other projects that provide tools for creating digital assets.

Why was the XEM cryptocurrency created?

The NEM (New Economy Movement) project is a blockchain of so-called Smart Assets - smart assets. The coin ticker is XEM.

The site is written in the Java programming language and has 100% original code. It was created with the goal of easily managing data and digital assets. The project plans to become a universal solution for business, transferring many operations to blockchain.

The NEM project, in simple terms, is some features of Bitcoin, Ethereum and Ripple combined into one ecosystem. Its network is capable of processing approximately 10 times more transactions than Bitcoin. NEM, like Ethereum, acts as a platform for smart contracts and decentralized applications, and therefore for launching ICOs. At the same time, the system is focused on integration with the banking system, which is typical of Ripple.

The platform's developers are known only by online pseudonyms and do not disclose their real names. Officially, the NEM Foundation is behind the project.

What makes this project unique?

The NEM consensus algorithm is called “Proof of Importance.” This POI algorithm eliminates expensive, energy-intensive cryptocurrency mining operations and replaces them with a more efficient system. It checks the amount of XEM in your wallet, how long it has been in it, and the quality and quantity of your transactions. This is an ingenious and utilitarian alternative to PoW and PoS methods.

Like Bitcoin, XEM tokens are limited to a certain number. The difference is that the total number of tokens has been in circulation since day one and we will always have 8,999,999,999 tokens in circulation - this will never change. This means there is no "mining", only nodes validating transactions (and maintaining the integrity of the blockchain).

NEM's unique blockchain architecture, consensus mechanism, and approach to inflation are the key points that separate NEM from other blockchains. Tron, GoChain and IOST are similar to Ethereum (and each other) in various ways, but NEM was built from the ground up using modified blockchain concepts combined with pre-existing programming languages.

Proof-of-Importance

NEM has developed a new consent protocol – Affirmation of Importance. It is similar to proof-of-stake, but includes more values ​​than just the amount of cryptocurrency an individual has. The functions are taken from the mathematics of web clustering and page ranking. At a high level, key inputs include:

• Net transfers - how much was spent over the last 30 days; recent transactions matter more;
• Volume of reserved XEM;
• Cluster of nodes - accounts that are in one connected cluster are valued slightly higher than stand-alone accounts or hubs (which connect clusters but are not part of them).

The importance score solves 2 main issues of share confirmation.

1. Risk 1: People hoard all the coins they can get and thus collect rewards for creating blocks. This encourages them to accumulate wealth and discourages them from conducting transactions. Having an importance account means that accumulation will cause the account to drop, and the spread of the XEM cryptocurrency will increase it. Being a trader is better than having stock.
2. Second risk: Since creating blocks costs nothing, if a fork occurs, then someone can create coins for free on both forks. This greatly (perhaps forever) delays the fork. NEM is protected from this.

The process of creating blocks is called harvesting, in which the block creator collects all payments for all related transactions. The chance of becoming a collector depends on the level of importance of the account.

Where can I buy?