From its very beginnings, NEM was a community-oriented cryptocurrency. After all, the whole idea started out on Bitcoin Talk forum, when a forum user with name UtopianFuture decided to develop a fork of Nxt, the blockchain application platform.
However, the idea became bigger than just being a fork, and in March 2015, a full blockchain platform was launched. Soon, the companyconducted an airdrop to raise awareness about the project. And recently, RHOVIT, an airdrop of NEM token, announced that it would give away 800,000 Rbit.
So, in today’s guide we’ll talk about how NEM is different from other blockchain platforms, what its features are, and where the company is headed. Let’s dive in.
NEM is different from other blockchain platforms. Here is how
Just like Ethereum, NEM is a blockchain platform for building decentralized applications. However, it has different architecture and features that make it stand out. Here are some of them:
- NEM has an API interface that supports any programming language. This is a huge advantage over traditional blockchain platforms such as Ethereum, which uses only Solidity programming language.
- The platform can support the building of any application, and its use case is going beyond cryptocurrencies. That means that on NEM you can build applications for Fintech, supply chain tracking, ICOs, voting, ID management, etc. To help you to customize your application, the platform uses the Smart Asset System.
- NEM has a faster transaction speed than a traditional blockchain platform. For example, Ethereum can take near 15 transactions per second maximum, while NEM can scale hundreds of transactions per second.
Now that we know what separates NEM from other blockchain platforms, let’s take a look at its main features.
NEM features: what makes it so impressive?
NEM is run on a permissioned private blockchain. The platform’s main fuel is its supernodes, which means it doesn’t require miners to operate. Also, to make the network more secure, the platform uses Eigentrust++ and an incentivized public node network.
When it comes to the blockchain algorithm, NEM uses a Proof of Importance (PoI) algorithm, which is similar to the algorithm used by Google’s PageRank.
Conclusion
With its popularity increasing, we can say that NEM has a bright future ahead in the crypto world. This includes launching and integrating Catapult, the smart contract plugin for public and private networks.
Also, according to its roadmap, the company will introduce KYC within its system, and continue to develop new partnerships and investments. Good job!
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