The New Economy Movement, NME is a collection of systems that make use of cryptography and blockchain technology in the provision of services to individuals and groups. XME serves as NME’s NIS1 native cryptocurrency.
The operations of the NIS1 platform are similar to that of the Bitcoin network in that it consists of a network of nodes that validate, record, and process transactions on a public ledger system known as a blockchain. The nodes on the network are rewarded for their time, incorruptibility, and expanding computing power via a transaction fee incentive system. These rewards are paid to each node provided they are able to add a new block of executed transactions to the end of the blockchain.
Even with the high level of similarity, the NIS1 blockchain has a few features that differentiate it from most of the other cryptocurrencies including Bitcoin and Ethereum.
Who are the Founders of NEM (XME)?
The NME network was originally the product of three developers which were known by the fake names Jaguar0625, BloodyRookie, and fibre on the Bitcointalk forum. Since it started in 2014-2015, the network has developed over the years from a personal project controlled by three individuals into an entire ecosystem comprised of different platforms.
Presently, the promotion and all-around execution of the development of the platform is managed by the NEM group. The NEM group serves as the parent company of the platform which was created to support the development of the entire ecosystem up until the launch of Symbol (NME 2.0) and further. The NEM group, in charge of overseeing the network, is made up of several experienced enterprise veterans and representatives who are aware that having a simplified structure stands to benefit the entire network and does this while ensuring community engagements from the participants.
The budgeting and operation strategy of the network is carried out by the NME Group Board of Directors. The platform comprises three entities which are
- NME Software- This part of the network has its main focus on business development by improving and providing products and services.
- NME Trading- This part of the network deals with finances and also includes cryptocurrency exchange support, management of liquidity rate, and token loaning services.
- NME Ventures- This is more focused on the internal business part of the group focusing on the series of ventures and investments owned by the group. It also decides the direction of partnerships that should be executed on the network.
What is NEM (XME) used for?
NME is a blockchain-based initiative with its major being to assist businesses in the empowerment of the major operation infrastructure used by the platforms. The original version of the NME network launched in 2014 and shortly after, in 2015, its minnet went live. The main use case of NME is the provision of blockchain-based solutions to the regular operation of a business for both groups and individuals all over the globe.
The system also has a native token known as XME which, apart from being used for the execution of services within the platform, also holds value outside the network and be traded for other cryptocurrency pairs to make a profit for its holders.
What Is the Unique Point of NEM (XME)?
The NME platform is an open-source platform that operates under decentralized principles and also has a few unique features.
One of the most important of its features is its NIS1 security protocol. The network uses its proof-of-importance mechanism as opposed to the widely used proof-of-work and proof-of-stake algorithms. The system used by the network ensures the recording of transactions on the network in an honest and up-to-date manner.
The proof of importance algorithm allows for any interested party on the network to run a node and also facilitates the execution of transactions through a procedure known as delegated harvesting. In the procedure, the system makes a note of the number of coins held by the nodes, the regularity of their transactions, and with whom they transact to determine their importance in the NME ecosystem. The nodes are then rewarded with a portion of the fees of transactions they helped validate based on the importance score determined by the system.
According to the NME team, the use of this proof-of-importance system ensures that the network is able to identify and reward the participants that use it the most.
Apart from its proof of importance algorithm, the network also supports several other features including the creation of multi-signature contracts via the accounts, Eigentrust++ reputation system, an Apostille system noting and cross-checking the authenticity of the additions that have been made to the blockchain, and end to end encryption messaging.
Another line that is explored by the NIS1 system is the provision of purpose-built API systems by allowing developers on the network to apply its blockchain infrastructure to build in the creation of third-party applications.
How many NEM (XEM) coins are in circulation?
The total supply of XEM is capped at 8.999 billion tokens, all of which were minted when the network was launched back in 2015. The network does not operate under a mechanism that allows nodes to use computing power for the mining operations, As such no new XEM tokens can be mined on the network.
The nodes on the NEM network are only able to earn their cryptocurrency tokens in the form of rewards for the successful execution of transactions and their addition to the blockchain.
Is the NEM (XEM) Network secured?
The NEM network makes use of the Ed25519 public-key signature system for its security concerns and also adds the SHA3 hash algorithm for another layer.
In January 2018, a total of 523 million XEM tokens were stolen when the popular cryptocurrency exchange, Coincheck was hacked. The hack was a result of the company being short on staff and as a result, experiencing technical difficulties which resulted in the reduction in the quality of its security measure.
Unlike the operation of most hackers, the stolen XEM tokens were securely stored in a hot wallet that is connected to the internet, as opposed to the regular practice which is storing it offline in a cold wallet. However, all the affected parties in the Coincheck ecosystem were compensated for their losses and security measures on the network have increased to protect against such practices in the future.
How do I buy NEM (XEM)?
NEM offers a series of solutions and opportunities to business-oriented organizations and individuals. Due to this, there is a growing need for its services in the business industry and as such an increased level of adoption. Currently, cryptocurrency is available across several exchanges all over the world including Binance. The tokens can be purchased through the following steps.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy XEM through your trading account.
