NEM (cryptocurrency)
| NEM | |
|---|---|
| symbol | XEM |
| Publishing year | 2015 |
| Blockchain | Yes |
| Mining | No |
| Website | nem.io |
NEM is a blockchain- based cryptocurrency that was launched on March 31, 2015. NEM has the stated goal of a broad distribution model. The NEM blockchain software is used in a commercial blockchain called Mijin that is being tested by financial institutions and private companies.
As of January 2018, NEM was ranked 8th among cryptocurrencies with a market capitalization of approximately $ 9 billion.
history
The currency goes back to the New Economy Movement (NEM), which pursues the goal of creating a sustainable, just economic order. The developers come mainly from Japan and Asia. NEM was started by a Bitcoin forum user named UtopianFuture, who was inspired by Nxt . The original plan for NEM was to fork NXT, but that was eventually ditched in favor of an entirely new code base.
After NEM worth 500 million US dollars were withdrawn from the Coincheck trading platform in Japan on the night of January 25th to 26th, 2018, the NEM Foundation announced that trading venues will block trade in stolen NEM by means of a NEM blacklist. This affects five percent of the NEM money supply. In addition, Coincheck will fully compensate the stolen.
The alleged pre-sale of 38.4 million petro on February 20, 2018 was based on the NEM blockchain. On the same day it was announced that NEM was involved in the development and introduction of the Petro for Venezuela. In March 2018, a message appeared that NEM representative Mikhail Granin had worked in Venezuela to introduce the cryptocurrency and then tried to leave the country.
technology
NEM is characterized by an accelerated block generation, an extended blockchain functionality and a modified method of generation. During generation, NEM replaces the Proof of Work (Mining) with the Proof of Importance. Here, the transaction frequency and the transaction volume of the users involved come into play instead of solving a cryptographic problem. This is intended to reward the willingness of users to actively participate in the network.
See also
Web links
Individual evidence
- ↑ Alireza Beikverdi: NEM launches, targets Old Economy with proof-of-Importance. (No longer available online.) CoinTelegraph, April 1, 2015, archived from the original on December 22, 2015 ; accessed on January 4, 2018 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ^ How Japanese Blockchain Technology Revolutionizes Municipal Government in Belgium. CoinTelegraph, March 2, 2017, accessed January 4, 2018 .
- ↑ Elliot Maras: Japanese Financial Institutions Partner With Technology Startups To Utilize The Blockchain. CryptoCoinsNews, December 20, 2015, accessed January 4, 2018 .
- ↑ Cryptocurrencies beyond Bitcoin: Litecoin, Monero, Ripple. t3n, December 14, 2017, accessed January 4, 2018 .
- ↑ Top Ten Cryptocurrency NEM Catches on in Japan - CryptoCoinsNews. CryptoCoinsNews, November 24, 2016, accessed January 4, 2018 .
- ↑ Bitcoin, Ether and more: The 10 largest cryptocurrencies in the world. t3n, March 6, 2017, accessed January 4, 2018 .
- ↑ Matthew Warner: Chrono Bank partners with NEM to create ChronoNEM wallet - allcoinsnews.com. March 23, 2017, accessed January 4, 2018 .
- ↑ Christoph Bergmann: Biggest crypto hack of all time: Bitcoin not involved. January 30, 2018, accessed January 30, 2018 .
- ↑ Special Report: In Venezuela, new cryptocurrency is nowhere to be found , Reuters, August 30, 2018
- ↑ Exclusive: Russia Secretly Helped Venezuela Launch a Cryptocurrency to Evade US Sanctions .
- ↑ Bolivar does not beat Bitcoin , Novaya Gazeta, March 25, 2018 (Russian)
- ↑ What is NEM? Retrieved January 4, 2018 .
