NEM cryptocurrency (XEM) is a well-established Large Cap crypto currency project, with a focus on providing tailored blockchain solutions for businesses and enterprises. In this video we will cover everything need to know about NEM in under five minutes. NEM stands for new economy movement. Founded in 2015 as a spin-off of another crypto currency project known as NXT, NEM crypto currency was both one of the earlier block chain projects, and also one of the earliest competitors to Ethereum. Like Ethereum, NEM aims to provide a smart contract platform upon which other applications can be built. It is therefore a competitor to projects such as Ethereum, Polkadot, Neo and EOS. In this video we’ll look at the features of the NEM project, briefly discuss the technology underlying the protocol and finish a with an assessment of the strengths and weaknesses of NEM as an investment. NEM was designed from the start to be lightweight and fast. The NEM block chain is able to process 3000 to 4000 transactions per second, and NEM’s innovative consensus mechanism, which is known as proof of importance, significantly reduces both the hardware requirements and the energy consumption needed to run and NEM node. The native token of the NEM blockchain is XEM, which you’ll often hear referred as XEM. Proof of Importance is similar in some ways to staking but also takes into account how active an individual user is on the NEM network. Just like a proof of stake protocol, NEM requires you to stake a certain number of tokens in order to qualify to operate a node and earn block rewards. NEM also has a vesting requirement, which means that users must both stake tokens, and leave them staked for a period of time before becoming eligible to earn block rewards. The minimum requirement to run a node is 10,000 vested NEM tokens. In addition to the vesting requirements, users are also rewarded for their activity on the network. In its simplest terms the more you have staked, and the more you use the block chain, the more important you will be. This is intended to promote a more equitable and decentralised experience for NEM users. Your importance influences how much you can earn from validating transactions and also how much influence you have on network governance. Stock video and still images sourced from https://pixabay.com/ https://www.pexels.com/ https://www.videezy.com/ Disclaimer: The information in this video is for general information purposes only. It is not intended as legal, financial or investment advice and should not be construed or relied on as such. It is very important to do your own analysis before making any investment based on your own personal circumstances Before making any commitment of a legal or financial nature you should seek advice from a qualified and registered legal practitioner or financial or investment adviser.

• published: 27 Mar 2021
• views: 2444