NEM —— A Smart Asset Blockchain Built For Performance
- NEM stands for New Economy Movement. According to the team, NEM aims to "service enterprise blockchain markets and extreme versatility in servicing diverse markets".
- XEM is the native currency of the NEM public blockchain, which was launched in 2018. It is used to pay for transactions on the NEM public blockchain. It is used to incentivize the network of public nodes to process and record transactions for participants.
- According to the team, its core characteristics are zero-inflation (the amount of XEM tokens in the ecosystem is fixed), scalability (owing to a high TPS ~ 4,000 TPS), ecosystem support (through the harvesting of XEM tokens), and power-efficiency (with negligible electricity and hardware costs relative to PoW blockchain).
Founded in 2015, the NEM blockchain project is a digital asset management platform that can be created on demand, financial technology systems, logistics tracking systems, initial token issuance, notarization, decentralized identity verification, etc. Since the system is autonomously open, decentralized, and self-supporting NEM public blockchain, not only anyone can use the NEM blockchain completely autonomously, but developers can also build on NEM. XEM is the native token of the NEM network, allowing instant payments and transfers anywhere in the world. XEM can also be used to pay for transfer fees, token creation, encrypted information or some other features.
NEM blockchain architecture
The NEM blockchain platform is constructed by a network of nodes, and all nodes run NEM's core node server software. In short, these nodes provide a powerful, easy-to-use, stable and secure platform on which smart asset transactions can be conducted, searched and permanently recorded in the blockchain ledger. To this end, the nodes on the network have two basic functions:
- API gateway server
First, each node provides an API gateway, which applications can use to access the blockchain and its functions. This means that your application does not need to run any complicated node software. All functions can be obtained through the API interface on each node of the network itself. This means that blockchain can be used to create a variety of solution architectures with lightweight code in any language.
- Blockchain node network
Second, each NEM node builds a peer-to-peer blockchain network with other nodes. All in all, the network creates and supports the blockchain itself. NEM node software can verify transactions, maintain databases, synchronize with other nodes, and maintain stability and reliability to create a fast, secure and scalable network.
NEM has an original namespace/smart asset system, similar to the structure of domain names/pages in the Internet era. Each user can easily apply for their own namespace and publish on-chain assets on the public chain. XEM is an on-chain asset released in the basic namespace of NEM. NEM is a Java-based blockchain system that is programmed from scratch. The digital asset XEM running on it has the following basic characteristics:
- Perfect collection value – the total amount of XEM is constant and never inflates
- Convenient transactions – good on-chain transaction carrying capacity, TPS is very high
- Harvesting system – holding coins for passive income
- High efficiency – the operation of the blockchain will not generate a large amount of power demand and energy consumption
- High demand – XEM is required for accounting and publishing smart assets on the public chain
NEM was originally created by three developers known by their pseudonyms on the Bitcointalk.org forum: Jaguar0625, BloodyRookie and gimre. Since its inception in 2014-2015, NEM has grown from a personal project of three programmers to a large ecosystem composed of several platforms.
NEM’s overall development and promotion is now managed by NEM Group. NEM Group is a parent company designed to support the growth of the NEM ecosystem leading up to the launch of Symbol (NEM 2.0) and beyond. NEM Group was formed by a team of experienced NEM representatives and enterprise veterans who realized that a simplified structure would benefit the entire ecosystem, while also promoting more community input and engagement. The NEM Group Board of Directors is responsible for setting the strategy and budgets, and ensuring that all subsidiaries are working towards collective objectives. NEM Group comprises three separate entities: NEM Software, focused on the product and business development; NEM Trading, responsible for all finances, including liquidity management, exchange support and token lending; and NEM Ventures, the venture capital and investment arm, focused on strategic partnerships.
NEM Project Application
- Financial payment: Financial services companies can use NEM to make instant payments and transfers anywhere in the world. One of the main advantages of NEM is its ability to seamlessly interface between public and private blockchains. This means that you can transfer currency, tokens or files from the company's internal network to another company's network via a public blockchain.
- Create your own cryptocurrency: NEM's smart asset system allows you to define and activate your own token or cryptocurrency without programming. Just open the customer and define the name, number of coins, divisibility, transferability and levy, and it's done.
- Mobile payment: You can use NEM's cryptocurrency XEM, or you can create your own cryptocurrency on NEM. NEM is an excellent choice for mobile retail payments. NEM blocks are completed every 60 seconds, enabling transactions to be confirmed quickly enough for daily use. Transaction fees are kept low enough to make small purchases a reality. NEM's mobile wallet supports barcode function, so you can easily make payments without entering an address.
- Stock market: The clearing and settlement of stock market inventory often takes more than two days to complete. NEM blockchain technology is a suitable core component to redesign the stock market ecosystem, which can save the industry billions of dollars in operating expenses every year.
- Custody Service: NEM can form the basis of managed services. You can set up untrusted accounts to manage the transfer of currency, tokens, data or any other assets. You can also set the minimum number of digital signatures (up to 32) required before performing the transfer.