How to Buy NEM
NEM (New Economy Movement) is a decentralized, peer-to-peer crypocurrency that relies on blockchain technology. This cryptocurrency platform was first introduced in 2015. Currently, it is written in Java, but a C++ version is being developed.
NEM aims to offer wide distribution. It has also introduced new features to the blockchain technology, including proof-of-importance (POI), a unique algorithm, multisignature accounts, an Eigentrust ++ reputation system, and encrypted messaging.
What is NEM
NEM technology makes it possible for several ledgers to exist on a single blockchain. Its Smart Assets enable users to develop mosaics, which can be used to stand for any type of asset, such as currency. All of the transactions that are completed on the NEM platform are charged a transaction fee. The denomination that is used to pay for these transactions is called XEM.
A dual-layer blockchain, NEM is likened to Ethereum; however, it is written in Java. On the cryptocurrency layer, NEM mainnet supports several ledgers. On the Smart Assets layer, it supports mosaics, which represent any store of value.
The proprietary crypto coin used for NEM is XEM. XEM is mined using the platforms unique Proof-of-Importance algorithm instead of the Proof-of-Work or Proof-of-Stake platform that other cryptocurrencies use. This algorithm achieves consensus via a process that offers an incentive to each user that uses the network, and allows for decentralized, easy to use nodes.
Every node features an importance score. This score indicates how frequently it can harvest XEM, the NEM token.
A part of the NEM system vests coins. Initially, coins that are placed in a wallet are unvested, and over time, they start to vest toward the value of your account. To gain eligibility for an importance score, accounts on the NEM system must have a minimum of 10,000 vested XEM.
Additionally, the NEM network constantly tracks the transaction graph to acquire information that pertains to which nodes are contributing and which nodes are not. The more transactions a user sends to other users on the platform and the more users use the network, the more important their nodes become.
The transaction metrics and the vesting process combine are used to determine an importance score for every node. The importance scores are utilized to determine the likelihood that a node will harvest XEM. Because the Proof-of-Importance algorithm isn’t hardware demanding, complete nodes can run on virtually any device, no matter what power the device has. This prevents the centralization of harvesting to miners that have the largest devices.
The primary benefit of NEM is that it allows all users the ability to benefit instead of the “rich keep getting richer” effect; a problem on so many other systems.
Where to Buy NEM
There are several exchanges where you can purchase XEM, the NEM coin. Some reputable exchanges where it can be purchased include:
Why Buy NEM
Some of the primary benefits of NEM include:
- Numerous opportunities. Users have a variety of opportunities on this platform; creating their own applications, building investments, and conducting ICOs, for example.
- Fast transactions.Transactions in the NEM system are 10 times faster than they are on the Bitcoin network.
- Innovative mining.Users can connect to delegated mining even when their devices aren’t turned on. To do so, they simply have to activate their account and pay a commission fee of 6 XEM.
- Collaboration with banks.The NEM team intends to cooperate with standard financial institutions eventually, which has the potential to exponentially increase the price of XEM.
How to Sell NEM
NEM’s XEM coin can be sold for other form of cryptocurrecy, such as BTC and ETH, as well as fiat currencies. To sell NEM, use the following steps:
- Create an account on the altcoin exchange
- Fund your altcoin account with XEM
- Sell your XEM for another form of cryptocurrency, such as ETH or BTC
- Sell your cryptocurrency for a fiat currency
- Withdraw your fiat currency from your altcoin exchange account to your bank account
Which Wallets Can I Use for NEM?
There are several wallets that can be used for NEM, including:
- NEM Mobile Wallet
- NEM NanoWallet
- Trezor Wallet
- Free Wallet