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Wednesday, September 27, 2023

New Market Movement – Nem

The world progresses due to revolutions, both in the literal sense as in the revolutions of the globe and in the political sense as a radical change in society and the social structure is made. Our focus is more on the latter kind, particularly on the revolution which blockchain technology promises to bring.

The visionary goal of NEM, or the New Market Movement, is to change the blockchain ecosystem. NEM is not a platform, but rather an ecosystem of platforms that are aiming to deliver solutions for businesses and individuals using encryption and blockchain technology.

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NEM is a fork of NXT, a well-known cryptocurrency, and payment network. In 2015, NEM arose from cryptocurrency. The organization behind NEM is nem.io, a non-profit based in Singapore. Following the fork, the development team decided to take the project to the next level by creating its own codebase and adding more features. NEM was made far more scalable and speedier as a result of the team’s efforts. As a result, the platform bears little resemblance to the original NXT.

Proof of Importance (POI)

The Proof of Importance (POI) method on the NEM blockchain is a one-of-a-kind feature that contributes to its great efficiency. The Proof-of-Work mechanism is one of the most popular staking techniques in the crypto world, but it is also an energy-intensive procedure, making it unsuitable. Because of its POI system, the NEM blockchain is far more efficient, giving greater weight to how much users have invested in XEM as evidenced by their wallets and holding duration. It is a bit similar to the Proof-of-Stake mechanism that serves as the other alternative to the Proof-of-Work mechanism as POI uses other various metrics in order to evaluate nodes. Other factors that are also taken into account include are transactions, currency, and activity clusters.

It can be said that in one way proof of importance was developed to tackle the problems that arose due to the operation of proof of stake where activities like hoarding can result in a higher scores and as a result with higher dominance. With POI the algorithm uses several other metrics so that better outcomes can be achieved.

Nem Price Movement

At the time of writing of this article, the value of the NEM coin is at $0.1677 with a total of8,999,999,999 total XEM in supply. In the past year, the lowest value of the NEM coin has been $0.0857 and the highest value has been $0.8652. But the current month has been brutal with the bearish market. The other predictors don’t give that high regard to this cryptocurrency either as it is expected to not recover its all-time high by the estimates of Wallet Investor with $0.308 within a year. But you never know what innovation they can come up to change the whole course of their fate.

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