NEM which is abbreviated as New Economy Movement has much to convey with its name itself. NEM has used what was working and took away what wasn’t and came up with a technology that would be hard to rival for every other cryptocurrency currently being traded.
The coin aims to sort out issues like scalability, hoarding, ease of use and many others. This blockchain altcoin is an aggressive entry formed in January 2014 and has evolved to become one among the highest market cap owners.
Here are few reasons why NEM traded as XEM is a future coin for many aspirants:
Solving the problem of Hoarding
Hoarding is making it close to impossible for digital coins to be accepted as currencies around the globe. As we have seen with bitcoin, the prices can flare up anytime in future. This speculation stops everyone from trading their bought coins. However, the reality is, market will only surge if these currencies are spent.
NEM solves this problem by introducing Prove of Importance algorithm. Through this algorithm, individuals would be encouraged to spend their coins to earn rewards. In short, you can earn at most 10% of the coins invested back through their algorithm.
Fully Decentralized Network
Although bitcoin provided a decentralized network, the proof of work made it difficult to realize an entire decentralized platform. Later, the proof of stake was introduced to solve the problem, but that created more problems.
Hence, NEM came up with proof of importance algorithm to create a fully decentralized network. After accessing the certainties, it is likely that NEM will stand next to bitcoin in near future.
Application of NEM
With a robust blockchain and an asset-friendly platform, NEM can be utilized in various verticals from startups to real estate. Even game developers and various other niches are looking to try their hands on this coin.
This ecosystem can be utilized by others in creating their own blockchain for employment in other areas of work.
NEM in Exchanges
NEM was founded in 2014. Even with a great vision, the price could not move much for next two years. It was in 2016 that the price rose to $0.012. It did not take a back seat from there on. In 2017, the prices kept rising and by the start of 2018, it reached its highest peak of $2.
Although the price has dropped to $0.4058 as I write this article, the future is still looking great and is supposed to once again come back to the price it took off in January 2018.
Although the price of bitcoin is incomparable with all the new entries put together, people still are looking for other options. This is because to some, this coin is unaffordable, and others who missed the deal with bitcoins are looking for an alternative that can grow as big as bitcoin in the future, giving higher returns.
This is where NEM takes the lead. With all the options available, very few tend to show the fighter’s attitude and NEM rocks the chart.