The elevator pitch for NEM is simple:
I.) Take what Bitcoin is doing for payments, and
II.) apply it to all technological infrastructure
It is very similar to the work Ethereum is doing with smart contracts, except that NEM bills its features as “smart assets.” Here are a some potential use-cases: Health records, Supply chains, Notarizations, Stock ownership, Royalty payments, Legal records, Loans & Inspections.
According to the company’s marketing materials, a handful of businesses have already adopted NEM such as Tech Bureau, Dragonfly, Fintech, K Chain, and more..
“Tests across millions of accounts have demonstrated why it is one of the best performing systems in the industry,” reads one of their presentations. Part of that is just shameless self promotion. However, there are some intriguing aspects to NEM, such as its interface.
Without getting too technical, let me quickly explain what this does.
Imagine that you are running a Fortune 500 company. You hear about blockchain–how it can increase security, lower costs, improve efficiency–and you decide to migrate some portion of your digital infrastructure.
In most cases, you’d need to hire a special programmer. Someone who understands the coding language of “smart contracts.” But then you discover NEM.
Your software team eagerly explains to you that NEM allows them to code in any language. There’s no need to tear everything down, no need to build it back up from scratch. It works with Java, C++, Python, Ruby, or whatever they want.
New Economy Movement (XEM) lets users create “smart assets” (i.e. data records, tokens, voting systems) with only a few clicks. You don’t need a team of programmers to create smart assets, unlike Ethereum . The goal of the developers of this currency is to create new money based on “financial freedom & decentralization” according to the website.
This is a speculative play.
Right now, NEM is probably one of the most promising young cryptocurrencies. It is estimated to be 100 times more energy-efficient than Bitcoin . This is a monumental achievement. Transaction fees are tiny, and the on exchanges are significant.
NEM has a unique “proof of importance” algorithm incorporated into it. POI rewards users who transact frequently with more dividends. This is part of a process called “harvesting.”
You need at least 10,000 NEM to harvest. For more information on this process, read the official blog here:
In order to harvest NEM, you need to have your coins “vested” and stored in a “wallet” for an extended period of time. This means people like to hoard their NEM, which helps keep price action positive.
NEM’s primary market (for now) is Asia. Its foundation is based in Singapore, and it’s very popular in Japan.
Many coins borrow the majority of their technology from bitcoin , but not NEM. It’s 100% new code. With extremely fast transaction times, and scalability up to thousands of transactions per second, NEM has a bright future ahead of it.
NEM is governed by the NEM Foundation. The foundation exists to oversee development of NEM. It pays software developers in its own currency to further the technology. Since developers are stakeholders, they are strongly incentivized to write good code.
The foundation just opened a 10,000-square-foot innovation lab in Malaysia. Here, it will incubate promising blockchain-related startups looking to use NEM’s technology. The foundation has budgeted approximately $40 million so far for development of the NEM ecosystem.
The president of the NEM Foundation is Lon Wong, a respected entrepreneur.
Here are the key points of why I’m on NEM…
A. 100x more energy-efficient than bitcoin ...
B. It has good exchange liquidity in Asia and the U.S...
C. It’s designed to handle industrial-scale business solutions...
D. It has a completely new blockchain tech (not copied from bitcoin or Ethereum , unlike most others)...
E. Transaction fees are decreasing and the foundation is responsive to requests...
F. It incentivizes users to transact in NEM by “scoring” accounts...
CALL TO ACTION: I’ve been sitting on this one for a little while waiting for the right entry. In my opinion, XEM is likely to outperform Bitcoin this year and I predict will achieve a high of $1.00 to $1.50 by 2023. This is an excellent entry price for us that isn’t likely to last long. Buy XEM at no more than $0.04 on the Bittrex or HitBTC exchanges.
Stay ahead of the masses,
Founder, Crypto Wealth Coach
Owner, Modern Wealth Management
Founder, Trading Resource Artificial Intelligence Network (T.R.A.I.N.)