NEM Cryptocurrency

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The cryptocurrency boom has long since passed, and interest in digital assets seems to be gradually fading away. But even that hasn’t prevented businesses from launching more and more new virtual currencies, most of which usually vanish without anyone even noticing! But NEM is different. This peer-to-peer cryptocurrency has already been around for three years, and it is continuing to grow steadily. It has managed to tap into various markets, including the gambling niche. Some online casinos offer NEM as a deposit method nowadays, and this in itself makes the digital currency worth checking out.

Shortly About Cryptocurrencies

Most people would define cryptocurrency as virtual money invented by some crazy people, purely in order to get profit from their customers. And they’re at least partly right, because creating such wildly sophisticated yet breathtakingly easy to use currencies does indeed require a non-standard way of thinking. But as for the question of “who benefits from it?,” cryptocurrencies are actually a win-win deal! Their main benefit is that there are no mediators between you and the service you want to pay for; and this does significantly speed up the purchasing process. So: are you ready to discover more? Let’s get down to discussing NEM, and let’s consider how it’s different from a lot of other digital assets.

What Is NEM Cryptocurrency?

NEM Cryptocurrency

NEM was launched in 2015 as an alternative to Bitcoin; however, it does have a completely different approach to earning altcoins. Whilst Bitcoin entails adding transaction records to a blockchain, in order for miners to get their altcoins, NEM is oriented towards distribution instead. All XEM (NEM altcoins) were distributed to its members in the first place and these members, in turn, shared them within their communities. Nowadays, you can earn XEM by processing transactions; but unlike Bitcoin, it doesn’t have “miners.” Instead, they are called “harvesters.”

The role of the “miners” lies in compiling recent transactions into blocks, while trying to solve a mathematical task. The first person who manages to solve the problem is rewarded with altcoins, and so they get to place the next block on the clock chain. “Harvesters” operate differently. They actually create the blocks, and so they get rewarded for that.

Continuing to compare XEM with Bitcoin, it’s worth mentioning that the former is much faster than the latter. Now however ridiculous this might sound,  the reason for this speed discrepancy lies in the number of XEM and Bitcoin altcoins actually available nowadays. Due to the huge quantity of Bitcoin coins around, it sometimes takes an excruciatingly long time to fulfill a transaction; while transactions made via NEM, on the other hand, appear to be pretty fast.

Uniqueness of NEM

Most of the cryptocurrencies that exist nowadays can be divided into two categories: the first one is a software branch of the Bitcoin code, whilst the second is a hard fork. NEM was initially intended to follow the second option and become a fork of NXT, but this plan was eventually aborted. Instead, they decided to create, the code from scratch. Instead of Proof-of-Work and Proof-of-Stake, NEM uses the “Proof-of-Importance” algorithm. The latter makes the transactions faster and the fees smaller, while also reducing power consumption.

Gambling and NEM

Gambling and NEM

The advent of the first cryptocurrencies has aroused the interest of businesses all over the globe. Due to the swiftness and the anonymity of cryptocurrency transactions, many online casinos have seized the opportunity to promote themselves. From that moment on, more and more online gambling venues supporting cryptocurrencies have emerged.

NEM has been around for only three years and hasn’t yet managed to gain the popularity it deserves among bookmaking companies and online casinos. But this appears to be really just a matter of time, as its altcoins are already steadily growing in value. The main asset of NEM, however, is not its value. Fairness is actually its main virtue. All online casinos insist that you make a deposit prior to playing their games; but this may cause you some additional concerns, as you can’t be sure that your money will remain out of the hands of third parties. And of course, you do need to thoroughly investigate the reliability of the chosen online gambling venue too. Fortunately, XEM does actually eliminate all the aforementioned hazards. You can place a bet right while playing a casino game; and if you do end up finally hitting a win, this will just be transferred to your account, and you don’t need to make an additional request to withdraw your money.

Curious NEM-Involved Event

The blockchain platform was involved in a scandal in January 2018 which caused a sharp drop in the value of XEM. The Japanese cryptocurrency exchange Coincheck underwent a massive hack attack, resulting in a loss of 523 million XEM coins worth about $400 million. It was then revealed that the hack was attributable to a lack of security measures of Coincheck, with regard to NEM. And so, the only cryptocurrency that actually suffered from the attack was NEM.

NEM hadn’t accepted the idea of conducting a hard fork, and so they created an automated tagging system instead. This made it possible to quickly reveal all the accounts that received XEM coins in an illegal way; and so, in March 2018, NEM lodged a complaint with law enforcement.

People Also Want to Know…

  • Who created NEM?

NEM was created by a user under the nickname UtopianFuture. He participated in a Bitcoin Talk forum and was inspired by Nxt. The initial project differed from what we have, now and the plan was aimed at creating a fork of Nxt, but in the end, the creators decided to make a new separate database.

  • What does NEM stand for?

This abbreviation stands for New Economy Movement. That is true that for some users this new way of harvesting cryptocurrency opened new possibilities.

  • What is NEM used for?

The service enables the quick and easy transfer of assets from one network to another via public blockchain. NEM works with documents, contracts, assets, and digitized data as well. Also, companies may use this platform to maintain the shipping info.

  • How do you buy NEM coins?

You should follow several steps:

  • Get a NEM wallet
  • Set your address
  • Look for XEM exchange
  • Then trade the deposited BTC fo XEM
  • Then simply withdraw these coins to your wallet
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