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CoinPayments (Desktop/web wallets )
NEM Mobile wallet (Desktop/web wallets )
Payment Faucets : Direct
What Is NEM?
NEM is a dual-layer blockchain similar to Etherium but written in Java, a popular computer programming language. Launched on March 31, 2015, the NEM mainnet supports multiple ledgers on its cryptocurrency layer, and the NEM Smart Assets layer supports mosaics to represent any store of value. NEM’s proprietary crypto coin is XEM, which is harvested (mined) using a Proof-of-Importance algorithm.
(NEM, by the way, stands for New Economy Movement.)
NEM is the FUBU of blockchain, providing a community-built platform for easier community usage. NEM is a lean, dual-layer blockchain similar to Ethereum and NEO/GAS, but with its own methods of reducing network congestion. Because of its strong community support, NEM survived the biggest cryptocurrency hack on record as of November 2018, and these key ingredients are crucial to its success.
XEM is harvested through a hybrid model that accounts for balance, time held, and network participation. This consensus model prevents ASIC-powered mining nodes or whales from controlling the network.
NEM was created using Java and runs using API calls. This means any program can be easily adapted to contact and utilize the network.
NEM using a domain/subdomain naming system similar to the current internet, making it well-poised for seamless integration and easy adoption across all platforms.
Proof-of-Importance and Harvesting
The NEM Blockchain employs a Proof-of-Importance algorithm (as opposed to Bitcoin’s Proof-of-Work or PIVX’s Proof-of-Stake) to achieve consensus through a process that incentivizes active participation in the network. This makes for a decentralized, nimble network of well-behaved nodes. Each node has an importance score that determines how often it can harvest (think mining or staking in PoW or PoS systems) XEM, NEM’s native token.
Part of this system works by vesting coins: when you place coins in your wallet, they start out as unvested coins.
Over time, your coins will begin to vest or count toward the importance of your account. In order to be eligible for an importance score, your account must have at least 10000 vested XEM.
This part of the system acts just like staking coins in PoS setups but is only one part of calculating your importance.
In addition to tracking vesting, the transaction graph of the NEM network is constantly analyzed to provide information on which nodes are contributing and which are not. This means that the more transactions you send to other users and the more you use the network normally, the more important you become. The vesting process and transaction metrics result in an importance score for each node, and these scores are used to scale the likelihood of your node harvesting XEM.
Since PoI is not hardware intensive, it allows full nodes to be run on almost any machine regardless of power, preventing centralization of harvesting to those with the biggest machines.
Since it requires a time commitment via the vesting process, it prevents the “rich get richer” effect of many staking systems wherein those with the most money immediately become the biggest earners and cannot be outpaced.
In some systems like Bitcoin, mining blocks and running a network node are separate. In the NEM system, running a node to secure the network and harvesting coins is done by the same software, incentivizing running a full node and leading to more decentralization over time as harvesting becomes more profitable.
Overall, the PoI system is unique and seems promising, an excellent alternative to traditional consensus methods that all comes with their share of strengths and weaknesses.
Other Blockchain Features
NEM uses a custom version of the Eigentrust++ algorithm that implements a “reputation system” for nodes on the network. Basically, each node keeps track of the information it receives from other nodes (new blocks, transactions, etc.) and then verifies this information.
If the information proves valid, the reputation of the providing node will increase, and if it’s bad info the reputation will decrease. The reputations of all nodes are then passed around the network and updated within each node. This allows for automatic load balancing and removing bad nodes from the network, keeping the network running as smoothly and quickly as possible.
Built-in spam filters that prevent garbage transactions from flooding the network and clogging up the works
A P2P time synchronization system that allows the network to maintain accurate timestamps without relying on any outside servers for checking the time
Encrypted messaging on the blockchain without hacking transaction fields to carry data like other coins
Multisignature addresses allow developers to define shared addresses and multiparty control over assets and containers
Information on the technology described here and can be found on the NEM technology page and in more technical detail in their technical reference.