How the Recent NEM Developments Will Impact Its Future

NEM has been one of the best performing cryptocurrency in the past two years. Since NEM was released in March 2015, the cryptocurrency has been driving its way on to the top 15 in market cap value.

NEM boasts its unique technology, an algorithm known as Proof-of-Importance or POI. The blockchain technology offers a different algorithm from the traditional Proof-of-Work or Proof-of-Stake. POI determines the importance of a NEM (XEM) coin-holder based on various data, and provides transaction service accordingly. NEM has just released two developments that will make a big impact in the cryptocurrency’s future.

NEM XPOS DEVICE

NEM, in partnership with PundiX, released 20,000 NEM XPOS devices to businesses. XPOS would make payments possible for the customers willing to use XEM as a valid currency. The devices are designed for retail business and they can make existing NEM transactions faster.

CATAPULT

Catapult is the updated version of the technology NEM has today, which is Mijin. Catapult is the new blockchain-based engine that is created to represent new NEM protocols to the customers. The release of the technology has been awaited by NEM-holders for a long time.

The development team of Catapult has been working on this project for three years. Once Catapult is released, it’s expected to bolster NEM’s position to greater heights. The technology would also come with specific features only for NEM’s integration in various industries such as money systems and protocols, logistics, food, and many others.

OTHER ADVANTAGES OF NEM

NEM offers some features that are not available elsewhere. Aside from the two technologies mentioned above, NEM has offered some advantages to its users from the start. These include:

  1. Namespace System: A system that allows a user with one domain to create multiple subdomains. As a result, XEM-holders can store their NEM coins in various secured locations.
  2. Multisignature Transactions: A system that requires multiple signature to conduct a legitimate transaction.
  3. Harvesting: A system that allows traders to create their own for lucrative purposes.
  4. Reputation System: The EigenTrust++ reputation system makes sure that the efficiency of NEM’s blockchain ecosystem does not decrease.

FINAL THOUGHTS

NEM was the first cryptocurrency to offer Proof-of-Importance system along with several other features. Now, with the release of NEM XPOS and the Catapult, this cryptocurrency will likely offer both a highly-scalable ecosystem and diversity of different industries. The possibility of NEM prevailing is high under the current circumstances where traders are always looking for a more efficient system.

Reference: GLOBAL COIN REPORT

 


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