What is NEM?
NEM is a peer-to-peer blockchain based platform, written in Java. NEM was launched back in March 2015 and has since brought about completely new concepts to the cryptocurrency space. The overall aim of the project is to implement their goal of a model which is widely distributed.
NEM runs on it’s own blockchain and was not a fork of any other cryptocurrency. NEM aims to use brand new technologies in order to improve upon certain criticisms on other blockchain based projects which have preceded NEM. Some of the new technologies which feature in the NEM platfrom are;
- Proof-of-importance algorithm
- Peer-to-peer secure and encrypted messaging system
- Multisignature accounts
- Eigentrust++ reputation system
What is Proof of Importance
The NEM blockchain is designed around a proof-of-importance algorithm, this concept was both designed and introduced by NEM. Proof-of-importance is similar to proof-of-stake in as much as nodes are required to stake a certain amount of coins/token in order to eligible for creating a new block. With proof-of-stake you are generally scored based on the amount of the currency you have tied up (staked). With proof-of-importance there are a number of other factors taken into account:
- Net transfers: the total of you transactions in the last 30 days, the more transactions and the more recently you have transaction the higher you are ranked.
- The amount you are staking
- Cluster nodes: this is when you are part of an interlinked community, this community is then rated higher than those who do not link at all to these cluster’s
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