What is the cryptocurrency called NEM, which Japanese fans are strongly backing, that you would lose out on if you don’t know? (Episode 17)
There are many promising cryptocurrencies besides Bitcoin and Ethereum.
I will introduce NEM (NEM), which I personally strongly recommend.
It is fairly popular in Japan, and it seems that many users have high expectations for this currency’s future.
Although various milestones lie ahead, it is still cheap, so expectations are likely high.
Now, the full picture of NEM…not necessarily complete, but let’s explore where its potential lies.
Current NEM/XEM rate (vs. Japanese Yen and Bitcoin)
XEMBTC Chart
Real-time
Overview of NEM (XEM)
NEM stands for New Economy Movement, and aims to create a new economic sphere based on principles of financial freedom, decentralization, equality, and solidarity.
On January 19, 2014,on the bitcointalk.org foruma person with the handle utopianfuture proposed the project, and it was released on March 31, 2015. One of the developers is Japanese.
The unit issued is “XEM,” with a total supply of8,999,999,999XEM, and it has been divided fairly among about 1,600 investors, so there is no mining.
Official site：http://nem.io/
Advantages of PoI (Proof-of-Importance) in NEM
NEM is the first cryptocurrency where mining rewards do not skew toward a few miners or groups with enormous funds.
NEM uses a system called PoI (Proof-of-Importance). This means, unlike Bitcoin or Ethereum, NEM consumes very little power and becomes more secure in terms of security.
What is the difference between XEM and BTC/ETH? (NEM Official / Japanese)
What is the difference between XEM and BTC/ETH? (NEM Official / Japanese)
To increase the PoI score, you need to use NEM and conduct more transactions with more people. As a result, you incur transaction fees, but your PoI score rises. NEM also has measures to prevent artificially inflating PoI scores for profit.
How to increase Importance on the NEM blockchain? (Translation)
How to increase Importance on the NEM blockchain? (Translation)
●More details about PoI→What is POI?
PoI score (your importance) is calculated from not only wallet balance but also transaction activity (frequency of transfers), which may be appealing because it is not biased by wealth.
Because the quality of the account is emphasized, it feels similar in some ways to Google's PageRank and the algorithms that determine search result rankings.
Harvesting with NCC
NCC is the XEM wallet. It is a browser-based type, and harvesting is done using NCC. Bitcoins are earned as rewards through mining, but in NEM, this is called harvesting.
If you don’t trade XEM very often, it is safer to store them in a wallet to avoid theft through hacks (exchange manipulation, etc.).
To harvest XEM, you start your PC, open your browser, start NCC, begin harvesting, and then leave it running.
●NEM Wallet Account Registration
●[NEM/XEM] Path to Harvest — Install NCC and Harvest
Additionally, there are methods to delegate harvesting externally, and if you hold over 3 million XEM, you can experience one level up as a super node.
●NEM Local Harvest and Delegated Harvest
●[NEM/XEM] Path to Harvest 2: Local/Delegated Harvesting
●[NEM/XEM] How to become a Super Node (Windows Server) — Table of Contents
From Japan to the World — mijin
The private blockchain mijin, developed by Zaif’s operator “Tech Bureau”, is based on NEM technology. In December 2015, Nomura Research Institute and Shinkin Bank Bank (SBI Net) announced adopting mijin for blockchain demonstration tests, drawing attention.
●Tech Bureau and the open-source project NEM partner to adopt Mijin’s new core engine ‘Catapult’
●What is the relationship between NEM, Mijin, and Catapult? (NEM Official / Japanese)
mijin：http://mijin.io/ja/
The demonstration cloud chain beta for mijin reportedly received 167 applications from 15 countries, and among Japanese companies used by NEC, NTT, OKWave, Kansai TV, Nippon Steel, DRECOM, mixi, Yamagata University, and WJ FX, among others.
From July 1, 2016, applications for the second phase have begun.
Successful demonstration of private blockchain technology in microfinance with Myanmar’s largest microfinance institution, BC Finance
This is the world’s first demonstration of private blockchain technology used in microfinance.
In Myanmar, out of a population of over 50 million, bank accounts number around 2 million, and banking services are available only to a subset of the wealthy. Microfinance, which provides financial services like lending and deposits to people across all strata, is expected to play a crucial role in the country’s future growth. Since the spring of 2011, Myanmar has seen 7–8% economic growth, and with the military regime ending in spring 2016, there were moves to lift U.S. economic sanctions, suggesting further growth and a significant increase in BC Finance users.
Even sostill in the demonstration phase, so the potential is expected to grow even larger.
●Interlinking with Intoray/Tech Bureau: world’s first private blockchain demonstration for microfinance accounting data
photo by:Soe Lin
Thus, NEM can be said to be a leading cryptocurrency approaching from Japan to the world.
NEM’s private version, Mijin, and the company developing it, Tech Bureau, and the exchange Zaif that they operate, are worth watching.
Positive opinions about NEM and things people might talk about
CRYPTO APEX’s asset trading is built on NEM’s advanced Mosaic solution. As described in “The Shock of Blockchain,” it enables real-world assets like gold, stock prices, and land ownership to be traded between users.
Even if you’re not interested in cryptocurrencies, you may find yourself using NEM unintentionally… a marvelous financial system that connects people worldwide through digital money.
Connecting the world’s banks with NEM to create a new financial system. The name is CRYPTO APEX
A quote from Hirotaka, an adviser at Tech Bureau and author of “Where Can You Go Anywhere”: “I’m planning to run a blockchain-based business using Bitcoin-like blockchain technology in Africa. I’m currently serving as an advisor to a certain blockchain technology. (omission) If we can introduce blockchain successfully to Africa, a huge financial innovation will happen. And it will probably be realized. Without the obstruction of legacy infrastructure rights typical of developed nations.”
NEM, Tech Bureau, Hirotaka, and friends’ Quiet Blockchain Revolution
photo by:Paul Saad
From an investment perspective, NEM is still an undervalued cryptocurrency. mijin is planned to implement smart contracts in 2016 Q2, so if that is implemented in NEM, it could become the second Ethereum.
Cryptocurrency in Post-Capitalism, and the Possibilities of NEM(2016.3.17)
Cryptocurrency in Post-Capitalism, and the Possibilities of NEM(2016.3.17)
In 2016 Q3, major national cryptocurrency exchange engines will be implemented in mijin, so by September at the latest, you should be able to buy NEM in Japan, and if you’re interested, I recommend buying NEM before the market opens to the general public and before the herd investors flock in.
Why don’t stock investors buy crypto NEM by Tech Bureau?(2016.3.25)
Why don’t stock investors buy crypto NEM by Tech Bureau?(2016.3.25)
Exchanges where you can purchase/trade
●Zaif(Operated by Tech Bureau in Japan)
●POLONIEX(English)
The next site provides detailed guidance from purchase to wallet storage, so please use it as reference. I followed their steps to easily purchase NEM.
Note that while Bitcoin purchase/sending is explained on Zaif, you can also use other exchanges like bitFlyer or coincheck.
●Cryptocurrency Purchase Navigator
Japanese information sites related to NEM
●NEM Explanatory Book
●NEM Board in the mijin Forum
●NEM Tokyo
That’s the overview of NEM.
It remains an exciting cryptocurrency, so why not give it a look?
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