NEM refers to New Economy Movement. The focus of the project was to create a new economy, which will focus on financial freedom, decentralization, and solidarity.
The NEM works on the concept of Proof of Importance algorithm. The wallet balance, the activity in the network, the quantity of transactions, and the online time of the accounts are taken into consideration to assess importance.
XEM is the native cryptocurrency of NEM. The NEM (XEM) currency consists of two parts: The smallest part is the microXEM, and the thousandth unit is the milliXEM.
NEM tweeted: “The cross-chain swap feature on Symbol enables the trade of tokens between different blockchains (as long as they are using compatible hashing algorithms) without the use of an intermediary party, providing interoperability between different platforms.”
The metadata feature on Symbol facilitates the users with the ability to attach relevant and important information to their accounts, mosaics, or their namespaces. It further enables off-chain actions, which depend on metadata, therefore, opening up a whole range of plausible actions.
The cross-chain transactions facilitates the trading of tokens between different blockchains; however, both the blockchains need to be using compatible hashing algorithms. There is no need for an intermediary party to provide for interoperability between the platforms.
NEM focuses a lot on creating apps through API. They have a unique system for block formation, known as delegated harvesting. If a user should harvest, they need to have ten thousand in account. Voting is also a process in the network. The votes cast by a voter with higher PoI has the most weightage.
Sydney Ifergan, the crypto expert, tweeted: “Proof of Importance (PoI) Weightage of voting, the need to have a balance of 10,000 to harvest blocks. Great strategic themes at NEM (XEM). Importance is important everywhere.”
Lon Wong, NEM.io Foundation Ltd, recently stated that the COVID-19 has been affecting everyone. However, he stated that they were able to complete a few significant enhancements, including the support for Sirius Storage and Sirius Super Contract. He spoke about how they had some patches done for stability and performance. Further spoke about how Testnet will be upgraded accordingly before moving over to the mainnet.
They have a clear roadmap for the working of the ecosystem.
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