What Is NEM And Is It Really a Coin of the Future

What Is NEM And Is It Really a Coin of the Future

New Economy Movement, or NEM for short, is a well-established cryptocurrency project launched in 2015. It’s considered a competitor of Ethereum, given that it’s also an innovative contract platform. This means that other applications can be built upon it.

Below, we will assess this platform’s strengths, weaknesses, benefits, and features and help you decide whether NEM is worth investing in. We will also discuss whether NEM’s native coin, XEM is the coin of the future.

So, read more about this cryptocurrency and its price predictions.

NEM’s main features

NEM's main features

NEM was designed to be one of the fastest blockchains available. Only a few other blockchains parallel its ability to process more than three thousand transactions per second. 

It also runs on a unique consensus called Proof-of-Importance, which significantly reduces hardware requirements and energy consumption needed to run an M node, making it one of the fastest blockchains and one of the most eco-friendly.

The NEM crypto coin is called XEM, and just like Proof-of-Stake, the NEM blockchain allows staking. But to earn blockchain rewards, you will need a certain amount of XEM in your possession. The minimum requirement is 10,000 vested tokens.

Other ways to earn blockchain rewards

NEM rewards active users. So, if you have many tokens and are constantly active on the network, you will be more critical of the blockchains, earning yourself many rewards. This importance will decide your ability to influence the network’s governance and earning chances.

On the NEM network, all of its operators are known as harvesters. These harvesters earn block rewards from the fees of transactions they have validated and can choose to delegate their importance to users running so-called supernodes.

NEM and the business world

NEM and the business world

NEM excels in the B2B field as it allows non-blockchain-based companies to adopt blockchain-based technologies and enjoy the benefits. One of its main features is that NEM’s blockchain is entirely transparent, and all made transactions are 100% traceable.

This is extremely attractive for large companies interested in blockchain technologies while also wanting to comply with all the set rules and regulations in their markets.

The NEM protocol supports many additional features, such as document tracking, asset management, etc.

Price predictions for NEM

The prices of NEM’s native tokens are constantly fluctuating. Forecasters predict that since the coin can serve such an immense purpose in the business world, it will eventually get traction. However, in the past, the coin struggled to break above the $0.8 mark.

Most trades will quickly write off NEM and its native token as soon as they hear this information. However, people need to predict when the next bull run will happen.

Is NEM a good investment?

Is NEM a good investment

Whether NEM is a good investment depends on who you ask. While the features it offers businesses are tremendous, does it offer something for investors looking to make a profit?

When the platform takes off, you might reap its benefits if you are very active on the network. However, if the platform fails to take off, remember that there were many bankruptcy concerns for NEM back in 2019.

So, if you believe the harbingers iterating that the bull run will happen next year, keep a close eye on NEM’s performance and updates. You can do this via crypto exchanges that value traders and want to educate everyone so that no investments result in a net loss.

Bottom line

Investing in crypto can be extremely exciting and, on top of that, rewarding. However, playing your cards right will come from your research and experience in crypto trading. So, to accumulate that knowledge, don’t hesitate to check NEM’s whitepaper and look at what the experts predict for its future.

So, is NEM the coin of the future? As things stand, things are not looking well for NEM. But, the features it offers businesses should be noticed. If the NEM platform gets adopted by companies, you can expect its value to skyrocket. But you can never be confident that it will happen, so do your research before investing your money.

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Zubair is a tech geek who loves technology and writing about it. He also loves to travel and spread knowledge about online security.

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