NEM (XEM) on its way to becoming one of the most valued cryptocurrencies NEM, News
Bitcoin has long been at the top of cryptocurrency. And though it surely has its pros, it has failed to further meet the developing needs of consumers, along with other cryptocurrencies such as Ethereum, Ripple, and Monero.
NEM has combined pros from different currencies to offer users ease of use, customization, great sense of development, and tight security. These features have helped propel XEM to one of the top spots in cryptocurrency by market value in only two years.
NEM Chart
Proof-of-Importance
A digital currency or cryptocurrency should have a unique characteristic for it to have the upper hand over others, as well as to add value to its users. NEM’s unique characteristic is its consensus algorithm. It has set itself apart from other cryptocurrencies by introducing an entirely new algorithm: Proof-of-Importance (POI).
This consensus algorithm or POI considers the net amount that users transact, especially in the last 30 days including the number of interlinked clusters. This characteristic alone makes POI unique, unlike Proof-of-Stake (POS) which only reward miners based on their stake. With the NEM platform, users enjoy having a self-sustaining balance.
Quality is important
NEM took a different path. Rather than having Proof-of-Work (POW) protocol where a node has the ability to protect the network based on the amount of work a node does, NEM counts the quality of the work done by a node. This is achieved through Eigentrust++, a reputation management algorithm that assigns a global trust value to every user, based on the quality of their activity. The developers get to have an enhanced ability to run the platform efficiently compared to other cryptocurrencies.
Strategic partnerships
NEM formed partnerships around the world in order to gain support from users and institutions. For example, Uquid, a digital bank in Gibraltar, announced that it will launch a NEM-dedicated debit card. NEM has also partnered with ACX, Australia’s biggest exchange platform, giving NEM Foundation a white-labeled software to start its very own dedicated exchange. These partnerships will greatly contribute to the expansion of NEM and widen its global reach.
Support from Asia
NEM receives great support from the Asian market, giving it a solid base. Japan and South Korea have adopted NEM (XEM) and is one of their more popular currencies to use. This makes the daily trading volumes of NEM increase everyday.
Growth Potential
NEM is still one of the more affordable cryptocurrencies in the market today. With NEM proving its potential to grow, its demand and price will eventually increase considering its unique advantages. Now is definitely the best time to invest in NEM.
Reference: https://oracletimes.com/nem-xem-unique-technology-catapulgting-it-to-the-top/