Litecoin is one of the first open-source altcoins based on the original Bitcoin code. It was initially a strong competitor to the first cryptocurrency. However, as the cryptocurrency market expanded, Litecoin’s popularity gradually declined.
NEM (XEM) – cryptocurrency overview, total capitalization, features and benefits of the coin
Total capitalization (as of 09/04/2019): $441.4 million
Trading volume (24h): $6,686,739
NEM is a relatively new virtual currency. The abbreviation, which is encrypted in the name of the currency, stands for New Economy Movement, which means “new economic movement” in translation. Fame came to the project in 2015, and a year later the developers began its active development.
The main feature of the cryptocurrency is the original open code, as well as a number of innovations in the world of crypto. For example, the POI (Proof Of Importance) algorithm, on which NEM works, provides a more objective selection of users. At the same time, attention is paid not only to the number of coins at the disposal of the participant, but also to his contribution to the promotion of the NEM cryptocurrency. A POI differs from a POS in that there is more benefit to the participant who can process more transactions despite having a smaller amount on the online wallet.
In Japan, NEM occupies one of the leading positions. The developers began active cooperation with the well-known Japanese exchange Tech Bureau and together created a new product MIDGIN. This is a private network within which all operations are performed, both incoming and outgoing. The project was tested for three months and 2.5 million financial accounts were put into operation. During testing, two million operations were performed per day, and MIDGIN coped well with such a load. Such a result interested the economic structures of Malaysia and China and will soon launch new testing there.
The NEM cryptocurrency has one peculiarity compared to other virtual currencies. The amount of the commission for settlements is different for each operation and depends on the amount of money in the account of the sender and recipient, the level of activity of participants in the system and the security of the transaction. The more funds on the balance of the online wallet, the more commission is charged. This is done in order to motivate users not to accumulate XEM in wallets, but to actively use them.
To date, 9 billion XEM have been issued and no more emissions are planned.
Advantages NEM
- Ease of use of NEM wallets, the ability to install on any OS.
- High level of security.
- Decentralization.
- Possibility to purchase XEM coins for cash.
- Fixed amount of emission.
- A multifunctional blockchain that allows not only to control transactions, but also to exchange data in other areas.
