Cryptocurrency has what it takes to change and inspire the financial world in very many different ways. For the past few years, this digital media of
Cryptocurrency has what it takes to change and inspire the financial world in very many different ways. For the past few years, this digital media of transactions has taken the world by storm. It has become a medium of exchange that uses encryption capabilities to control and verify the transactions of funds. Cryptocurrency has developed to be a global phenomenon that’s familiar to most people nowadays.
Numerous companies, governments as well as banks are quite aware of its benefits and importance. Miners are also creating coins and confirming transactions, which has largely improved the digital media transactions. In this article, I’m going to give you a basic information about NEM and how cryptocurrency has influenced the digital cash.
The New Economy Movement; NEM
NEM is a new code base that was exclusively written in java by a Bitcoin forum user. Unlike other cryptocurrency miners, NEM was the only cryptocurrency to use Eigentrust as their reputation system. This is done by the past behaviour or activities of nodes within a network. It has enabled the NEM’s network to work efficiently and accordingly.Numerous Japanese banks have been engaging with NEM to test its unique blockchain features as a payment infrastructure. NEM was officially launched early last year and has developed to be among the largest cryptocurrency in the market today.
NEM has incorporated many unique features that you need to be aware of. This new code base uses the proof-of-importance (POI) algorithm instead of proof-of-work (POW). This algorithm is mainly intended to reward the user’s contribution to its community. Another goal that NEM also intends to work on is to address the wealth inequality of its users. NEM is also designed to use a client-server model which allows the NEM infrastructure server to run independently of the NEM community client. For more enquiries about NEM and its features, kindly visit their official site at http://nem.io/. It has everything you need to know about the new economy movement.