NEM (cryptocurrency)

NEM

Denominations
Subunit

 0.000001
µXEM (microXEM) – smallest unit
 0.001
mXEM (milliXEM) – thousandth unit
Plural
XEM
Symbol
XEM
Demographics
Date of introduction
2015
User(s)
Global
Issuance
Issuer
Fixed Decentralized
peer-to-peer consensus
 Website
NEM
Valuation
Genesis Block Production
Fixed 8,999,999,999 XEM total

NEM is a peer-to-peer cryptocurrency and blockchain height launched on Mar 31, 2015.[1] Written in Java,[2] with a C++ chronicle in the works,[3] NEM has a settled idea of a far-reaching placement indication and has introduced new facilities to blockchain record such as a proof-of-importance (POI) algorithm, multisignature accounts, encrypted messaging, and an Eigentrust++ repute system. The NEM blockchain program is used in a blurb blockchain called Mijin,[4] which is being tested by financial institutions and private companies in Japan and internationally.[5]

History[edit]

The NEM developers are pseudonymous.[6] NEM was started by a Bitcoin Talk forum user called UtopianFuture who was desirous by Nxt.[7] The initial devise for NEM was to emanate a flare of NXT, but this was eventually discharged in preference of a totally new codebase.[8] Starting on Jan 19, 2014, an open call for appearance began on the Bitcointalk forum. The idea of the call was to emanate a community-oriented cryptocurrency from the belligerent up.[9]

In Apr 2016, Tech Bureau, the user one of Japan’s largest cryptocurrency exchanges, Zaif, shaped a partnership with NEM for a new blockchain engine.[10]

On 26 Jan 2018, Japanese cryptocurrency sell Coincheck, was the plant of a vast penetrate ensuing in a detriment of 523 mln NEM coins, value approximately $534 mln. The penetrate only concerned NEM. Because the confidence crack was caused by the miss of clever confidence measures of Coincheck, the NEM growth group refused to control a hard fork. Instead NEM is formulating an programmed tagging system. This programmed system will follow the income and tab any criticism that receives sinister money.[11]

Architecture[edit]

NEM’s pattern design consists of two components. One is the node or NEM Infrastructure Server (NIS). The second is the customer used for interacting with the nodes.[12] Its cryptocurrency wallet is the NanoWallet built with HTML and Javascript.[13]

Another customer was the NEM Community Client (NCC). The NIS is connected to the P2P network and acts as a gateway for the NCC. The NCC is customer program that includes a wallet. The NCC has since been deprecated in preference of the NanoWallet. Both NCC and the NanoWallet can be run removed from the internet, providing confidence through an airgap.[14]

Features[edit]

Source Code[edit]

While the “light” NanoWallet apportionment of the NEM plan is created essentially in JavaScript, NEM’s core formula bottom is created in Java. It uses a “Proof of Importance” (POI) algorithm instead of Proof of Work (POW). NEM uses a client–server indication where the NIS (NEM Infrastructure Server) runs eccentric of the NCC (NEM Community Client).[15]

Although the NEM customer is open source and available on GitHub,[16] the NEM server shaped component, or NIS, is sealed source. The pseudonymous developers of Catapult contend that the C++ rewrite, Catapult, will be open source.[3]

As of Feb 2018, upkeep of the open source portions of NEM’s core has been sparse. With a ephemeral difference of some assuage formula revisions made in mid-2016, only teenager changes have been made to nem.core on GitHub since late Dec of 2015 (e.g., criticism sections in code, singular line additions or changes).[17]

Namespaces[edit]

Namespaces on the NEM system are a domain fixing system identical to the internet’s centralized ICANN domain name system. Within namespaces, there are aloft turn domains and subdomains. This allows one chairman with one domain to emanate many different subdomains for their different projects or outward business accounts. It also helps to build and say a repute system for Mosaics.[18]

Node repute system[edit]

NEM employs an Eigentrust++ as a repute system.[19] NEM ensures the health of the blockchain by monitoring past duty of nodes within the network. In proof-of-work, the volume of work a node does is used as a magnitude for a ability to strengthen the network. But, with Eigentrust++, it is the peculiarity of work that is important. This adds to the NEM network’s ability to be run and confirmed efficiently.[20]

Proof-of-importance[edit]

POI is the algorithm used in NEM to time stamp transactions. A NEM user’s significance is dynamic by how many coins they have and the number of exchange made to and from their wallet. POI uses the NCDawareRank[21] network centrality measure, the topology of the transaction graph, as well as a number of other applicable signals to grasp consensus.[22] POI is different from other initiatives which use a fee-sharing indication that does not take into care one’s altogether support of the network. In proof-of-stake systems a chairman needs to have vast numbers of coins to form a block, but in NEM exchange volume and trust turn factors. This was designed to inspire users of NEM to not simply reason XEM but instead actively lift out transactions.[23]

To be authorised for entering the significance calculation, an criticism contingency have at slightest 10,000 vested XEM. All accounts owning more than 10,000 vested XEM have a non-zero significance score. With a supply of 8,999,999,999 XEM, the fanciful extent number of accounts with non-zero significance is 899,999. In practice, the number of tangible accounts with non-zero significance is not approaching to proceed the fanciful max due to inequalities in hold XEM and also the temporal costs compared with vesting. If NEM becomes very popular, a threshold of 10,000 vested XEM could be undesirable. If necessary, this number could be updated in the destiny around a hard fork, which is the same procession for adjusting transaction fees and other parameters associated to harvesting.[24]

Harvesting[edit]

Harvesting is the act of combining blocks. A harvester contingency have at slightest 10,000 vested XEM in his/her criticism and be using a booted and synchronized node. Once a retard is shaped by that harvester, a new retard is combined to the sequence and all the fees collected from that retard will be delivered to the harvester’s account.[12]

NEM also has a underline called substituted harvesting which allows people to ask others to form blocks and routine fees for them, but finished in a protected and secure way so that a person’s supports are not ever sealed up, and fees are always given directly to the chairman that activated substituted harvesting, not the chairman that was harvesting for them.[22]

Messaging[edit]

Messages can be enclosed in exchange in possibly encrypted, unencrypted, or conjuration messaging forms. No XEM needs to be sent in sequence for a summary to be sent on the XEM network. This can be used for secure communication to any XEM address, as well as blockchain shaped applications. The price for promulgation unencrypted messages is now 1 XEM for every 32 characters, while encrypted messages will vary.[25]

Multisignature transactions[edit]

NEM implements multisig (short for multi-signature) record on a platform. Specifically, NEM implements m of n multisignature, where mn. This means that m out of a sum of n signatories contingency pointer a transaction before it can be promote onto the blockchain. NEM’s multisignature works by creation a agreement on sequence so that the “m” accounts have full transaction privileges over the criticism that has been incited into a multisig account. Since the agreement metadata is on chain, it can easily be updated by adding or subtracting additional signers given that the compulsory number of parties determine on it.[26]

Multisignature accounts need that another user or users pointer a transaction before it can be promote onto the blockchain. This means that if one chairman loses their wallet through a hack, no income can be spent unless another wallet (or wallets if m is more than 2) signs it. Multisignature accounts also assistance strengthen community-held funds, in that a infancy of designated users contingency determine before a transaction can be spent from a community-held wallet. This is generally critical deliberation over a third of all XEM in dissemination is hold in these village wallets.[27]

Mijin[edit]

Mijin is a private blockchain that uses the NEM software. The developers explain that it will revoke banking institutional costs by 90% while creation banking more secure.[28] Sakura Internet is partnered with Tech Bureau to offer 6 month giveaway trials of Mijin for people to try.[29] It was tested in Dec 2015 by Japan’s largest trust bank, SBI Sumishin Net Bank, owned by Sumitomo Mitsui Trust Holdings, to supplement to their online banking services.[30]

Global Expansion[edit]

The NEM.io Foundation launched NEM’s Blockchain Center in a 10,000-square feet trickery in Kuala Lumpur, Malaysia to offer as an accelerator, incubator and coworking space.[31][32]

References[edit]

  1. ^ Beikverdi, Alireza. “NEM Launches, Targets Old Economy with Proof-of-Importance”. CoinTelegraph. CoinTelegraph. Retrieved 1 April 2015. 
  2. ^ “GitHub – New Economy Movement”. GitHub. Retrieved 4 January 2015. 
  3. ^ a b “Tech Bureau partners up with NEM for new blockchain engine”. The Merkle. Retrieved 2017-03-23. 
  4. ^ “How Japanese Blockchain Technology Revolutionizes Municipal Government in Belgium”. CoinTelegraph. Retrieved 2017-03-23. 
  5. ^ Maras, Elliot. “Japanese Financial Institutions Partner With Technology Startups To Utilize The Blockchain”. CryptoCoinsNews. Retrieved 21 December 2015. 
  6. ^ Tanzarian, Armand. “An Introduction to the New Economy Movement”. Cointelegraph. Retrieved 4 January 2015. 
  7. ^ “Top Ten Cryptocurrency NEM Catches on in Japan – CryptoCoinsNews”. CryptoCoinsNews. 2016-11-24. Retrieved 2017-03-23. 
  8. ^ Warner, Matthew. “ChronoBank partners with NEM to emanate ChronoNEM wallet – allcoinsnews.com”. Retrieved 2017-03-23. 
  9. ^ Mikha, Sean. “How we Got $1500 for Commenting On an Article”. Lets Talk Bitcoin. Retrieved 4 January 2015. 
  10. ^ Dob, Daniel. “Tech Bureau partners up with NEM for new blockchain engine”. The Merkle. Retrieved 10 June 2016. 
  11. ^ “$530 Mln in XEM Stolen From Coincheck Can Be Traced, NEM Team Confirms”. Cointelegraph. 26 Jan 2017. 
  12. ^ a b “NEM Technical Reference Introduces Reputation-Enhanced ‘Proof of Importance. CoinTelegraph. Retrieved 2017-03-23. 
  13. ^ Warner, Matthew. “New NEM Features in Sep – allcoinsnews.com”. Retrieved 2017-03-23. 
  14. ^ Lombardo, Hans. “NEM QA – Original, Tested Blockchain Platform, Proof-of-Importance, “Change the World, Forever” Tech”. allcoinsnews. Retrieved 9 April 2015. 
  15. ^ Lombardo, Hans. “NEM QA – Original, Tested Blockchain Platform, Proof-of-Importance, “Change the World, Forever” Tech”. allcoinsnews. Retrieved 9 April 2015. 
  16. ^ “NEM customer published source code”. 
  17. ^ “Code magnitude graph on Github”. Retrieved 02/04/2018.  Check date values in: |access-date= (help)
  18. ^ “NEM Project Releases Hard Fork with Domain-linked Digital Assets – allcoinsnews.com”. Retrieved 2017-03-23. 
  19. ^ “Blockchain Project Thinks Microsoft Azure License Agreement Goes Too Far – CryptoCoinsNews”. CryptoCoinsNews. 2016-04-15. Retrieved 2017-03-23. 
  20. ^ Pangburn, DJ. “This Cryptocurrency Doesn’t Want to Beat Bitcoin, It Wants to Beat the Economy”. Motherboard. Retrieved 4 January 2015. 
  21. ^ Nikolakopoulos, Athanasios N.; Garofalakis, John D. “NCDawareRank: A Novel Ranking Method That Exploits the Decomposable Structure of the Web”. Proceedings of the Sixth ACM International Conference on Web Search and Data Mining, WSDM 2013. ACM: 143–152. doi:10.1145/2433396.2433415. 
  22. ^ a b “NEM Technical Report” (PDF). pp. 30–47. Retrieved 1 September 2016. 
  23. ^ “Proof-of-Importance: How NEM is Going to Add Reputations to the Blockchain”. CoinTelegraph. Retrieved 2017-03-23. 
  24. ^ Beikverdi, Alireza. “Proof-of-Importance: How NEM is Going to Add Reputations to the Blockchain”. Coin Telegraph. Retrieved 13 March 2015. 
  25. ^ Author, Author Guest (2016-09-22). “NEM Blockchain Platform Doubles the Rewards for a Supernode Program”. NEWSBTC. Retrieved 2017-03-23. 
  26. ^ OConnell, Justin. “Blockchain Project Thinks Microsoft Azure License Agreement Goes Too Far”. CCN. Retrieved 18 April 2016. 
  27. ^ “NEM – Top 200 accounts”. nemnodes.org. Retrieved 2017-03-19. 
  28. ^ Holmes, B. “Japanese Company, Tech Bureau, Launches Private Blockchain Project”. Bravenewcoin. Retrieved 21 December 2015. 
  29. ^ Redman, Jamie. “Mijin: ‘Offering Blockchains To The World for Free. The Bitcoinist. Retrieved 21 December 2015. 
  30. ^ Rizzo, Pete. “Japan’s SBI Sumishin Building Blockchain Banking Proof-of-Concept”. Coindesk. Retrieved 21 December 2015. 
  31. ^ “VCs aim Australian blockchain and cryptocurrency firms with new supports value $44m”. Financial Review. 2017-11-28. Retrieved 2017-11-30. 
  32. ^ “Australian startups to share in $90 million NEM blockchain investment account – SmartCompany”. SmartCompany. 2017-11-29. Retrieved 2017-11-30. 

External links[edit]

SHA-256-based

Ethash-based

Scrypt-based

Equihash-based

CryptoNote-based

Other proof-of-work

Non proof-of-work

Consensus mechanisms

Technology

Related topics


Article source: https://en.wikipedia.org/wiki/NEM_(cryptocurrency)

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