Few people ask for the XEM news anymore. The blockchain height hasn’t really made the headlines since hackers made off with $500m value of NEM tokens from the Japanese crypto sell Coincheck.
That was at the end of Jan when XEM tokens were just above the $1 mark. Like the marketplace in general, 2018 has not been kind to the NEM price; two teenager rallies have not stopped the coin’s downward trajectory. NEM was trade at just next $0.1 at the end of last week, giving it a marketplace top of $860m; it had reached $17bn at the commencement of the year.
Despite this, NEM has been the big leader this week. Its marketplace top has peaked above the billion-dollar symbol early on Tuesday, creation each silver value $0.11. NEM’s sum value has increasing by well over $100m in the past two days.
So what caused the NEM cost spike? More importantly, what has NEM indeed been up to for the last 8 months?
What is NEM again?
A discerning recap: the New Economy Movement – NEM for brief – is a intelligent contract-ready platform. XEM tokens are used to compensate for dApp growth and network fees, in the same way as Ether (ETH) is used on the Ethereum network. What creates NEM singular is the accord algorithm. Known as Proof-of-Importance (POI), nodes are weighted on their network activity, as well as their wallet balance. This means nodes with smaller wallets can potentially have more change on the NEM blockchain than their incomparable counterparts.
There are now over 20 projects operative on the NEM network. An infographic published last week on the project’s central Twitter feed shows 5 of these are remuneration platforms. These embody a remoteness silver Eroiy; a Brisbane-based plan called TravelByBit, using cryptocurrencies to inspire tourism in tools of Australia; part of the sell remuneration provider Pundi X (NPXS) also uses the NEM network to capacitate users to squeeze discernible objects with cryptocurrency.
There are 3 free foundations formed on the NEM network and an open-source research application, which wants to foster closer-chain collaboration. There is also a height for will-writing, called NEMWill, as well as an application to emanate digital CO instruments, which launched at the commencement of September.
What’s the XEM news?
So what has NEM been up to? The NEM Foundation’s Twitter feed is dirty with countless discussion appearances, but it’s formidable to pin down what the plan has indeed done.
The Blockchain Institute of Singapore pronounced at the end of last month they would use the blockchain to emanate the digital certificates. NEM announced a partnership with Liven, an Australian reward-based dining app yesterday. The partnership will capacitate users to buy LVN tokens with XEM as well as use the height to collect marketplace data. This might some way to explaining today’s cost spike.
NEM also announced on Oct 1st that they would partner with Portal Network to offer a blockchain name service.
But on balance, the NEM news hasn’t been all that positive. China’s annual Blockchain Assessment Index, published in late August, ranked NEM at the bottom of the projects it reviewed, for the second time running.
The expected swell of users following the launch of the Venezuelan ‘Petro’ on the NEM blockchain never materialised because the token couldn’t be eliminated into anything else, not even other cryptocurrencies. The Ukrainian Electoral Commission experimented with NEM at the commencement of August, but there hasn’t been any word on how that went.
You Shouldn’t Disturb NEM Sleep
NEM is growing, but slowly. When NEM launched back in 2015, it was one of the few height networks around, second only to Ethereum. This is no longer the case; the marketplace is jam-packed with projects such as Cardano (ADA), VeChain (VET) and Zilliqa (ZIL).
NEM needs to up the game. The foe has clever teams paid for by vast war-chests from the blockbuster open sales last year. Two successful partnerships in reduction than a week might have resulted in today’s cost rise, but these are routinely fleeting. The XEM cost will continue to fluctuate; NEM needs to build on stronger foundations.
A savvy selling debate and ideal tongue used to be enough, but investors are more clued up now. The village will be looking for genuine signs that NEM is building along the right lines; a partnership with an Australian dining app is doubtful to do that.
The author is invested in ETH, which is mentioned in this article.
Article source: https://cryptobriefing.com/xem-news-nem-crypto/