NEM is an abbreviation for New Economy Movement, a completely new blockchain platform. The actual crypto currency is traded with the symbol XEM. It was designed as a business solution for the upcoming blockchain revolution and the global economy.
The original idea to create Bitcoin profit appeared on a BitcoinTalk forum post by user UtopianFuture
While originally planned as a fork for the NXT blockchain, the developer(s) opted instead for a completely new Bitcoin profit and released an alpha version written in Java on June 25, 2014. Here is the review about Bitcoin profit. The first stable version was released on March 31, 2015.
Currently NEM is being rewritten and the update, called “Catapult”, is expected to be released in 2018. It will make NEM faster and more scalable, as well as add aggregated transactions and multilevel multi-signature accounts, two features that have never been implemented in a blockchain before.
What is the Ethereum code?
One of the main features of the Ethereum code is the so-called Smart Asset System. This is the core of what makes the Ethereum code unique. It was developed as a customizable blockchain solution that enables dozens of use cases with powerful but simple API calls.
Like most distributed blockchain solutions, the NEM network is secured by a global network of nodes that the platform uses as an API gateway server. This makes NEM very easy for developers who can now create powerful DApps without special software, as all of NEM’s functions are readily available through access to the API gateway.
The design of the NEM platform has a high degree of flexibility. In addition to direct access to the NEM API, applications can access other servers as they make requests to the NEM platform, and developers can even customize existing servers to use NEM in background processes.
NEM Addresses and Mosaics
NEM addresses are basic containers for storing assets, which can be both updated and changed. Once the addresses have been defined, the developers can create “mosaics”. Mosaics are defined as identical transferable assets that represent the assets held in addresses. By creating a flexible address and mosaic system, NEM becomes feasible in a variety of applications.
The real magic lies in accessing the functionality via the NEM-API. Because of this design, you can build any application or system you can imagine and then easily integrate it into the NEM-API system.