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Created in 2015, NEM is a peer-to-peer cryptocurrency and blockchain platform. Like most other blockchains, it promotes itself on the basis of being built ‘from the ground up’ with speed in mind….etc etc. Digging into the detail though, there seems to be just 3 differences between NEM and may of the other blockchain platforms out there:
1. NEM doesn’t labor the point about being ‘decentralised’. Instead, it actually promotes the possibility for users to have a private blockchain. Coupled with the ability to have bespoke namespaces (similar to domain name conventions provided by ICANN) this makes it feel like NEM is positioning itself for use by businesses who want the advantages of blockchain technology, but wrapped with the type of governance they are used to with existing systems.
2. NEM uses a ‘Proof-of-importance’ algorthim instead of the ‘proof-of-work’ or ‘proof-of-state’ types you’ll see with other blockchains. In essence, this means that it’s not just the number of coins associated with each transaction that’s important – it’s the frequency of use of the NEM platform.
3. NEM is written in JAVA, with a C++ version on the roadmap. Time will tell what impact this will have on NEM’s adoption by the developer community; especially when you consider the relative freedom and flexibility of NEO (you can code in pretty much any language on that platform).
NEM appears to be taking hold in Japan especially, with private blockchain Mijin using NEM software to reduce costs in the banking sector. Investability may hinge on whether this adoption spreads beyond Asia.
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