About NEM (XEM)

Overview

NEM (New Economy Movement) is the world's first Smart Asset Blockchain. NEM's blockchain technology provides management of almost any type of asset, including currencies, supply chains, ownership records and more. NEM's used a straightforward and secure developer interface so users can deploy blockchain solutions in record time. NEM uses a Smart Asset system that allows anyone to completely customise how they want to use the NEM blockchain, with powerful features including domain-like namespaces and full on-blockchain Multi-signature control. Applications can access these features through NEM's API allowing easy integration within mobile apps, existing business infrastructure or contract logic. The NEM public blockchain provides an open and self-scaling platform for developers.

Technology

Similar to Ethereum, the NEM network is designed to execute smart contracts and develop dApps (decentralised applications). The 'Smart Asset System' gives users the power to build customisable blockchains for your applications and assets. With NEM, users can create and execute smart contracts without writing the code from scratch. This is because users direct API access to a specialised set of tested and secure on-blockchain features. NEM uses a Proof of Importance (PoI) consensus algorithm to validate transactions. The algorithm operates similarly to Bitcoins Proof of Work (PoW) consensus, though PoI is considered more scalable and energy efficient. PoI allows nodes to run on almost any hardware while maintaining proper security and effective scalability. NEM's PoI consensus focusses on scalability through self-incentivised 'harvesting.' Anyone can create a public node, which adds capacity to the network. The additional capacity is rewarded by the nodes ability to harvest the fees associated with any of the transactions they happen to process. The nodes likelihood of harvesting is scaled by its 'importance' score, rather than the amount of processing horsepower it has. To learn more about harvesting visit the NEM official site.

Future Focus

NEM has many exciting projects in the pipeline and is really looking to integrate their technology into communities globally. There is already two NEM hubs in New Zealand (Wellington and Westport), and the team is looking to add more. NEM has over 10 projects that are currently underway, including a new hot/cold wallet, NEM authenticator (2FA) and ioNEM, which is the combination of NEM technology with Internet of Things. For more information regarding NEM and their projects see their official site.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

POLI - internet banking

POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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