Description: NEM is a movement that aims to empower individuals by creating a new economy based on the principles of decentralization, financial freedom, and equality of opportunity.
NEM’s primary contribution to the crypto currency landscape is a new consensus mechanism called Proof of Importance (PoI). Unlike Proof of Work (PoW), it is environmentally sustainable and does not require large scale computing resources in perpetuity. PoI is similar to Proof of Stake (PoS) except that it is not solely derived from the size of an account’s balance.
Historic High: 2.09 $
Historic Low: 0.000079 $
Partners: NBC, Huobi Research, Sirius, Travala.com, +more
Exchanges: Binance, Okex, Huobi, HitBTC, Upbit, Bithumb, Bittrex, CoinEx, +more…
Technical features: Proof-of-Importance (PoI) is the name of the block chain consensus algorithm used by NEM. Each account is assigned an importance score that proxies its aggregate importance to the NEM economy. Accounts with higher importance scores have higher probabilities of harvesting a block. Taking the vested balance as the “stake”
used in currencies implementing the Proof-of-Stake (PoS) algorithm, it could be argued
that PoS and PoI are similar. In order to explore the differences and similarities between
PoS and PoI, the NEM and Bitcoin transaction graphs were analyzed. Bitcoin was chosen
due to the relatively large size of its user base and transaction graph.
Like most other crypto currencies, NEM relies on time stamps for transactions and blocks. Ideally, all nodes in the network should be synchronized with respect to time. Even though most modern operating systems have time synchronization integrated, nodes can still have local clocks that deviate from real time by more than a minute. This causes those nodes to reject valid transactions or blocks, which makes it impossible for them to synchronize with the network.