New Economy Movement (in simple words NEM) was formed in the virtual currency market as a modern shell for closed regulation of the economy, built on the principles of Blockchain. On the NEM platform, there is already a progressive management system called Smart Asset, which solves issues related to tuning the work of blockchain. Also, it allows you to use various applications, including as a gateway when conducting transactions on the network.
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The application programming interface is very convenient for network developers, because they can directly create applications with block communication, using the built-in API NEM function. Also, important is the fact that the use of the NEM network in offline mode is not excluded. On addresses of network users can be not only coins, but also various kinds of assets, including applications. At any time, information from the address is transferred to the block, where the importance of this content is determined. Thanks to the Blockchain algorithm, which requires consensus, network users get a decentralized platform with quickly managed nodes.
The work connected with the launch of the network protection mechanism and the consolidation of monetary units is connected by one software application, thereby stimulating users and increasing decentralization. Nevertheless, in Bitcoin network the situation is more pragmatic, so the analysis of the work on creating blocks and launching nodes are managed separately from each other. As a result, many analysts express the opinion that the PoI system has prospects and is a good alternative to the usual methods of confirming transactions.
NEM successfully develops various functions built on Blockchain technology. First of all, we are talking about allocating the reputation of each address depending on the history of operations and the accumulation of information from other nodes of the network. A built-in reputation system helps to get rid of bad nodes and ensure safe and quick work. In addition, you can configure the operation of spam-filters, encrypt messages and synchronize network devices.
As we have already said, the NEM system is designed in such a way that for its stable functioning it is necessary to confirm the importance of the transaction. Therefore, the network developers decided to limit the number of addresses that can give an assessment of importance. It turns out that for the adoption of a consensus it is necessary to have at least 10,000 coins. At the same time, NEM eliminates the possibility of centralizing the network, since PoI is not tied to the power of the computer.
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To date, NEM is of interest to reputable organizations that use the chain of blocks to build effective schemes for managing the domestic economy. The new shell is quite attractive for application developers and for ordinary investors in blockchain technology.
Editor: Yuliya Soroka