NEM Casino Guide Best XEM Casinos of 2023

Nem was created as a result of a fork from Nxt, a blockchain based decentralized payment platform. After the fork, Nem got updated so that it would become faster and more scalable. Nem is mostly used for various digital transfers of assets such as contracts, tokens and even files. It is also used for linking private businesses, individuals or parties together. For example, you currently cannot send your money directly from Venmo to PayPal. Nem’s blockchain, the NIS1, enables users to do just that.

Additionally, Nem is also used for record keeping, creating, trading and distributing crypto tokens, and as a management system. Nem has its own wallet where you can perform various activities.

1. Decentralization: Nem is native to its own blockchain called NIS1. The blockchain operates on a proof of importance algorithm. In comparison, some more known blockchains such as Bitcoin and Ethereum function on proof of work and proof of stake algorithms. Nem’s proof of importance algorithm gives miners with greater computing power higher priority because they can contribute more to the network as a whole.
2. Safety: In January 2018 Nem fell victim to a massive hack attack where over $500 million were stolen from a Japanese exchange called Coincheck. The exchange was short staffed and as a consequence they had poor security measures. The hackers were able to steal such vast amounts of money because XEMs were stored in a wallet which was connected to the internet when it should have been offline. On the bright side, all users who suffered this loss received compensation. Nem uses SHA3 hash algorithm and ed25519 public key signature system for their security.
3. Scalability: In early 2019 the NEW Foundation, the blockchain’s creator, almost went bankrupt. The project was put on hold without ever reaching its true potential. Later on, in early 2021, the Foundation launched a new blockchain called Symbol. Despite being dormant for a couple of years, Nem still has a future in terms of upgrades and scalability. In April  2021, the team announced that they have planned upgrades for the Nem ecosystem such as including enhanced NFT support. Regardless of their financial problems, Nem was and still is being used throughout as a functional product with tradable tokens.

Usual fee price per transaction for Nem is 0.05 XEM for every 10,000 XEM transferred. However, the maximum fee price is limited to 1.25 XEM per transaction, which is currently only $0.125. The fees on Nem’s blockchain are extremely low when compared to other blockchains such as Ethereum, for example.

Nem had two big bull runs; one in mid-2018 when it reached its all-time high at $1.84, and the other one in early 2021. Currently, 1 XEM is worth about $0.1. The fees are directly correlated to the value of XEM, but the value of this cryptocurrency is currently so low that fees are almost non-existent.

There are no Nem NFTs that we are aware of yet. But stay tuned – this is a fast growing area and if XEM adds NFTs, you will be able to find this information right here!