Developers are able to customize pre-built modules: NEM has its smart asset system that helps create native tokens for DApps and different business purposes such as voting, transferring, KYC, etc. While having the public blockchain of NEM, they also have their private chain called Mijn, which is more business-focused and allows users to reduce costs in operations and improve quality. It does not require hardware to be running to perform the harvesting process.Less energy consumption compared to other blockchains such as Bitcoin.Requires no special hardware to mint coins.Rewards users for making transactions rather than users that hold coins.Essentially, the way harvesting works is rather than each miner having to contribute mining power to a pool, a harvester can lend their POI score to a supernode and uses that node's computing power to work together in a pool without having to add more physical hardware to confirm transactions.Ĭompared to Proof-of-Work (PoW) or Proof-of-Stake (PoS) systems, POI has some advantages:
Harvesters confirm transactions on the NEM network and are rewarded for it. NEM looks to compete with the likes of Ethereum and EOS with features like staking and issuing tokens but NEM offers its own way to earn rewards through a process called "harvesting" that is similar to mining. With features like smart contracts and fast transaction speeds, NEM sets to separate itself by its Proof-of-Importance (POI) governance algorithm that focuses on 3 main parts: Like most other blockchains, it aims to be better than Bitcoin and be a means of payment. Just like the title of this post, NEM is short for New Economy Movement. Originally, the NEM team wanted to fork the NXT blockchain but decided to create a new community-based code. NEM is focused on business use cases but also public since it is an open-source project. Launching back in March 2015, began its journey in the crypto space being built from the ground up. NEM (XEM) has been able to maintain being in the top 30 and currently ranked #27 at the time of this writing. The competitive crypto market has seen the market cap of coins rise and fall.
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