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NEM explained by David Hay
In todays episode of crypto talk we explore NEM and its currency XEM. Started in 2015 NEM was built to address some of the issues and limitations that bitcoin was running into. After bitcoin became a victim of its own success people were looking for faster & cheaper way to send digital cash. NEM stepped in with a 10x faster and cheaper platform. In order to achieve the increase in speed it adopted a centralized blockchain model that used a proof of stake type mechanism instead of proof of work like bitcoin does. There are no miners in the network, instead the coins were distributed to the first users and the only way to purchase coins is by buying one from someone else or owning so many coins you can setup your own supernode and start harvesting.
Harvesting is when your computer is used to confirm transactions on the network and you get to keep some of the fees that were generated by the transfer.
NEM looks like a big improvement over bitcoin but in my opinion isn’t as interesting as other projects like IOTA. Because no more coins are being mined it should be safe from inflation and will probably be one of the more stable alt coins in terms or price.
Notes from video
NEM was launched in march 25 2015 Currency is called launched XEM
Centralized block chain design like dash
NEM has some unique features
100x more efficient in terms of electricity use because it using harvesting instead of mining
Low transaction costs 10 cents to send $1000
Messaging capability built in but it cost extra to send
No inflation possible all the coins have been mined
6 seconds to show 20 seconds to confirm
100% traceable, no private transaction possible
Allows retailers to track spending habits
Scalable solution made on newer technology can handle 3,000 transaction per second. Bitcoin 8 transaction per second.
Has messaging service built
Venmo charges 2.9% apple pay 1.9% NEMS fees $.01
It costs 10 cents to send $1000
Number 2 currency in Japan
More efficient than bitcoin.
Proof of importance which is almost the same as proof of stake
Nodes and supernodes process payments Importance of node calculated by account balance, amount of transactions so you are incentivized to keep the records correct.
In order to start harvesting you need 10,000
In order to have a super node you need 3,000,000
Once you start harvesting you get to keep part of the transaction fees