Category: NEM (XEM)

Q&A with NEM

Q&A with NEM

June 30, 2020 | Moses Ilunga

In the pursuit of seeking clarity, knowledge, and understanding behind this yet-to-mature cryptocurrency market – we are approaching various altcoins (organizations, foundations, companies, and businesses) in order to learn more about what they do, and the people behind the projects. We believe in empowering Altcoin investors and enthusiasts with more information in order to better navigate the crypto-market, and in turn make a more educated financial decision.

NEM, the New Economy Movement, has created an ecosystem that is a significant contributor to the evolution of blockchain technology by ensuring mainstream adoption and their use of NEM’s blockchain solutions. Pedro Gutierrez is the Senior Business Development at Latam in Spain as well as in NEM and has agreed to put some time aside today to answer some questions about himself, NEM, and what we can expect to see in the future from NEM.

To start off, why don’t you tell the readers where you are from, what were you doing prior to being involved in cryptocurrency, and how did you get involved with NEM?

How was NEM started?

“In 2014, a user named “utopianFuture” based his inspiration on the NXT blockchain and proposed to carry out a fork on the Bitcoin Talk forum.  However, him and other members who joined his discussion on Bitcoin Talk ultimately decided to create a blockchain from scratch, and in March 2015 the NEM blockchain officially launched, with a solid community and group of central developers already supporting the project.”

How would you describe what NEM does to a non-technical individual?

“NEM, like other blockchains, allows you to complete transactions using the platform’s native cryptocurrency, XEM. NEM’s technology also enables the streamlining of everyday business functions on one unified platform, such as sending messages, registering domain names, creating accounts with several holders or casting votes.

Without a doubt one of NEM’s most interesting applications is its ability to register smart assets (smart contracts). These assets include traditional property titles, notarial documents or patents that, when inserted in the NEM platform, can be transferred or registered without the need for third parties such as notaries and property registries.”

What is the relationship between NEM, NXT, and NANO?

“There is no relationship, except for the anecdote provided above on utopianFuture’s inspiration for creating NEM.”

Could you explain the benefits of Proof-of-Importance (POI) and Harvesting as opposed to Bitcoin’s Proof-of-Work (POW) or Proof-of-Stake (POS)?

“NEM’s Proof-of Importance (POI) and Harvesting mechanism not only rewards those with a balance in XEM, but also takes into account how many transactions users make with their Nanowallet and who they transact with.

This means that the XEM user community helps foster the growth of the NEM ecosystem, creating an equally shared benefit for all. The system not only compensates those who have the most XEM, but also takes into account other activity that is valuable to the ecosystem.

Each user is given a confidence score, or POI, and the higher the score, the higher the chance users have of being rewarded. Your ‘importance’ is calculated based on how much you use the network — the more you use it, the better!

This means that there is a more even distribution of wealth; anyone who contributes can earn extra XEM if they make them available to the network via the delegation, a procedure similar to the fixed-term deposit offered by banks.

Likewise, in the consultation and voting system that NEM makes available to users through the Nanowallet, your POI is taken into consideration. Community members with more POIs have more weight within the community and their vote has more considerations than others in voting where influence is measured.”

What are some examples where NEM could be used in today’s businesses, technology, or services?

“NEM has a multitude of real world applications across sectors. We currently have a number of active uses across business verticals such as: construction, agriculture, notarization of professional titles (Education), digital payments, among many others.

Symbol’s technical capabilities are geared specifically for enterprises, with a wide variety of user friendly configurations, scalability and network security.”

Who Runs NEM (Makes the decisions on the direction in which NEM should take)?

“Currently, NEM is run by an active ecosystem of companies and professionals, who take care of every decision that is made to protect  investments made by the community. A truly decentralized project to its core, the NEM ecosystem is fully supported by the community.

The NEM Group Board of Directors oversees all collaborative operations across three entities: NEM Software, focused on the product and business development; NEM Trading, responsible for all finances, including liquidity management, exchange support and token lending; and NEM Ventures, the venture capital and investment arm, focused on strategic partnerships and ecosystem growth.

The Board of Directors is made up of a team of experienced NEM employees and enterprise experts. Because of the team’s business expertise, we will likely see many more applications and real use cases come to fruition in the near future.”

How long can board members serve on the governing body, and what does the selection process look like (if it applies in this case)?

“N/A”

With over 5,000 cryptocurrencies, who are your main competitors?

“Hyperledger, Chainlink and Tezos.”

Could you briefly talk about what is the Symbol from NEM platform?

“Symbol is the development engine for decentralized applications (DApps). It is designed to work in critical load conditions, that is, in networks that require extremely high speed and a large number of transactions per second, such as product traceability applications, production chains, interaction with IoT devices and industrial machinery. These features make Symbol a natural fit for enterprises of all sizes.

The most important advantages of Symbol are the following:

1. Aggregated transactions and decentralized swaps. A “disposable” smart-contract is generated that adds several transactions into one. This feature can be leveraged for  cross-chain interactions in an environment without trust, and guarantees that all transactions reach the recipient successfully, and if not, they are automatically canceled.

2. Multi-level-multi-cascade firms. These are multi-signature transactions with additional “yes / no” logic added. In other words, at each stage, a transaction can be allowed or canceled, creating a huge opportunity for business processes to be carried out.

3. System of configurable accounts. The user can configure his account in such a way that if he loses access to the account, he can recover it with the help of his co-signer.”

What significant plans, projects, or activities are planned within the next five years for NEM and/or Symbol?

“The primary focus for the NEM ecosystem is the upcoming launch of Symbol, previously codenamed Catapult, which is expected to launch later this year. To support the successful launch of this enterprise blockchain platform, NEM Group has created NEM Software, responsible for Symbol’s product development. NEM Software is focused on producing solutions, adoption on public chains, security token offerings and enterprise adoption. Once Symbol is live, we can expect more meaningful use cases and partnerships to arise, however our current focus is on Symbol as the technology is the basis of all we do. [Latam]”

If someone has never heard of NEM before this interview, and they wanted to get involved within the NEM community after reading your responses – where would you recommend them to go?

“Definitely visit our website www.nem.io and follow us on Twitter @NEMofficial for more information!”

Anything else you like to tell the Altcoin community?

“The blockchain ecosystem has reached a point of maturity where we will begin to see more businesses adopting the technology than ever before. In the coming years, I expect we will see increased growth,  as well as renewed teams and strategies within a magnitude of blockchain projects.

Symbol, as an innovative technology that offers unique characteristics in the enterprise blockchain market, has taken the lead in this regard, which is why I expect business and government adoption to be more prominent in the years to come.”

Thank You!

Originally posted in Altcoin Investing News


About NEM Foundation
The NEM Foundation is registered in Singapore and is operating globally. It was launched to promote NEM’s blockchain technology worldwide, an out-of-the-box enterprise-grade blockchain platform which launched in March 2015. NEM has industry leading blockchain features that include: multisignature account contracts, customizable assets, a naming system, encrypted messaging, and an Eigentrust++ reputation system. It is one of the most well-funded and successful blockchain technology projects in the cryptocurrency industry.

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This article was originally published on: The NEM Blog on