NEM (an acronym for New Economy Movement) is a combined open-source blockchain protocol with a private-controlled ledger aimed at serving various enterprise blockchain markets in healthcare, government and finance.Cooperate
The following projects are working on the basis of the NEM protocol: a platform for ICO COMSA, a developer of a blockchain solution for digital certificates of authenticity; Luxtag, a developer of a digital bank based on a NEM blockchain; Bankera, a developer of a financial cryptocurrency system; DIMCOIN and others.
In August 2018, the Central Election Commission of Ukraine launched a voting system on the NEM blockchain in test mode. The experiment began in July of the same year in collaboration with the NEM Foundation, which provided XEM cryptocurrency for free for transactions.
NEM has a completely new codebase. Its creation is due to the fact initially the developers planned to fork Nxt. However, they abandoned this idea, and NEM became a completely independent cryptocurrency.
To ensure blockchain security, the NEM blockchain development team has implemented the Eigentrust ++ reputation system. The bottom line is that servers are studied not only for the amount of work performed, but also for their success.
The NEM Foundation encourages the most active servers. Thus, complete decentralization is ensured due to the large number of servers included in the system.
In the NEM system, you can exchange messages with another user. These messages can be encrypted, unencrypted and hexadecimal. For every 32 characters, the sender is charged 1 XEM.
The author of the NEM concept is a user of the bitcointalk.org forum Utopian Future. On January 19, 2014, he initiated a discussion about NEM blockchain development
from scratch. On January 21, 2014, Utopian Future published the New Economy Movement manifesto, in which it declared the principles and goals of NEM (Utopian Future left the project no later than March 2015). The alpha version was released on June 25, 2014.
Inspired by the NXT cryptocurrency, Utopian Future proposed a fork of its blockchain, but the community subsequently decided to create a new Java code from scratch.
The alpha version was released on June 25, 2014. In the same month, a project development fund was opened and the process of distributing the initial project token, NEMstake, started. The token was received by users who contributed in bitcoins through the BitcoinTalk forums and in NXT tokens through the NXT Asset Exchange, or contributed to the development of the project through the creation of code, graphics, marketing, etc. The token distribution process was neither an ICO nor a presale.
On March 29, 2015, the community launched the stable version of the NEM blockchain.
In May 2018, after three years of development and testing, Catapult (mijin v.2) was released, a fully functional blockchain engine, with the release of which a new version of the NEM protocol became available for public and private networks of commercial organizations.
In August 2018, the community approved the creation of NEM Ventures, funded by the NEM Community Fund. NEM Ventures operates in a similar way to a traditional investment / venture capital firm, bringing in startups that drive the development of the NEM ecosystem.
XEM is the native cryptocurrency of the NEM platform used to pay for transaction costs. The NEM blockchain contains a fixed amount of XEM tokens; an inflationary scenario is not foreseen. All NEM stock (8,999,999,999 XEM) was created in the genesis block.
The creation of blocks on the NEM blockchain is called harvesting. Each server that creates blocks must have at least 10,000 XEM on the account linked to it. This is for the security of the system.
Boosty Labs started working as a NEM blockchain developer in 2020. We formed a small team for outsource NEM development with the goal to implement the NEM (Symbol) Wallet. In March 2021, this project relaunched its blockchain, which was already morally and technically obsolete.
One of the parts of this relaunch was what our team was doing, namely the wallet. We made a crypto wallet for desktops and participated in the development of a mobile crypto wallet (created most of its functionality). We used technologies such as Electron, Vue.js and Node.js.