NEM a built from scratch as a powerful and streamlined platform for DApp developers and Cryptocurrencies as well. One of the main aspects of this platform is open decentralized, both public and private Blockchain environment. Using NEM in your Blockchain application is very simple, more like making RESTful JSON API calls that allow you to configure your own "Smart Assets" and make use of NEM’s powerful Blockchain platform as a fast, secure and scalable solution.
NEM provides a wide range of utility classes and segments such as direct public transactions via streamlined smartphone app, efficient cloud services that connect client or web applications, or a high- performance permissioned enterprise back-end for business-critical record keeping. Ability to create our own Cryptocurrency or use their define Cryptocurrency XEM. Set the Transactions free with your new coin, or set transaction fees in any amount you wish.
What to expect?
Ease of access
Completely coded in Java with a C++ version in progress yet to make its debut; NEM’s primary focus is a wide distribution model. The platform has also introduced some new features to the Blockchain environment such as its MultiSignature accounts, proof-of-importance (POI) algorithm, Eigentrust++ reputation system and an encrypted messaging utility. NEM Blockchain software is used in a commercial Blockchain called Mijin, which is being tested by financial institutions and private companies in Japan and internationally.
Here is a list of accounts possible in the NEM Blockchain platform.
- Individual account
- MiltiSignature account
- Multi-Level MultiSignature account
Multisig Account :
Account cannot announce transactions by itself. It will require other accounts to announce transactions for them. Other account is Mutlisignature or in-short multisig cosignatories.
Multisig account is not created by combining public keys from other accounts. Instead, a pre- existing and funded address is converted into a multi-signature account and the cosignatories are assigned to it.
The cosignatories can be assigned in any m-of-n combination where both the m and n can be any number of 1-32 (up to 32 cosignatories on an account); this includes 1-of-1 multi-signature contracts (adding themselves as the cosignatory).An account can be co-signer of up to 5 multisig accounts.
In Miltisig account it is possible to newly link or remove a cosignatory. When adding or removing the cosignatory all other cosignatory has to sign that transaction
A 1-of-1 multi-signature account is possible in NEM as the account being turned into a multisig account has its private key nullified; meaning, it no longer has any power to initiate transactions. Only a cosignatory’s private key can initiate transactions on the multisig account’s behalf.
It is not always necessary to force all cosignatories to co-sign the transaction. NEM allows setting up the minimum number of cosignatory agreements. These properties can be edited afterwards to suit almost all needs.
The number of minimum cosignatories to approve transactions and remove cosignatories is editable.
Multisig accounts can be converted again to regular accounts by removing all cosignatories when you own the multisig private key.
Multi-Level Multisig Account
A Multi-Level Multisig Account is a multisig that has a co-signer that is another multisig.
Multisig accounts are not capable of co-signing transactions; cosignatories are responsible for doing so.
PoI (Proof of Importance)
POI system not only rewards those with a large account balance, but also takes into account how much they transact to others and who they transact with.
Sending XEM only gives temporary boost. Largest component of PoI is amount vested.
PoI is similar to Proof of Stake (PoS) except that it is not solely derived from the size of an account’s balance.
Miners get the Network Fees. Poeple who use the NEM more and beneficial.