NEM into the top 5 cryptocurrencies
I have mentioned here on my blog several times that I am high on NEM. I think NEM brings some really interesting solutions to problems that are always going to plague Bitcoin and Ethereum. The interest of the miners is never going to perfectly align with the interest of the greater Bitcoin and Ethereum userbase. NEM's proof of importance solution is elegant and simple as most good solutions are, and not only rewards transaction volume and earned trust, it means NEM can scale much better as well.
NEM has been on the move up the last few days and is currently the number five cryptocurrency by market cap, passing Litecoin:
Screencap from coinranking.com taken 8/7/17 1:34pm Pacific
NEM may well dip back down below Litecoin shortly, but within the next few months it is going to have left Litecoin in the rearview mirror and will make a serious run at Ethereum for the number two position. I am no professional investor but I would certainly recommend buying in to NEM now before the price jumps after the release of Catapult.
Thanks the post. Why are you high on NEM, what specifically do you like about it. I will investigate it more myself, but just interested in your opinion. Currently I am upbeat about a few currencies as well, you can read about them in my post as i explain clearly. I am sure you will find it interesting, so check it out if you like and consider following me if you do as i write frequently about news, ICOS, updates of cryptos. In any case keep posting, will look through some of your other articles now.
The first thing that attracted me to NEM was the proof of importance concept. I really dislike the fact that Bitcoin and Ethereum mining costs a huge and ever-increasing amount of electricity - NEM does away with miners and instead has individuals that are important to the network "harvest" a small amount of XEM by verifying transactions to the block chain. Proof of importance involves more than just holding a certain amount of XEM - it also takes into account length of time active in the network and transaction history in determining importance. Here is a good place to start reading about proof of importance.
There are other cool features - super nodes for one, but there are other alt coins who use this concept. Also supporting on-chain multi-sig smart contracts in basically a point and click manner gives it a HUGE leg up on Ethereum (which supports this but developers have to write their own smart contract which is quite complicated and easily messed up, leading to potential security vulnerabilities).
The other reason I am high on NEM besides what I consider to be some clear technological innovations that give it more value than Bitcoin or Ethereum, is that it is still relatively under the radar in the west. There is a big ($40 million) marketing campaign planned for this year after the release of Catapult (major code upgrade introducing new features and migrating NEM to C++ from Java). I don't think NEM is going to be under anyone's radar in a few months, so that is why I think the time to buy is now.
thats a great answer, thanks for taking the time!
Thanks for the info! I have some NEM, and just picked up more when I dumped Ripple last week. But I just made a small profit in Bitcoin Cash that I'll be spreading around. Definitely going to pick up a good amount of NEM.
Glad I could be of assistance @chieppa1! Thanks for your comment and good luck in your investments. Followed
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wow nice post