Tutorial - NEM Standalone Client on Linux(step by step guide with prerequisites)
NEM is one of the cryptocurrencies that I believe in(POI algorithm, the team, community, use cases, the idea behind the project, etc..), and the latest growth of this project shows others' trusts in it as well(it won't stop here,. as advised I don't like to keep my cryptocurrencies(the ones I am in for a long term investment) on an exchange server, so I use a standalone wallet offered by official NEM site, in this tutorial you are going to go through the steps to make a Node/Wallet up and running on Linux.
Installing java >= 8
(if you are behind a proxy, you need to use -E after sudo to keep your current user's environments)
sudo -E add-apt-repository ppa:webupd8team/java -y
If you get an error like this picture, execute the next command, otherwise just skip it
sudo -E apt-get install --reinstall ca-certificates
now try these two commands
sudo apt-get update
sudo apt-get install oracle-java8-installer -y
NEM Client
go to the official NEM project page and download the source
extract the file in a directory named NEM(or any other directory you like of course)
tar zxf nis-ncc-0.6.87.tgz
note that the extracted directory is called package
cd package
nohup ./nix.runNcc.sh & nohup ./nix.runNis.sh &
if you want to see the logs, just execute the scripts without nohup and & sign
./nix.runNcc.sh
on another terminal
./nix.runNis.sh
the result should be something like this if you removed nohup
(there is also a nix.runMon.sh file that you can run instead of these both files, but I have seen lots of people having java related problems with it, so I would not recommend it, your call)
now go to a browser and open following link
http://127.0.0.1:8989
if everything goes as plan, you will see this page
now you have two options, creating a wallet or restoring one
creating is simple, just give your wallet a name and password
to restore a wallet you need a *.wlt file, just put that file in this directory(nem directory will be created in user's home directory, go to ncc and paste the wlt file there)
/home/meysam/nem/ncc/
after doing it, you will see your wallet name
if you have 100000 xem and you keep it for 10 days or 100000 nem for 1 day(your vested balance must pass 10000), then you can start harvesting which is basically getting transaction fee based on your account's importance(the amount of xem, you hold and the number of transactions you make), you will have two options of harvesting
local = you become a nod and harvest while you are online
delegated harvesting = you make a transaction with the amount of 6 xem, wait for 6 hours(380 blocks) and connect to a remote server, you don't need to be online anymore and you can do offline harvesting.
to connect to a remote server click here and choose a server based on your location
now go to setting and just add the address instead of localhost, this way you don't need to download the whole database
IMPORTANT!
before making any transactions, please backup your wallet and keep it in a safe place with any method that you see fit
it will export two files including the *.wlt file which you need for restoring your wallet later on.
Conclusion
for some people these steps are so easy and they don't need any assistance(the tutorial itself is on NEM site too), but there might be some difficulties that might irritate others, that is why I tried to address different problems that anyone might face. give NEM a try, it will be huge down the road(not just limited to price)
oh, thank you, Meysam, followin
appreciate it, followed back
thanks for your article, i had some difficulties for setting java before.
I upvote you
So you have to invest about 2000 USD to start harvesting?
Good post, followed :)
that is right, 2000$ and 10 days waiting :)
thank you for the feedback, appreciate it
Really don't see why people are so gung ho about POI. It is a sketchy at best consensus algorithm.
Nice write up tho
actually not everyone talks about POI, now days people are all about either POW or POS, but POI is one the things that I am gung about in case of NEM, what can I say? I even love the logo ;)
thank you for your feedback @kyle.anderson, appreciate it
They sure have a good design and marketing team.
PoI is filled with game theoretical holes. Where do they get the concept of finality? How are they resistant to Sybil attack? One of those things that sounds good on paper but really is a dangerous solution.
those questions are beyond my knowledge, I think i need to do some searching and see how they will handle those threats...
Not saying there is not any money to be made - just don't have long term confidence in the consensus mechanism.
Can you provide an example of a blockchain that you have confidence in, consensus wise?
Casper is going to be really interesting. Ethereum will have a lot going for it provided everything goes to plan. Tendermint is more down my alley. I'm going to watch EOS with caution. Let's see what kinds of claims applications make about finality.
Out of curiosity, Other than bitcoin and ETH, what project(s) do you believe in?
Interested in tenderment and hyperledger. Monero has some things going for them but I think fluffy might run the train into the ground. I am no maximalist but ETH and BTC are where it is at right now.
thank you very much @kyle.anderson for your valuable comments
Thanks for the info! If you were to speculate, where do you see the price of XEM headed?
it is really hard to say, but based on the release of catapult and the bullish market of top cryptocurrencies, I hope to see 1$ price on NEM.
Thank you for posting this. I had XEM months ago when it was nothing but I had a hard time installing the wallet at the time. Thanks again @altcoinusa
You are welcome, I am glad this post could help @rlavie985
So is the official NEM wallet the ONLY wallet you can use to store XEM?
We wrote a catalyst-piece re: NEM/XEM, feel free to peruse...
https://steemit.com/cryptocurrency/@harpooninvestor/bitlicense-new-york-state-s-typical-business-as-usual-crony-capitalism-ripple-xem-nem
Thank you for upvoting my photo. If you like that one you may like my other ones. https://steemit.com/@readallaboutit