What Is NEM Cryptocurrency?
NEM is a peer-to-peer cryptocurrency and blockchain platform launched on March 31, 2015. Written in Java, with a C++ version in the works, NEM has a stated goal of a wide distribution model and has introduced new features to blockchain technology such as its proof-of-importance (POI) algorithm, multisignature accounts, encrypted messaging, and an Eigentrust++ reputation system. The 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.
The NEM developers are pseudonymous. NEM was started by a Bitcoin Talk forum user called UtopianFuture who was inspired by Nxt. The initial plan for NEM was to create a fork of NXT, but this was eventually dismissed in favor of a completely new codebase. Starting on January 19, 2014, an open call for participation began on the Bitcointalk forum. The goal of the call was to create a community-oriented cryptocurrency from the ground up.
The redemption process to obtain coins at launch was fraught with problems. Hundreds of people who either held the NEMstake asset on the NXT exchange or registered on bitcointalk to receive coins, did not receive them. The coins that were not distributed to the initial stakeholders, were kept by the developers.
In April 2016, Tech Bureau, the operator one of Japan’s largest cryptocurrency exchanges, Zaif, formed a partnership with NEM for a new blockchain engine.
On 26 January 2018, Japanese cryptocurrency exchange Coincheck, was the victim of a massive hack resulting in a loss of 523 mln NEM coins, worth approximately $534 mln. The hack only involved NEM. Because the security breach was caused by the lack of strong security measures of Coincheck, the NEM development team refused to conduct a hard fork. Instead NEM is creating an automated tagging system. This automated system will follow the money and tag any account that receives tainted money.
What Is NEM Cryptocurrency Conclusion
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