After bitcoin, crypto investors are turning for NEM and even though all the “scandal” about the loss of US$ 400 million NEM’S currency on coincheck, one of Japan’s biggest digital exchanges, its finally close to seeing a revival of its numbers in the currency market which means that we may see a consistent comeback on the next days.
So, what is NEM?
Like bitcoin, NEM is a cryptocurrency built on top of blockchain, but instead it uses a more environmentally-friendly method to confirm transactions.
NEM, the world’s first Smart Asset blockchain was built from the ground up for enterprise-grade performance. NEM’s blockchain technology delivers a world class platform for management of almost any kind of asset. NEM’s Smart Asset system allows anyone to completely customize how they use the NEM blockchain, with a vigorous set of features including domain-like namespaces and full on-blockchain Multi-signature control. The NEM public blockchain provides an open and self-scaling platform for developers.
The NEM ecosystem is distinct from most other cryptocurrencies and is more adaptable to a wide range of businesses and activities. This is one major reason why we believe NEM has the potential to keep ahead in the race and even emerge as a big winner in 2018. During 2017, it stood second right behind Ripple further strengthening the outlook for the coming year
Source: https://nem.io/about/
The Coincheck drama
Overall many details are still unclear.
Yusuke Otsuka, coincheck’s chief operating officer, has said that around 523 million NEM coins were sent from a NEM address at coincheck at around 3 a.m. local time. Over eight hours later, they noticed an atypical decrease in the balance. Then coincheck said the NEM coins were stored in a “hot wallet” instead of a “cold wallet” and their President Koichiro Wada cited technical difficulties and a shortage of staff.
Cold wallets are devices which can be as small as a USB stick and can be stored offline while hot wallets are connected to the internet, therefore, more vulnerable to hacking experts.
Experts say only money needed for upcoming transactions should be kept in hot wallets. Even then, trading one cryptocurrency for another can be done over decentralized exchanges, such as Shapeshift, Changelly or Waves Dex, directly from the holder’s wallet and not from a wallet controlled by an exchange in their name, minimizing the risks of fraud or hacking.
Top 10 – NEM, The Future?
A high market cap usually shows that the market is excited and has faith in it. That’s why the fact that NEM (XEM) is among the top 10 coins and has been there for some time is a pointer to a sleeping giant that could shoot up in value at some point in the future. All it needs is a little hype from the media and that’s it. Remember it is designed to rival Ethereum and has better technical capabilities, something that will play a role in its future growth.
Most cryptocurrency investors have already accepted that the bitcoin train already sailed, and that latecomers cannot expect any significant returns by investing in bitcoin. That’s why investors are now actively hunting for the next bitcoin. The question therefore is, will it be Ethereum, Ripple or any of the other coins? Well, if you too are seeking for the next coin that could give you massive returns, you should probably be looking at NEM because it has a pretty good chance of exemplary value growth in the future.
Overall, with an extremely technical white paper full of advanced mathematics in the algorithm, developers impressed with the foundations which the blockchain is based, NEM’s is a serious case you need to follow.
Image 1 – NEM charts – Source: http://coinmarketcap.com
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