Bitcoin Alternative NEM (XEM) Officially Launches with 100% Original Codebase Cryptocurrency – PR Newswire
DAEGU, South Korea, April 13, 2015 /PRNewswire/ — NEM, is an original blockchain technology platform using a breakthrough innovation for blockchain consensus called Proof-of-Importance (POI). POI is a consensus mechanism that calculates an importance score for an account by taking into consideration its balance, activity of the account, as well as the importance of accounts transacted with.
This importance score enables accounts to create blocks and “harvest” transaction fees based on the account’s importance to the NEM economy–not just those who simply have the largest amount of XEM. This encourages use of the currency and discourages hoarding, thus increasing the velocity of money. This helps alleviate many problems associated with Proof-of-Work mining, such as extreme price fluctuation on exchanges, deflation, massive power consumption, and centralization.
With security being a main concern for blockchain platforms, NEM has taken steps to introduce new innovations to both secure the network and an individual’s account. One of these innovations is a peer reputation system using Eigentrust++, which helps protect the network. Eigentrust++ measures how well different computers on the network interact with each other and directs network traffic to the most trusted sources. NEM has also integrated an innovative time synchronization service between nodes and a new form of spam protection not seen in a cryptocurrency before.
NEM incorporates a multitude of features to protect the user: blockchain-based multi-signature capabilities to maximize security while also maintaining ease of use, encrypted messaging, and a robust client-server web architecture