NEM or New Economy Movement is a Java script-enabled smart asset blockchain that supports XEM – a cryptocurrency.
A smart asset blockchain functions as a digital ledger that sees all the transactions made via cryptocurrencies. These transactions are all recorded. Users have the ability to customize their unique blockchain and create their own “smart contract”. Users can then produce places along the NEM blockchain where they can securely place their digital assets.
Due to an increase in the price of bitcoin in 2017, digital currencies are currently lording it over the investment world.
Since NEM’s 2015 debut, it has been selected by Mijin – a commercial blockchain – thus enabling its price to soar. The strategies NEM used to create a better blockchain involved harvesting. Harvesting assists in maintaining the blockchain’s integrity. Each time a transaction occurs, the computer which first sees and verifies such a transaction will advise users of the mentioned transaction. The information cascade is referred to as “generating a block”. The instance of an individual with more than 10,000 XEM produces a block in NEM, the transaction fees are received as payment.
Blocks are files where blockchain transactions are stored. Every block is a page that carries a records list or transactions – akin to a ledger.
Once a transaction happens within the blockchain, miners or NEM harvesters process it and store such in a block. There are instances when a new block is created, miners get to receive a bonus. The moment a block is attached to a blockchain’s end, these cannot be changed or removed.