NEM is a unique independent blockchain with its own cryptocurency: XEM. The currency has one of the largest market capitalizations and is popular due to, among other things, the unique way of transaction confirmation, which does not require high energy costs and expensive hardware: harvesting (instead of mining).
How To Buy XEM
So you’re interested in buying XEM? Currently, there is no way to buy XEM directly with fiat, so the best way to buy XEM is to first purchase Ethereum, transfer it to your chosen trading platform and change it to XEM. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for XEM/ETH and confirm.
3. On the XEM/ETH trading section you can now choose how much XEM you want to buy with your Ether. Once you have chosen your amount, press Buy XEM and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of XEM.
What is NEM?
NEM is an abbreviation for the movement “New Economy Movement”: a group of supporters of blockchain technology, who initially wanted to use a variant of the NXT cryptocurrency by using the corresponding application platform.
In the end, the NEM developers preferred a custom blockchain solution, which resulted in the unique XEM cryptocurrency.
XEM is a cryptovaluta which has a number of similarities with other blockchain applications: it is kept exactly track of who owns what and which transactions take place. Nevertheless, there are important advantages to NEM’s crpytocurrency.
Most blockchain applications use a technique called Proof of Work (PoW) to keep the network secure and ensure that the blockchain cannot be manipulated. PoW means that computers must try to solve complex calculations (mining) and receive a reward (in the form of cryptocurrency) when the right answer is found. Because the sum is becoming more and more complicated, more and more processing power is required, which means more and more energy and hardware is required.
The technique used by NEM to confirm transactions is called harvesting. This means that parts of the network (nodes) share this information with other nodes each time they hear that a transaction has taken place. In exchange for sharing this information, the nodes receive a fee in the form of part of the transaction costs. To prevent the blockchain from being corrupted by sharing false information, only important nodes are listened to. The importance of a node depends on the XEM balance, the number of transactions, the uptime and the age of the node (account of the node). Because the NEM confirms transactions on the basis of how important a node is, we call this technique: Proof of Importance.
NEM value and price movements
NEM has secured a position among the most popular cryptocurrencies and that is certainly not unjustified. The unique way to confirm transactions before they are included in the XEM blockchain, Proof of Importance, offers a strong advantage over Proof of Work cryptocurrencies.
The fact that the XEM currency runs on its own blockchain and is therefore not a descent of Bitcoin or Ethereum gives the cryptocurrency a solid image. In Japan, there are already many organisations – including banks – that use NEM technology, whether or not on a private blockchain (Mijin).
Together with a number of other popular currencies and/or technologies, XEM / NEM has experienced strong growth in the recent period, which we expect to continue for the time being. The market capitalisation of more than 1,500 million euros in 2017 also shows that people rely heavily on NEM.