XEM & New Economy Movement

NEM is not just a crypto currency. Above that, and more importantly, NEM is a peer to peer platform and it provides/will provide services like payments, messaging, asset trading and smart contracts.There shall be a lot more to come as NEM shall be an evolving solution.

Bitcoin is a crypto currency and so are most crypto coins. Some are application specific while some are purely crypto coins. Apart from NEM being another crypto currency, NEM is a solution platform. There is more to offer as a platform. As a crypto currency, it does not require a lot of computing power and energy to run a node. NEM also advocates low entry barrier by way of Proof of Importance (POI) instead of the traditional ones that require a lot of stakes or computing power to mine. In NEM we call it harvesting. In addition, it also uses another solution, called Eigentrust ++ to validate and sieve out bad actors in the network. As an evolving solution, NEM is setting the stage for better things to come. At the initial stage NEM has this to offer:

First block chain based multisig solution

An encrypted messaging solution

Harvesting: Once harvesting is started, you don’t need your wallet to stay open to harvest. It can be closed and the wallet does not need to be online.

Protected wallet, i.e., wallet does not need to be online with the Internet. It can hide behind a firewall and only connects itself directly to the NIS in the LAN.

Password and Private Key never leaves the wallet and the wallet itself is protected by a password.

You can send and receive payments and messages quickly, securely and at low cost on a global scale without the need for a bank account. You can buy/sell/trade assets and goods worldwide. In future, there shall be more exciting features such as asset trading, smart contracts and colored coins.

“XEM” is NEM’s currency code. It is similar to USD, EUR, CNY, JPY etc.

NEM ‘s loyalty points come in the form of harvesting. These are in fact rewards for using NEM as a platform to perform your transactions. The more you transact and the greater your balance is, the more frequent will be your reward. Rewards are random. Sometimes you get more and sometimes less, depending on the block that you harvest.

Download the NEM one-click installer at bob.nem.ninja/installer or the stand-alone version at bob.nem.ninja. After installation, simply click on [Create New Wallet]. (Please make sure to use a very strong password.)

(Note: These are the ONLY official sites that distribute the latest and verified NEM software. There may be others available elsewhere, but you will need to verify for yourself if they are in fact safe to use.)

NCC stands for NEM Community Client. It is the wallet in short. But we have made it generic because it is a client and in a web architecture, a client can do more than just a wallet function.

NIS is Network Infrastructure Server. An NIS exist in the NEM space as nodes in a P2P network. It forms the core to making sure and keeping the network plus the block chain validated all the time. NIS is the Web and application server in a Web Architecture. It is a powerful and yet a lightweight server. Any NCC can make use of a NIS to transact. To harvest (see harvest) one can assign or proxy a NIS to harvest for it through the NCC without exposing oneself.

Download, install, and run the NEM Infrastructure Server (NIS).

For the more advanced uses:

If you want to share the NIS or use the NIS from the Internet, open port 7890 on your router/firewall for the computer where the NIS is running. This is required if you want to access your node from outside your LAN. You do not need to open that port if you only want to run your NCC within your Local Area Network.

Do note that it is safe for anyone else to make use of your node to transact and does not jeopardise your security. Passwords and private keys never leave your wallet, which is in the NCC. The NCC is recommended not to be located on the same terminal as the NIS if you want to keep the NIS always on.

POI is short for “Proof-of-Importance”. It is a consensus algorithm at the core of the NEM software. The higher your importance, the higher your chance to be allowed to calculate a block (and harvest the fees inside that block). POI adjusts your importance depending on how many transactions you make, with whom you make them and a number of other factors. If you don’t do any transactions POI will set your importance based on your balance only (it is then similar to proof-of-stake).

When an account is set up as a multi-user account (a.k.a. multisig), payments can only be sent if a previously defined amount of people sign the transaction. This can be useful for example if funds should not be in the control of a single person.

Harvesting is a process whereby the nodes will validate a block of data to be hashed and put onto the block chain. Once put onto the block chain, it becomes an immutable and irreversible record unless there is a conflict, in which case, there will be some automatic arbitration and the block chain is readjusted to correct itself automatically.

This block of data is a set of transactions that occur withing an approximate time frame of about 1 minute. In other words, harvesting occurs at about once every minute. The process of hashing data and putting them onto the block requires the machine to do some work. It is a random process that depends on a few factors so that only one account in the entire network is given the right to harvest once every minute.

That account will be given a reward for hashing that block of data. The reward depends on the amount of transaction fee that have been accumulated in that one block of data.

Log into your wallet and click “Start local harvesting”. Requirement: The user account needs a vested balance of at least 10,000 XEM.

The total amount is 8,999,999,999 XEM.

The NEM community fund can be used by anybody to do almost anything. There is only one condition: you have to convince the community of your idea and credentials. Details about the way our community voting is done will be announced soon.

NEM was 100% pre-mined and distributed to approx. 1,500 initial stakeholders.

source: http://nem.io/faq.html

XEM & New Economy Movement