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Nemchange Review

New Economy Movement (NEM) is a cryptocurrency platform that features a proof-of-importance algorithm. It was written from scratch in Java and JavaScript and is the first reputation based algorithm.

Its other features include P2P secure and encrypted messaging system, multi-signature accounts and an Eigentrust++ reputation system. NEM recently went through an impressive increase in price that catapulted it to the apex in market capitalization for crypto. If you intend to buy or recently bought your first XEM, the next step is to send them to your account for storage.

What is Nemchange?

Nemchange is a cryptocurrency exchange for buying and selling NEM tokens called mosaics. The exchange runs on the NEM blockchain, same as ETC20 tokens which run on Ethereum blockchain. Nemchange is the epitome of how users in the NEM fraternity can collaborate to build projects that have the potential to further advance the NEM blockchain. An engineer from Poland and member of the NEM Community called Pavel Polak developed Nemchange,

Nemchange has a simple enough interface which has made it easy to attract over a thousand traders to follow it. Its main selling point from other exchanges is the potential for automatic placement of the NEM mosaic that arrives at the stock exchange purse. It enables traders to buy or sell mosaics before their official listing on any crypto exchanges. A good example includes Loyalcoin (LYL) and ProximaX (XPX) which are both traded for XEM.

Token Pairs to Trade

The NEM platform allows you to trade any available and tradable mosaics created on the platform. Currently, it’s not possible to trade popular crypto coins apart from XEM. In the future, the exchange expects to add popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and other coins.

Besides, Nemchange exchange will run a NEM blockchain for future COMSA ICOs. COMSA is a cross-chain router, controller and a conduit for future ICOs that aim to exist in the COMSA system.

Nemchange Withdrawals

Currently, the withdrawals on the Nemchange exchange are operated manually thus it can take longer for a withdrawal to be processed. In the future, the process will be semi-automatic resulting in faster withdrawals. There are no private keys stored on Nemchange servers making it difficult for a hacker to steal your funds. These and other features are some of the benefits of the blockchain.

Every time you make an on-chain transaction, the sender is obliged to pay an additional transaction fee to the mosaic creator. The nature of the mosaic will determine if the fees will be a set percentage or a constant fee. The price is 0.5% anytime you make an order on the exchange. While withdrawing, the price is 3XEM + levy (of mosaic transfer).

What is Levy?

Not all mosaics have a levy in their mechanic. This means that every time a user makes on chain transactions. For example, when withdrawing in Mosaica Exchange or deposit into the exchange, the sender is obliged to pay additional transaction fees to the mosaic creator. But this depends on the mosaic if it’s a percentage fee or a constant fee.

If you have any questions or need to report a bug on the Nemchange exchange, you can contact the creators on the Nemchange Telegram channel.

By Jeff Mwaura, Jeff is Kenyan based freelance writer with focus on technology and finance.

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NEM Wallet Review

NEM was written from scratch in Java and JavaScript and is the first reputation based algorithm.

Other features include P2P secure and encrypted messaging system, multi-signature accounts and an Eigentrust++ reputation system.

NEM cryptocurrency recently went through an impressive increase in price that catapulted it to the apex in market capitalization for crypto. But it’s still difficult to buy the XEM token simply because it’s not yet available on popular fiat-enabled exchanges.

If you intend to buy or recently bought your first XEM, the next step is to send them to your account for storage.

Short-term Storage

If you choose to buy XEM tokens with the intention of disposing them within days or weeks, the best place to store them is in Exchanges or a Mobile Wallet

Exchanges

The one underlying factor that is common with XEM and all other cryptocurrencies is that you should not hold them on an exchange unless you are a trader. If you recently bought your first XEM (NEM token), it’s most likely they are stored on an exchange.

Leaving or storing your XEM on an exchange exposes you to a third party attack that can take control of your account and funds. You should only leave your XEM on an exchange for as long as necessary.

Mobile Wallet

You can use your mobile wallet like a prepaid card. You should only store the XEM tokens you intend to use. You can back up the mobile wallet by going to your account, click on “more”, “export account” then click “View private key”. Write the private key on a paper or take a screenshot and secure it in a safe place. You can also import the private key to Nano Wallet or NCC.

Long-term Storage

You can hold on to your XEM for longer periods for speculation purposes or simply as a future investment alternative. To store your XEM safely for months or years, you need a Nano Wallet.

Nano Wallet

You can use the Nano Wallet to create a simple wallet on the main site. It’s best to use Google Chrome to download the Nano Wallet. Before you commence the installation, make sure your PC has no viruses and remember to use a strong password.

Storing your XEM in Nano Wallet allows you to access delegated harvesting. Harvesting in NEM is the process of creating blocks and earning transactions fees on that block as a reward for your work contribution. You need a minimum of 10,000 XEM in your account to start harvesting.

Wallet Backup

Now that your Nano Wallet is running on your computer, you need to back up the Nano Wallet in case your hard disk crashes. It’s best to do backups to a file and paper. Store your wallet file on different drives such as USB sticks, USB HDS, and network storage. Encrypt the file before you store it on a different drive.

Your wallet file will become useless without your password. To know your private key, log in with your password and it will display. You can write this information on a piece of paper or print it out and keep it safe. With the private key, you can control your account without the need for a password.