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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.

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What Is NEM XEM New Economy Movement Coin?

It began as a proof-of-concept before it was adopted by the commercial blockchain Mijin, making the value of XEM – the platform’s currency to rise.

How Does NEM Work?

NEM’s architecture consists of two components: the node which is the NEM infrastructure server or NIS, and the client which communicates with the nodes.

NanoWallet supports NEM with a fully-developed cryptocurrency wallet built with HTML and JavaScript. These coding languages allow the NanoWallet to operate on any platform with a web browser. You just need to download the NanoWallet to use NEM.

Both the NCC and NanoWallet can operate offline, and this provides enhanced security using an air gap system. It also provides protection from external attacks by connecting the NIS through a firewall. If you have internet, you can interact with the NEM blockchain even with a low-end computer or mobile device. In case of a hacking attempt on the NIS, the hacker will not access the NEM wallet software, given the platform’s extra layer of security.

The Difference between NEM and Bitcoin

The NEM platform has set out two strategies to build a better blockchain.

Harvesting

Harvesting is the alternative to mining. It was designed by NEM to generate XEM and to help maintain the integrity of the NEM blockchain. When someone does a transaction, the first computer to see and verify the transaction will inform nearby users of that transaction. “Generating a block” is the name of the process. If you generate a block in NEM with more than 10,000 XEM, you will receive the transaction fee on that block as payment.

Vesting XEM and proof-of-importance

Bitcoin uses a proof-of-work system where your computer does the work for the blockchain and you get coins in return. NEM uses a proof-of-importance system when it comes to harvesting. Importance measures how much you’re invested in the NEM system.

Once you have vested 10,000 XEM in your wallet, you can generate new blocks and earn the transaction fee for all transactions on that block. The non-vested XEM in your wallet will vest XEM at a rate of 10%. 20,000 non-vested XEM in your wallet will take 7 days to reach the minimum 10,000 vested XEM.

Making Money with NEM

Get paid in XEM – Since XEM and NEM are still young, the value is low and this allows you to buy a lot of XEM for less. For example, $90 worth of XEM would get you 3,000 XEM in April 2017. By September the 3,000 XEM were worth $900 in value. Receiving payments in XEM could be an investment in the network’s future and your wallet’s value.

Get Vested – Another way to make free money is to begin harvesting as this will allow you to earn small amounts of XEM for helping maintain the system’s security and accountability. But to do this you would need a minimum of 10,000 XEM vested.

NEM is relatively young, and any new cryptocurrency will face challenges and risks in its lifetime. NEM also lacks a concrete roadmap, thus users will have to wait and see. Since it was built from scratch, it has the potential to avoid the pitfalls that befell other bitcoin forks.