NEM, A New Crypto-Ecosystem Heralding A Paradigm Shift In The Way We Do Trade, Commerce And Finance.
The New Economy Movement (NEM) is set to launch in November. NEM is not just another peer-to-peer cryptocurrency in the lineage of Bitcoin. It is an innovative way to utilize blockchain technology to create a decentralized economy.
It has a fair distribution model with important advancements in the underlying technology, including the Proof-of-Importance (PoI) algorithm, rule-based accounts (smart contracts), an encrypted messaging solution and Eigentrust++ reputation system. The NEM Beta shall go live in September and more than 12 developers are working tirelessly to roll out the initial NEM ecosystem by November.
NEM is built on a 100% new source code base that is written in Java and JavaScript by some of the most experienced and passionate developers in the industry. The NEM Ecosystem is meticulously well-architected and designed. It consists of the NEM Infrastructure Server (NIS) and the wallet, NEM Community Client (NCC). NIS and NCC, together, form one of the most advanced decentralized cryptocurrencies in the world, with plans to implement ‘colored coins’ and a decentralized asset exchange.
The unique Proof-of-Importance algorithm rewards nodes that are important to the NEM economy, not those who have the largest amount of NEMs. This encourages adopters to spend NEM and discourages hoarding, thus increasing the velocity of money. This distribution method eliminates the myriad of problems associated with traditional mining, such as extreme price fluctuation on exchanges, deflation, massive energy use, and centralization.
The completion of NIS and NCC is only the first step in the launch of the NEM ecosystem. The technological road-map includes new features like faster and parallel blockchains, high frequency exchange trading, real-world financial integration (e.g., stocks, derivatives, options, and forex), social media and social networking, enhanced and easy-to-use mobile applications, and many more advancements are planned to be rolled out in subsequent stages, thanks to NEM’s flexible platform.
As the NEM team explains:
“The world we live in could be made better. We could make trade and finance fair when we use a decentralized currency and reduce the influence of the established capital. We could prevent the corruption of centralized power when we embrace grassroots movement and decentralization. We could support the principle of equal opportunity to give all people a fair chance in life. We could transform the boss-employee hierarchical relationship in most conventional working environments to one where people are partners and friends and making decisions in a democratic fashion.”
NEM will be created with a maximum of 4 billion units, divisible to 6 figures after the decimal, giving a smallest unit of 0.000001 NEM. Of this, 75% has been fairly distributed, while the remaining will be used to finance the development of the ecosystem post launch of V1, which is expected to be several months after the initial launch.
Currently, NEM is already listed on the NXT AE (Asset Exchange), where the number of trades far exceeds that of any other asset listed there. Further, NEM is supported by a strong community of over 3000 stakeholders even before its scheduled release.
To hasten the development of ecosystem projects, a crowdsale event is planned to raise funds by selling 1 Oz. .999 pure silver rounds and 1 Oz. .9999 pure gold coins with NEM branding and attached cold wallets containing NEM. More information on the crowdsale can be found at ournem.com/crowdsale.
For more information about NEM please visit: http://www.ournem.com/
NEM official bitcointalk thread: https://bitcointalk.org/index.php?topic=654845.0
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