NEM - XEM (XEM is the currency of the NEM platform)
Released in 2015 - Self-written code from scratch
Symbol: XEM
Source: https://www.nem.io/
Limited Supply
8,999,999,999 XEM
Mining
Mining is done through Proof of Importance. Similar to Proof of Stake.
Current Value
On Poloniex (May 7, 2017): U$ 0.1
Special Features
- Multisig Contracts
- Use Supernodes (as DASH masternodes, 3 million XEM to own a supernode)
- Self written code (Java, Javascript and C++ compose the core of NEM)
- Encrypted messaging
- Eingentrust++ reputation system
- Harvesting (a way to form blocks improving efficiency) and delegated harvesting
- Mosaics
Major Advantages
- Introduces new ideas to the cryptocurrency market (such as PoI, harvesting and Engentrust++ which is a way to balance for the lack of Proof of Work)
Major Disadvantages
- Centralization of Code - Private development team
- Client is open sourced but the server, called NIS, is closed source and binaries obfuscated. Totally closed.
EDUARDO CAPANEMA
@bitworkers
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Really thankful, @unmean-stweets
I currently have no other interests than bitcoin and blockchains, no. I mean, my family and friends, of course. But my whole life is steered towards cryptos. I am on Steemit daily, yes.
@bitworkers
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Shows I need to do a bit more research before pulling the trigger on these coins. Far too easy to get sucked into a project simply looking at charts on exchanges.
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I really believe Steemit will devour regular social media. It's a matter of time. Any application that does whatever is done today with a clever blockchain idea behind to power up the system will surpass current state of the art web.
@bitworkers
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Exactly, @cryptoworld
This is one of the main reasons I am providing this Dictionary of Coins series. To put out main info in a fast reliable way and also to learn. We do have a project of building a blockchain in bitworkers so the more research we do, the better we will be able to provide.
Cheers,
@bitworkers
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Now HOW undervalued can you get in Steemit?? Even Jeff Berwick upvoted this post. Thanks @dollarvigilante - we love your perspectives!
@bitworkers
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Could you expand on that? Is the code close sourced? No one knows who the team is?
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Yes. Thanks for asking. I'm doing this Dictionary series and it is important to know what are the most important info. I'm answering here and adding to the text as well.
Code is closed, yes. Written in Java, Javascript and C++. Client is open sourced but the server, called NIS is closed source and binaries obfuscated. Totally closed. The team though is well known, you may simply look at the site. But that does not mean transaparency, right?
Cheers.
@bitworkers
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Wow thank you. That's really important information to me. I can't get behind a crypto-currency that is closed source. That's madness.
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I totally agree with you. It is simply non-sense trusting such an enoumous endeavor in the hands of a few. I wonder what are these devs thinking??
Att,
@bitworkers
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Well, as you said, majority of code is open, just some parts are closed. So technically you can say it's partially open or partially closed. As I understand they are opening it step by step as time goes so one day soon 100% of the server will be opened. But I agree, at least network should be 100% open source.
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It only takes one line of closed source to steal all.
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Correct. :D Depends on what you believe now. I don't believe it will be opened at the service end. And many do not even know what that means and are buying low to sell high.
@bitworkers
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Thing is that NEM team has proven to be very honest over years, so I have quite confidence even though not everything is open. This 100% open-source demand is bit overrated anyway. On one side it allows code review, on the other side it's also provides better possibilities for searching vulnerabilities to some bad people. Thing is that unless you are completely paranoid you are always using some disclosed code on your computer. So there is always some default trust and certain risk. Even if NEM is 100% open-source, you usually have other closed software on your computer that you use and even if not, your hardware is almost 100% closed source. Who knows maybe current state is the best compromise right now in this imperfect world. At least from my point of view, I can live with that.
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Thanks for commenting @jimmco
I believe bitcoin has shown it is possible to go open source all the way and even more, it is necessary. But I do respect your point of view.
Cheers,
@bitworkers
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well they have anothers features don't metions in the post. Even the option of delegated harvest a sort of mining. I think is a interesting project.
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Thanks for mentioning @jocra
As I get to know more I update the post. I mentioned harvesting I believe. Please, if you miss other features, point them out and I will update.
Cheers,
@bitworkers
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Yes harvesting is one, but also delegated harversting you led someone who have a node do the harvesting and you gain a part of the transactions fee with it.
Also the mosaics, that honestly i dont understand well yet and the apostille of documents.
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great, thanks, adding.
@bitworkers
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you welcome @bitworkers
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