The number of cryptocurrencies is growing day by day. According to the information from coinmarketcap.com, 1175 coins are currently traded on the global crypto exchange. Of course, it is not easy to pick optimal instruments to invest and trade from an ever-increasing pool of available assets. An intelligent investor never fails to learn something new within the area of his interest. Only those who understand the market profoundly and know more than the general public are destined to hit it big.
NEM definitely deserves some of the attention its bigger (and older) counterparts are getting. Launched in 2015, the coin quickly made its way to the “Top-10 Cryptocurrencies” list. Briefly occupying the position of the world’s fifth largest cryptocurrency by the market capitalization, NEM has lost two positions since then and is now on the seventh place.
Each and every cryptocurrency is trying to present itself in a unique way, usually as something that is destined to revolutionize the industry. More often than not this is just a question of public image and an elaborate selling technique, targeting the overheated cryptocurrency market. NEM, however, is in fact doing some things quite differently and, to some degree, better. As the devs put it, their creation is not trying to beat Bitcoin, it aims for nothing less than beating the global economy.
NEM was designed with speed and scale in mind. The blockchain is far more secure as a ledger of transactions than a traditional database. However, not all cryptocurrencies are equally capable of supporting their own infrastructure. According to Jeff McDonald, Vice President of the NEM Foundation, NEM is ten times more efficient than Bitcoin in securing the network (by upkeep costs), sieving spam and providing additional customization features to regular users and businesses alike.
NEM can also boast Mosaics, custom assets on the blockchain. They can be transferable, divisible, personalized — or not — and sent via encrypted messages. This option provides a whole galaxy of opportunities to the traders. Node reputation system is another feature, employed by the New Economy Movement. Not only the amount of work performed by a particular node matters, the node has to perform well enough in order to be trusted by the system and get the respective status. The latter adds to the ability of the whole system to maintain itself safe and efficient.
Unlike Bitcoin, that is most commonly used as a store of value, NEM was designed to provide better opportunities for transactions. In this system full node operators, that constitute the backbone of any blockchain, do get paid. The former, therefore, receive the motivation to sustain the nodes and benefit from their activity. In other words, NEM is Bitcoin on steroids spiced up with a couple of unique features. It should be noticed, however, that in certain aspects NEM can even leave Ethereum behind.
All of the above-mentioned features make NEM an interesting choice for cryptocurrency enthusiasts. Rich functionality and a unique take on the role of crypto assets in the modern worlds create sufficient buying pressure, thus making NEM one of the world’s most popular cryptocurrencies. But isn’t it too late to invest in NEM? Probably not.
After reaching its all-time high on August 31st, when the coin was traded at around $0.33, the NEM price retraced back to $0.16 in a matter of two weeks. The coin is now valued at approximately $0.22 and can probably demonstrate some growth potential in the future. The NEM price actions could be seen growing in incriments, that are usually intermingles with periods of swift ddepreciation. Should the tendency repeat itself, the price of NEM coins can be expected to rise again in the foreseeable future.
