Top Ten Cryptocurrency NEM Catches on in Japan
NEM, a top ten cryptocurrency which has been public since early 2015, spiked in June 2016 to become one of the most popular alternative cryptocurrencies on the digital marketplace.
The development team has introduced numerous features in recent months. Mijin, a private chain based off of NEM technology with some enhancements help the crypto-currency to scale. It has been widely tested in Japan and is starting to gain traction in other countries like China and Malaysia, according to NEM founder Jeff McDonald.
Japan companies have stated that they finished the testing phase of Mijin and may release it in the back end of NEM projects.
“This will be the first 2.0 blockchain notary service,” says Mr. McDonald. “It allows users to create blockchain notaries and send them to specific HD accounts created just for those notaries. These notary accounts can now receive messages with updates about the object or file represented in the notary, and with the use of NEM’s multisig contracts, control of notary accounts can be transferred to other users. This marks the move from blockchain notaries being a simple first generation onetime hashes, to being notaries that are updatable and transferable.”
Nem’s proof-of-importance protocol helps to make the blockchain option unique. A Nem user becomes important through how many coins they control and the amount of transactions they make. At least in the second half of 2016, this recipe has worked.
The price gains in July allowed NEM to become a Top Ten currency. Is it on its way to a “UtopianFuture,” the name by which the BitcoinTalk user who founded the blockchain went? That’s yet to be seen.
Date of publication: November 24, 2016