Interview series #1 NEM

Welcome to the launch Interview series of INVESD Mixmaster. It’s awesome to have you here!

 

Hey, and thank you for your interest. 

Q: NEM is growing rapid these months. Can you tell us more about the project?

The idea of NEM exists at least since January 2014. The original idea evolved from a “better crypto currency” to one of the greatest crypto platforms in existence. I have been following NEM since the very beginning and the progress is absolutely amazing. It may seem slow sometimes for outsiders, but from my experience slow and steady progress is way better than fast and hurried. The quality is the highest priority and I definitely can see that with NEM.

Q: What makes NEM so different, compared to other coins, for example Ethereum or Ripple?

Well there are some examples:
NEM has a new consensus mechanism “Proof of Importance”, which calculates an importance score for every account. Relevant parameters for that score are the balance and the history of transactions of the account. That way a motivation was created to actually use the network and not just hold funds. Another notable example is the fact that NEM has a true client/server architecture which makes it extremely easy to build stuff upon e.g. a “light wallet”. Combined with the powerful API, you could say that the Bitcoin’s SPV idea was implemented and fully supported in NEM from the very beginning. Oh and then NEM has on chain multisig of course, one of my favorites… Multisignature transactions are extremely easy and flexible with NEM. You can set up any account(s) as cosignatory/ies for an account and define how many accounts have to sign to allow a transaction for that account – we call this m-of-n multisig. Any cosignatory can initiate a transaction for the multisig account and once that happens, all other cosignatory can see the TX on the chain (and might even get a notification, depending on the wallet software…) and then sign it. Every signature is a blockchain transaction as well, so all accounts/cosignatories are completely independent and communicate just via the chain. Once the minimum amount of cosignatories signed, the transaction gets valid and will be sent.

Q: Recently, crypto currencies get more popular, where do you see NEM in 1 year?

I don’t like to speculate, but hopefully a lot of companies understand how NEM’s tech can make life easier for them and start using it.

Q: After Bitcoin’s big success story a lot of coins with new updated technologies try to follow that success path. What does it take to get close to Bitcoin?

To be honest I think Bitcoin is a niche product. And of course every crypto currency or platform so far is. That’s why I personally think that the industry has to understand the potential first, mainstream follows automatically. NEM is not trying to overtake or compete with Bitcoin – NEM is trying to create a technology which is useful for the future.

Q: On NEM’s website, it is stated that you can buy XEM directly with cash soon. Is there a date planned for that?

No, but it is definitely work in progress!

Q: At the start all 8.999.999.999 XEM coins were distributed to 1500 investors. Do you think that was a fair distribution?

1500 doesn’t sound like a lot, but the crypto scene in fact is still very small. Before we launched, extensive efforts were made to ensure that these 1500 accounts belong to unique individuals (“browser fingerprint” and a bunch of other methods were used), so in my opinion this was a good start.

Q: NEM has a big Japan-hype. Why is that the case and what are the next steps to let it grow a lot bigger?

Mijin (http://mijin.io/en/) made quite some noise in Japan. Mijin is the permissioned blockchain variant made with NEM’s tech. It demonstrates what NEM is capable of and might be a very interesting solution for a lot of companies that prefer a permissioned blockchain over a public blockchain.

Q: Thanks a lot for your time! Any last words for the community?

You’re welcome! Just this: We are always looking for interested people who are willing to contribute in any way. Don’t hesitate to contact us, if you like to learn more about NEM’s outstanding tech or if you have any questions. For daily chatting we mainly use telegram, but of course there is a forum as well: https://forum.nem.io/

 

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