How To Buy NEM (XEM)?

A common question you often see on social media from crypto beginners is “Where can I buy NEM?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports NEM (XEM)

First, you will need to open an account on a cryptocurrency exchange that supports NEM (XEM).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase NEM (XEM) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy NEM (XEM)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for NEM (XEM) or NEM (XEM) trading pairs. Look for the section that will allow you to buy NEM (XEM), and enter the amount of the cryptocurrency that you want to spend for NEM (XEM) or the amount of fiat currency that you want to spend towards buying NEM (XEM). The exchange will then calculate the equivalent amount of NEM (XEM) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of NEM (XEM) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is NEM (XEM)?

“New Economy Movement” (NEM) was originally an NXT fork, launched in the summer of 2014 before the stable platform release at the end of the 1st quarter of 2015, before becoming a completely new codebase, following the eventual dismissal of the NXT fork. NEM’s blockchain technology is referred to as a Smart Asset System and is considered to be the world’s first Smart Asset blockchain.

NEM is a P2P cryptocurrency and blockchain technology that builds on and improves the basic functionality of pioneering cryptocurrencies, delivering a platform for the management of any kind of asset, including currencies, supply chains, notarizations, ownership records. NEM’s Smart Asset system allows the customization of the use of NEM’s blockchain, with features including domain-like namespaces and full on-blockchain multi-signature control.

Namespaces is a domain naming system, consisting of higher-level domains and subdomains, allowing persons or businesses to create multiple subdomains that form Mosaics.

Mosaics are custom assets on the NEM blockchain, which once sent to the NEM network results in a special fee payable in addition to the standard transaction fees.

NEM’s blockchain protocol uses a proof-of-importance (POI) algorithm, with importance decided based upon the number coins a user has and the number of transactions made to and from the users’ NEM wallets, ultimately taking into account a user’s support of the network.

For users to be eligible to harvest XEM coins, a harvester’s wallet must have at least 10,000 vested XEM coins and, with the total supply of XEM being 8,999,99,999, that means that there can be a maximum total of 899,999 accounts that have an importance score of greater than zero. In the world of NEM, a harvester is essentially a miner, receiving transaction fees upon the formation of a new block created by a harvester.

An additional characteristic that exists in the NEM world, is the existence of delegated harvesting. Harvesters are able to delegate the harvesting so that a harvester continues to earn transaction fees.

Features that are particular to NEM can, therefore, be summarised as:

• Two-tier architecture, connecting out of the purview of the rest of the network, with transactions saved without having to download the blockchain, enhancing transaction speeds.
• Built on Test Driven Development method, which avoids unnecessary codes and inefficiencies.
• Proof-of-Importance algorithm, giving the right to harvest to those that have a vested interest in NEM.
• Particularly fast transaction times of 1 minute, which is significantly faster than the likes of Bitcoin.
• The ability to delegate harvesting of XEM coins.
• NEM implements multi-signature technology on its platform, which means that multiple users must sign a transaction before it can be updated on the blockchain. This is particularly important, as it means that XEM coins cannot be spent from a wallet unless another wallet signs in.

Who Are the Founders of NEM?

NEM was originally created by three developers known by their pseudonyms on the Bitcointalk.org forum: Jaguar0625, BloodyRookie and gimre. Since its inception in 2014-2015, NEM has grown from a personal project of three programmers to a large ecosystem composed of several platforms.

NEM’s overall development and promotion is now managed by NEM Group. NEM Group is a parent company designed to support the growth of the NEM ecosystem leading up to the launch of Symbol (NEM 2.0) and beyond. NEM Group was formed by a team of experienced NEM representatives and enterprise veterans who realized that a simplified structure would benefit the entire ecosystem, while also promoting more community input and engagement. The NEM Group Board of Directors is responsible for setting the strategy and budgets and ensuring that all subsidiaries are working towards collective objectives. NEM Group comprises three separate entities: NEM Software, focused on the product and business development; NEM Trading, responsible for all finances, including liquidity management, exchange support and token lending; and NEM Ventures, the venture capital and investment arm, focused on strategic partnerships.

What Makes NEM Unique?

XEM is a decentralized open-source cryptocurrency that has a number of unique features. Perhaps the most important of these is the way the NIS1 blockchain is secured. NIS1 uses its own previously mentioned proof-of-importance (PoI) algorithm — as opposed to the far more widespread proof-of-work and proof-of-stake — for the purpose of ensuring that transactions on the network are processed and recorded in a timely and honest manner.

Proof-of-importance allows anyone to run a node on the NIS1 network and facilitate transactions via a process called “delegated harvesting.” The system takes into account every node’s amount of already held coins, how often they transact on the network and who they transact with, in order to approximate their “importance score” in NEM’s economy. Based on this score, the nodes then receive a share of the fees from the transactions they have helped to process.

NEM claims that the proof-of-importance system ensures that the network can identify and reward those that actually use it the most.

In addition to its unique PoI algorithm, NIS1 also supports such features as multisignature account contracts, encrypted messaging, the Eigentrust++ reputation system and the Apostille service for notarizing and checking the authenticity of files on blockchain.

Another important market for NIS1 are enterprise-level solutions: through a purpose-built API system, NEM allows developers to integrate its blockchain infrastructure into third-party applications. 

NEM development updates in 2023

NEM, a blockchain platform known for its unique approach to scaling and business applications, has experienced various developmental strides in 2023. Here’s an overview of the most important updates:

• Introduction of NEM Symbol: Launched in early 2021, NEM Symbol represents a significant step forward for the NEM network, focusing on enterprise use. It’s a customizable blockchain that selectively limits user access, ensuring enhanced security and efficiency for business applications. Symbol’s native token is XRM, and XEM holders were awarded an equivalent amount of XRM tokens following its introduction.

• Proof of Importance (PoI) Mechanism: NEM’s unique PoI system prioritizes transactions based on the amount and duration of XEM tokens held by users. This mechanism not only incentivizes long-term holding but also ensures that those with a vested interest in the network have a greater influence on transaction processing and block generation.

• Delegated Harvesting Innovations: As part of its unique approach to blockchain consensus, NEM employs Delegated Harvesting, a method that allows users to participate in transaction validation and block creation without the need for extensive computational resources. This system is notably different from traditional mining, relying instead on a process where users link their accounts to a supernode to leverage its computational power.

• Catapult Blockchain Engine: A major development in NEM’s technology is the Catapult blockchain engine, designed to enhance the performance of both private and public blockchain networks. The Catapult engine is a testament to NEM’s commitment to innovation, offering capabilities that set it apart from other blockchain technologies.

• Focus on Smart Asset System: The Smart Asset System in NEM is a key feature, enabling the creation of advanced blockchain systems. It addresses issues such as long processing times and network congestion, common in other blockchain projects. The system facilitates the easy trade of virtual commodities or equity shares, enhancing the platform’s usability in various business applications.

• Enhanced Scalability and Business Integration: NEM continues to be highly utilized by businesses globally, owing to its efficient handling of financial assets, contracts, files, and various digitized assets. Its ecosystem allows for seamless data transfer between private and public blockchains, making it a preferred choice for enterprise solutions.

• Governance and Community Engagement: The NEM community plays a pivotal role in the platform’s development, with the NEM Foundation overseeing various aspects like brand development, capital investment, and financial management. This community-driven approach ensures that NEM stays aligned with the needs and interests of its users.

• Budget and Operational Adjustments: In response to the fluctuating cryptocurrency market, NEM has implemented strategic budget cuts and operational changes. These adjustments are geared towards maintaining fiscal responsibility and focusing on product development, ensuring the platform’s sustainability and long-term success.

These updates mark a significant milestone in NEM’s evolution, moving towards greater efficiency, scalability, and functionality. The NEM community is eagerly anticipating these developments, which are expected to enhance the platform’s overall performance and utility.

Official website: https://nemplatform.com/

Best cryptocurrency wallet for NEM (XEM)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for NEM (XEM)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).