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Despite Rocky Crypto Market, NEM Looks Healthy

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NEM flying

NEM (symbol: XEM) has been a major player in the blockchain arena for quite some time.

According to data from CoinMarketCap, the cryptocurrency is valued at $0.101858 at the time of going to press.

What is NEM?

The company calls itself “The Smart Asset Blockchain.” This isn’t merely another cryptocurrency. It is a complete blockchain platform that is optimized for speed and scale.

The platform uses a “revolutionary consensus mechanism” and features a unique Supernode program that ensures, “NEM’s open, public blockchain can grow without ever compromising throughput or stability.”

The key to its power lies in the flexibility this system offers to those who wish to construct their entities on the blockchain. They can build whatever they want, from fintech systems and logistics trackers to ICOs (Initial Coin Offerings).

The NEM blockchain is easily customizable and uses a modular smart asset system.

Recent Developments

NEM recently partnered with the OATH Protocol. The latter is a project that aims to build a decentralized chain-agnostic protocol that will protect the rights and assets of dApp users.

On October 2, the exchange announced another strategic partnership with the Portal Network to build the NEM Name Service (NNS).

Furthermore, the exchange caters to traders with varying levels of expertise and will have its ICO in 2 months.

Additionally, the company leadership is focusing on expansion in markets across the world.

Moreover, the company leadership participates at blockchain events and conferences around the world.

In The News

However, there have been several challenges on the path ahead too. The company recently made headlines when cybercriminals walked away with $500m worth of NEM tokens from Coincheck, a Japanese crypto exchange.

However, the platform emerged on top this week. The crypto’s market cap surged above the billion-dollar mark early on Tuesday.

In conclusion, NEM is growing gradually. When the company launched the platform 3 years ago, it was one of the few platforms in the world of its kind next to Ethereum. That is no longer the case, with a multitude of new stakeholders entering the market.

 

 

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