Why should I use NEM when there is Bitcoin?
Bitcoin is a crypto currency and so are most crypto coins. Some are application specific while some are purely crypto coins. Apart from NEM being another crypto currency, NEM is a solution platform. There is more to offer as a platform. As a crypto currency, it does not require a lot of computing power and energy to run a node. NEM also advocates low entry barrier with Proof of Importance (POI) instead of the traditional ones that require a lot of stakes or computing power to mine. In NEM we call it harvesting. In addition, it also uses another solution, called Eigentrust ++ to validate and sieve out bad actors in the network. As an evolving solution, NEM is setting the stage for better things to come. At the initial stage NEM has this to offer:
- Apostille, blockchain notarizations that are transferable, updatable, branded and conjointly owned.
- Luxtag, a blockchain base
- DragonFly Fintech
- First blockchain based multisig solution.
- An encrypted messaging solution that also allows unencrypted and hex messaging.
- Harvesting: Once harvesting is started, you don't need your wallet to stay open to harvest. It can be closed and the wallet does not need to be online.
- Protected wallet, i.e., wallet does not need to be online. It can hide behind a firewall and only connects itself directly to the NIS via the local network.
- The wallet is protected by a password. The password and private key never leaves the computer on which the wallet is running.
- Mosaics are NEM's asset feature and allows assets to be created to be mutable, immutable, capped, not capped, divisible, not divisible, ability to be bagged with other tokens, and levied. They come with discriptions and are a part of Namespaces.
- NEM's naming service, Namespaces, allows organizations to build a brand or brands that can be known and identified helping to increase their projects' reputation.
- Spam protection designed to prevent attacks on the network by raising the fees of the attackers.
- Node Rewards for participants running high powered nodes that serve light and mobile wallets.