Quick jump
Hello and welcome to this blog post about NEM XEM White Paper. I am very excited to know that you are interested in this amazing technology, you will be going to amazed by the incredible potential of the blockchain.
There is a lot to learn about this futuristic tech, lets get started to dive into the NEM XEM white paper and start to leverage it to build a more secure and trusted ecosystem for Industry 4.0 applications.
The aim of this blog post is to help you quickly understand about the philosophy behind the NEM (XEM).
I can ensue you that, you will be able to understand every bits and pieces related to NEM (XEM) after going through the NEM XEM white paper.
Without wasting any further time lets get started to dive right in and lets understand white paper first.
What is white paper?
A white paper is an informational, influential, well-structured document, usually published by an organization, to provide in-depth information about a specific solution.
A white paper is used to provide a good insight into the challenges for a specific problem and a proposed solution for the same.
NEM XEM White Paper
NEM XEM white paper will be going to provide you, all the information that is needed to get started with NEM (XEM), including the inspiration for creating, the problem it is trying to solve and the solution proposed by NEM (XEM).
Introduction
” NEM, in its most basic form, is a crypto currency that is built on blockchain technology. The NEM block chain is an improvement on existing blockchain technologies. It integrates concepts from other cryptocurrencies (e.g.Bitcoin) and academic research in network theory.
NEM’s primary contribution to the crypto currency landscape is a new consensus mechanism called Proof of Importance (PoI). Unlike Proof of Work (PoW), it is environmentally sustainable and does not require large scale computing resources in perpetuity.
PoI is similar to Proof of Stake (PoS) except that it is not solely derived from the size of an account’s balance. It incorporates other behaviors that are believed to be positive for the holistic economy. In this way, it attempts to reward active economy participants at the expense of inactive ones and dampens the rich getting richer effect that is inherent to PoS.
NEM’s vision is to be the foundation of a vibrant crypto currency ecosystem that emphasizes security and trustless computing. NEM was launched with built-in support for multisig transactions and encrypted messages. Additionally, the peer-to-peer (P2P) NEM network implements a modified version of Eigentrust++ to identify and minimize the impact of malicious nodes.”
White Paper Link: NEM (XEM) White Paper
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