The NEM protocol also rewards nodes that are responsible for most activity on the network. However, it’s worthy of note that vesting coins is just one way of calculating a node’s importance score. After a couple of days, Joe sees that the number of XEM vested by him has crossed the 10,000 coins threshold, thereby, making him eligible to seek rewards from the NEM blockchain for his contribution to vesting his tokens.Ĭlose followers of blockchain projects would find the aforementioned network reward mechanism bear a close resemblance to the PoS consensus algorithm. On day 3, 10 percent of the remaining tokens – 15,000 XEM – get vested into the network, leaving Joe with 13,500 XEM, and so one. So, on day 2, 5,000 tokens held by Joe are vested into the network. Now, with each passing day, the NEM network will ‘vest’ 10 percent of the tokens held by Joe. On day 1, Joe receives 50,000 XEM in his digital wallet. To put things into perspective, let’s take the help of a small example.
At the same time, the XEM tokens in these wallets change into ‘vested coins,’ provided that there are at least 10000 tokens in the wallet. Initially, when a user puts XEM tokens into their wallet, they are called ‘unvested coins.’ Over time, as the wallets start accumulating an increasing number of XEM and contribute to the network’s transaction volume, they start collecting importance scores. Specifically, each node in the network possesses an ‘Importance Score’ that impacts the number of times the said node can ‘Harvest’ the XEM altcoin. This consensus infrastructure ensures an agile decentralized network by rewarding well-behaved nodes that not only possess a significant stake in the network but are also actively engaged in executing transactions to maintain the network’s robustness. The PoI mechanism achieves consensus by incentivizing active user participation in the NEM network. NEM’s Proof-of-Importance (POI) Algorithm Unlike Bitcoin’s (BTC) energy-intensive Proof-of-Work (PoW) and Ethereum’s yet-to-be-implemented Proof-of-Stake (PoS) consensus algorithm, NEM uses PoI consensus mechanism. Today, NEM ranks among the top go-to blockchain platforms for enterprises across the world, rivaling competing protocols including Ethereum (ETH), and TRON (TRX), among others. NEM’s insistence toward building its own tech infrastructure led to a DLT protocol that is unlike anything resembling other similar platforms. After the successful fork, the NEM community decided to build its ecosystem from the ground up and developed its own codebase to make the network more scalable and faster. Operated by a Gibraltar-registered NEM Group, NEM is a fork-out version of the NXT blockchain. History of NEM NEM was launched on March 31, 2015, with an aim to develop an enterprise-grade blockchain protocol that could circumvent the infamous trilemma of blockchain: scalability, speed, and privacy.
Without further ado, let’s get to the core of this high-performance distributed ledger technology (DLT) platform. In this Altcoin Explorer, BTCManager delves deeper into the finer intricacies of the NEM blockchain protocol, including the project’s POI consensus algorithm, its native digital token XEM, and some of its real-world use-cases. NEM uses the proof-of-importance (POI) consensus algorithm that essentially values the tokens held and the activity conducted by the nodes on the blockchain network. Nestled among the top 40 cryptocurrencies by reported market cap, New Economy Movement - popularly known as NEM (XEM) – is a peer-to-peer (P2P), dual-layer blockchain smart contract platform written in one of the most influential programming languages, Java. In terms of market cap, Skrumble Network is currently ranked #742 in the Ethereum (ERC20) Tokens sector.Altcoin Explorer: NEM (XEM), the Enterprise-Grade Blockchain Platform Skrumble Network's current circulating supply is 1.02B SKM. The Skrumble Network price prediction sentiment is currently bearish. The highest SKM price since the last cycle low was $ 0.000526 (cycle high). The lowest price since it's ATH was $ 0.000274 (cycle low). Skrumble Network reached its highest price on when it was trading at its all-time high of $ 0.105889. The SKM price increased 4.13% in the last 24 hours. Skrumble Network price today is $ 0.000436 with a 24-hour trading volume of $ 47,570, market cap of $ 445,237, and market dominance of 0.00%.
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