update 6 October 2021

The Best Dapps on the NEM Blockchain (New Economic Movement)

A Brief Introduction to NEM – New Economic Movement

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

“NEM is the Smart Asset blockchain. It’s more than a cryptocurrency, it’s a platform for managing data. It’s the easiest and most cost-effective way to bring blockchain technology to your business.” – nem.io

Other than the generic blockchain capabilities that exist in almost all projects like immutability, transparency, p2p, censorship-resistant, and others, NEM lures its ‘customers’ in by providing a ground zero for operations and applications to be built on top of it. The protocol also created its cryptocurrency with the ticker symbol XEM, pre-mining all the coins to be in circulation. It can issue smart contracts, create sub-networks, develop applications, and link real and virtual assets.

Why Developers Choose NEM

The major attraction among developers is NEM’s Smart Asset system. The 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. NEM envisions a blockchain that allows many ledgers of information and value co-existing on the same blockchain.

Simply put, it tries to function as a library of ledgers, instead of just one common ledger, based on the needs of the operating body. Any data that has a value linked to it, be it transaction information or asset transfer or notarization or real estate contracts can be stored and propagated on the NEM Blockchain in any manner as customized by the operating authority. For developers that look to find actual use cases that link real-world assets to the blockchain, NEM is, without a doubt, the go-to blockchain network.

Top Dapps on the NEM Blockchain

As of May 2020, most Dapps on built on the NEM Blockchain were initiated and developed in-house by the NEM Community.

  • Mijin

Mijin is a BaaS (Blockchain as a service) solution built on the NEM blockchain that leverages the capabilities of NEM to provide commercial services. It is currently being tested by financial institutions in Japan and all around the world. Mijin claims to have associated with around 140+ MNCs over the globe and typing up with at least 20 of them.

Mijin shows signs of improving efficiency in transactions among corporations and government bodies. It is a base-layer infrastructure developed to allow interoperability between companies, corporations, consortiums, governments, or any group that wishes to share data or value. As advertised on their website, the major features of Mijin include Authentication metrics, Permanent/Semi-permanent records, and Assets Ledgering.

  • Namespaces

Namespaces, a domain naming service inspired by the ICANN (Internet Corporation for Assigned Names and Numbers), is embedded on the NEM blockchain to link digital assets to domains. A namespace allows users to link real-world assets on the NEM blockchain, thereby giving the asset a unique identity and anonymity.

A person/entity can create multiple subdomains addresses under one domain to separate fake digital assets bearing the same name from the legitimate one. Domains and sub-domains allow and an asset to function just like an e-commerce website on the blockchain. NameSpaces gives assets an identity on the Internet, with a voice of their own.

  • CopyRight Bank

Another project developed in-house by the NEM community, Copyright Bank aims to be a central repository for registration and verification of the copyrights of all categories of digital content. It will reside entirely on the NEM blockchain and advertises itself to anyone looking for digital copyright services, including individual consumers, companies, and governments alike. Copyright Bank’s vision is to turn your copyright work into a blockchain-powered dynamic smart asset.

Currently, CopyRight Bank is being used by Software Developers, Authors, Artists, Photographers, Architects, Education, and Training Industry, Entertainment and Music Industry, Advertising and PR Industry, Interior & Industrial Designers, Entrepreneurs, Scientists, Researchers and Inventors and R&D Departments from all over the world. They can link their content to the NEM Blockchain. This makes future references to the content unfalsifiable and proves the authenticity of the creator.

  • LuxTag

LuxTag, a dapp and Malayan startup, enables businesses & their customers to deter counterfeit, prove ownership & provide track & trace of products for the digital age. As the official website says, “(The application) enables assurances to supersede assumptions” LuxTag appeals directly to customers by assuring them of curbing counterfeit activity worldwide, that forms a parallel market to luxury items.

By getting manufacturers of luxury goods to link every product to the LuxTag platform, consumers will be able to immediately verify the authenticity of a product via a certificate on the blockchain that holds information about the product’s original manufacturing process.

price change

LexTag uses an in-house mechanism for tracking called Papyrus. With Papyrus, companies can tokenize items to create a trail of ownership & history of their products. Whether you’re an artist, a craftsman, or a collectible hobbyist, any assets or products can now be represented as real live assets on the blockchain. It fully uses the Smart Asset Capability of the NEM blockchain.

More posts

Earliest Cryptocurrencies with DeFi-like Characteristics

A recent Chainalysis report shows how Europe accounts for 25% of the world's cryptocurrency transactions. The news came as a surprise to many. However, Decentralized Finance (DeFi) is the center of these crypto transactions. So, it takes about 50% of the total amount from the region's trades. DeFi is an innovative niche that many enthusiasts still have not explored fully. Nevertheless, numerous smaller crypto assets with similar characteristics to DeFi tokens already exist. Binance Chain, PancakeSwap, and Uniswap are examples…

Which Altcoins Made The News in H1 of 2021

Altcoins are constantly jostling to make a mark in the crypto world. After Bitcoin and Ethereum, the race to be the third cryptocurrency force keeps heating up every year. Many strong contenders with different use cases promise more than what the big two currently offer. As a result, many are making their mark in a big way, for good and not so good reasons, as long as they stand out from meme coins that ride the celebrity popularity wave and…

Top Altcoins with the Most Potential For 2022

In 2017, altcoins became a thing when thousands of Bitcoin competitors flooded the market. Today, many altcoins have evolved beyond expectations and are stand-alone products with unique real-world applications. Furthermore, they provide an opportunity for investors to diversify their portfolios. Identifying the best cryptocurrencies to invest in can be overwhelming for most newbies, primarily since thousands of them exist. We bet you're having difficulty finding the most promising altcoins in the crypto space. So, this article should help you get…

Institutional Investors who have Expanded their Portfolio in 2021

Cryptocurrency and blockchain investments from the first 9 months of 2021 have surpassed last year's grand total. In the first half of 2021, the worldwide crypto and blockchain activity was $8.7 million, more than double last year's figures. It is a significant sign that institutional money is streaming into the crypto space. Furthermore, it increases the investor base, and thus the institutional awareness and knowledge of this sector are also surging. The "institutional adoption" of crypto is already underway. Today…

Understanding Cardano, IOHK, and EMURGO

Cardano is the first decentralized public blockchain platform that developed on a research-first driven approach. Charles Hoskinson, the co-founder of Ethereum, created it in 2015 and later launched it in 2017. It comprises a development team of global researchers and engineers. This platform's development continued thanks to academics and computer scientists and their peer-reviewed papers. The Cardano ecosystem involves three founding entities that work together. These partners are EMURGO, IOHK Company, and The Cardano Foundation. Cardano in a Nutshell Cardano…

Billionaires Who Have Publicly Showed Interest in Cryptocurrencies

The cryptocurrency boom of 2017 saw a rise in their acceptance from prominent economic figures. Since then, their volatility hasn't stopped significant investments in them. Today there's a push for their global mass adoption. Industry-leading lights and renowned celebrities have expressed their support for the assets. Nothing best captures this reality than Forbes's recent list of the world's wealthiest people. It indicates a growth in the number of crypto billionaires over time. From an asset that courted controversy and skepticism,…

Which is the Most Crypto-Friendly Country in Europe?

When cryptocurrencies made their first appearance in the financial world, many people were skeptical about them. Governments mainly felt threatened because the digital currencies dispelled the need for central banks. A little over a decade later, cryptocurrency mainstream adoption has made strides. However, many jurisdictions remain hostile toward digital currencies.  There's no denying that cryptocurrencies present several advantages, which is why many enthusiasts and investors are jumping on board. However, for mainstream crypto adoption to go globally, jurisdictions must accept…

Crypto Signals to Stop You from Succumbing to FOMO Woes

In the case of cryptocurrency, FOMO is popular due to enormous and rapid gains. However, as more people realize these great opportunities, they are afraid that they will miss them. When you think that you can win a particular cryptocurrency, you begin to buy it in huge numbers. As numerous investors and traders believe that blockchain and crypto are in the early stages and have excellent development potential, FOMO appears to be more than just a driving force in the…

Understanding Ethereum’s Solidity Programming Language

Ethereum is a cryptocurrency capable of storing value and making payments. However, that's not all. It is also a fully-fledged platform for creating smart contracts, and this is where Solidity comes in. Solidity is a high-level language for implementing smart contracts. It gets its inspiration from C++, Python, and JavaScript and should target the Ethereum Virtual Machine (EVM). This article will uncover all about the Solidity programming language and how it works. But first, we'll look closer at the Ethereum…

Hedera – A Comprehensive Guide to a Revolutionary Consensus System

Blockchain is the digital environment supporting cryptocurrencies and decentralized app (DApps). You may know it as one of the greatest innovations of the 21st century. However, this remarkable invention has its shortcomings. For instance, it is difficult to scale and consumes too much energy, making it bad for the environment. Fortunately, some projects aim to solve these issues. One of them, Hedera, has come up with a potentially better alternative to blockchain: Hashgraph consensus. Consequently, Hedera used it to open…