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.

Bitcoin live price
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.

Stay up to date with our latest articles

More posts

Can You Really Protect Your Crypto Investments Against Whales?

It is only natural that the price of BTC changes following whales' transactions. Because altcoins have smaller market capitalizations, this effect is even more pronounced on their prices. The ways whales manage to manipulate the market are inventive and can lead to heavy losses for small traders. In our guide, we look into the matter and reflect on how to protect a wallet against whales. Understanding the Concept of Whales The term "crypto whale" refers to a person or organization…

What Are Fractionalized NFTs?

Most people who use the internet regularly, whether for business or pleasure, are familiar with NFTs. Everyone in the crypto/blockchain community looks at these "Non-Fungible Tokens” with interest.  The only problem is that NFTs are becoming extremely popular and too costly to own.  In this context, Fractional NFTs, or F-NFTs, have entered the market to attract new investors. Imagine dividing a single NFT into smaller parts and making it available for purchase. This concept is the principle governing the growing…

Diluted Market Cap – A Beginners’ Guide

The value of a cryptocurrency is difficult to predict, especially if we are dealing with a new token. If you're looking to invest in cryptocurrency, measures like the fully diluted market cap can guide your choices.  The term "fully diluted market cap” will represent the core of today’s guide. We'll begin by defining the sector's market capitalization before moving on to more advanced notions. Market Cap in the Crypto Industry The total worth of an asset now in circulation corresponds…

Top Crypto Marketing Agencies to Promote Your Cryptocurrency Project in 2022

Nowadays, launching a crypto project can be a daunting task for most developers, especially considering the competition. This report claims that the industry amasses over 18,000 cryptocurrencies as of March 2022. Whether you focus on NFTs, DeFi, or any other crypto-related activity, you will have to face stiff competition. Fortunately, you can gain a competitive advantage over your peers with the help of crypto marketing agencies. These services cover all the promotional aspects your project needs to get into the…

The Difference Between Capped and Uncapped ICOs

Some ICOs decide to set a cap on how many coins investors can buy. However, some people choose to offer unlimited coins at the sale. Different teams can follow different strategies to obtain success in this growing market. Today, our guide aims to make a clear distinction between capped and uncapped ICOs. Understanding the Concept of ICOs An ICO (“Initial Coin Offering”) is a way to launch a new cryptocurrency. ICOs are a way to raise money for a project…

Is It Possible to Spot a Fake NFT?

Blockchain technology should have made life simpler for digital artists selling unique tokens of ownership to other people. A public ledger can give buyers a record of who owns a piece of art in perpetuity. Blockchain gave some artists a new chance to earn money. However, some artists admit that the last year's crypto boom has been a real mess.  Anyone can "mint" a digital asset as an NFT, even if they don't own it. How do you spot a…

Unstoppable Domains – A Beginner’s Guide

Unstoppable Domains are an intriguing and unique new option that is gaining traction in the crypto industry as more people become aware of them. Even though you may be inclined to dismiss them as simply another "crypto craze,” you may not want to be so hasty in your judgment. Whether you have your wallet or just learning about crypto, unstoppable domains have some unique advantages that you might consider utilizing for your website. This post will go over all you…

Understanding How Ripple’s Interledger Protocol Works

Payment networks are now fragmented and disjointed. Transferring money within a nation or between accounts on the same system or ledger is quite simple. The same goes for transferring money between accounts on a different network or ledger. In most cases, however, transmitting data from one ledger to another is unfeasible. Even in places where connections are available, they are often manual, sluggish, or costly. Ripple’s Interledger Protocol allows the routing of payments across multiple digital asset ledgers. Meanwhile, it protects both…

3 Meme Coins Still Riding the Meme Wave and Ready to Explode

With Elon Musk on the verge of buying Twitter, his pet crypto, Dogecoin, could rise to new heights of popularity and demand. However, DOGE is not the only meme coin ready to burst on the scene in 2022. Others are waiting for a signal to show the meme wave is not only alive and well but rising too. Meme coins started out as a joke. In a market dominated by raging bulls and bears shifting crypto prices by the thousands…

Intel’s Blockscale – A New Bitcoin Mining Chip

Earlier this month, Intel announced Blocksale ASIC, the company's second-generation Bitcoin mining chip. Intel plans to deliver the new chip for the third quarter, which it claims will be more energy-efficient. What does this news mean for Intel and the blockchain sector? How will Bitcoin miners react? Intel’s Second Attempt to Attract Crypto Miners Intel's first mining chip, named Bonanza Mine, is a 7nm process packed in lots of 300. We can speak of a 3,600W mining machine with up…