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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 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, 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.
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, 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.
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.