Ini Abasi Ekanem
June 21, 2023
8 min read
New Economic Movement, NEM, also called Smart Asset Blockchain, is a blockchain that efficiently manages assets and data at a low cost. One of the core aims for this innovation is to increase interoperability between private and public blockchain networks. With companies and corporate firms adopting blockchain technology, especially private blockchain, a blockchain’s ability to communicate with another blockchain would improve efficiency. NEM enables interoperability between these blockchains in various ways, allowing easy transfer of any digital asset, including tokens, contracts, or files between them.
NEM exists to ensure that the NEM ecosystem is a significant contributor to blockchain’s next evolution by providing mainstream adoption and use of NEM’s blockchain solutions. This can only be achieved through a robust and healthy ecosystem that works together through collaboration, transparency, and openness. NEM shapes blockchain’s future by nurturing a healthy and robust ecosystem that will contribute to blockchain technology for generations to come.
NEM aims to create and sustain a viable and robust ecosystem that connects and benefits individuals, developers, businesses, and society. Its focus is to always strive for improvement in the NEM ecosystem and leverage its potential to benefit all the constituent elements.
The New Economy Movement innovation began on Bitcointalk when “UtopianFuture” stated how NXT (a trending blockchain payment network at the time) motivated him to build a new blockchain project. By March 2015, a fork of NXT was created. This fork was managed by a non-profit organization based in Singapore called NEM Foundation, which decided to develop its code-base for more scalability and usability. Then came the ‘New Economic Movement.’ The NEM Group, currently led by Chief Executive Officer David Shaw and Chief Financial Officer Iain Wilson, also Managing Director of NEM Trading, has since focused on increasing NEM adoption through brand awareness, strategic marketing, and training and core partnerships. The NEM team comprises Eight(8) core members who work towards the goal of the project.
In 2018, NEM was selected by the Ukraine Central Election Commission for a pilot program to test the feasibility of blockchain-based voting systems. NEM introduced a new-era voting protocol that replaced the former inefficient and less-transparent voting method.
Image: NEM Block chain center in Kuala Lumpur, Malaysia.
While other blockchain networks use Proof-of-work (POW) or Proof-of-stake (POS) consensus algorithm, NEM using a Proof-of-importance (POI) consensus algorithmgives more importance to how much one is invested into the NEM network, with real vested interest. Proof-of-importance is a blockchain consensus algorithm first introduced by NEM to determine which network participants or nodes are eligible to add a block to the blockchain, in a process that is known as ‘harvesting.’ Proof-of-importance is a novel blockchain consensus algorithm that measures one’s overall support for the NEM network, rewarding eligible individuals accordingly. Eligibility for importance on the network is measured in 3 categories:
The Harvesting approach works differently compared to Proof-of-work and Proof-of-stake consensus algorithms. A harvesting account is linked to a supernode to harness its computing power, lending its POI score to the supernode for a joint block harvesting without increasing the supernode’s processing power and receiving rewards for its contribution to the network. This vested interest/ reward is equivalent to the miner’s reward in the Proof-of-work consensus algorithm.
NEM ecosystem comprises four sectors that optimize the power of blockchain to achieve the set-out goals of the project. They are:
NEM ecosystem comprises four sectors that optimize blockchain’s power to achieve the set-out goals of the project. They are:
NEM NIS1:This is the blockchain platform for NEM functioning to provide flexible and customizable solutions via very easy-to-use built-in features. NEM NIS1 has had zero downtime, chain hacks, or significant outages since its creation. NIS1 is built for high performance and scalability, and modular customization of any application, with its two-tier security architecture, involves Eigentrust++ and NEM node network for high-level security. With its Plug-and-Play architecture, NEM NIS1 provides the perfect blockchain tool to build your project.
The Proof-of-importance consensus protocol in the NEM NIS1 would be replaced by a Modified Proof-of-stake protocol in the Symbol blockchain when it launches in February 2021. The technology stack between NIS1 and Symbol blockchain is not compatible; hence, the Symbol blockchain will be introduced simultaneously with NIS1. An opt-in process will determine the token allocation of the XYM tokens (the native token of the new Symbol blockchain).
Symbol blockchain from NEM: Symbol is a trusted, secure value exchange network that powers possibilities and connects businesses with blockchain. Aimed to increase the flow of data and innovation to supercharge the creation, exchange, and protection of assets, Symbol is the ecosystem that connects businesses, developers, and individuals and enables countless possibilities for blockchain. Launching in February 2021, Symbol, the core technology powering the NEM ecosystem alongside the NEM Group, NEM Ventures, and NEM Trading would bring social, commercial, and technical excellence to NEM blockchain. Features of the Symbol blockchain include:
III.NEM Ventures: NEM ventures are the venture capital and investments arm of the NEM ecosystem that specializes in investments to promote the entire ecosystem’s growth. NEM ventures achieve this by identifying, incubating, and making strategic investments in projects that align with the NEM community’s ethos. NEM ventures manage the pool of funds set out by the NEM community for this purpose. Currently, NEM Ventures is supporting the following projects:
NEM Community: NEM community functions to build the NEM brand, improve the technology and foster inclusiveness, leveraging on the most current methods of growth and development. The NEM ecosystem has helped NEM evolve from just an idea to one of the world’s best blockchain innovations. Join the NEM community here.
On March 11th, 2020, New Economy Movement partnered with an Israeli-Lithuanian telecom startup, FIX Network to increase data security and protection for its cell phone users and to solve the rising issue of SIM swapping. Symbol from NEM’s enterprise-grade blockchain would be integrated by FIX Network into its already existing cellular infrastructure. The aim of this integration is to secure the global eight billion SIM cards from cyber criminals with a new form of privacy, security, management, and safety solutions. CTO of NEM Foundation, Nate D’Amico stated that,
“FIX Network takes established infrastructure ….. the worldwide cellular network …. and uses it to create a better, fairer, and safer way to transact.”
Itamar Kunik, the CEO of FIX Network, added
“The enterprise nature of Symbol and the native features inherent in its platform are fundamental to the steady adoption and implementation of the FIX Network solution by the telecommunications industry.”
In 2018/2019 alone, it was estimated that approximately $50million was stolen from crypto and blockchain wallets in the US alone through SIM Swapping. Hence, phone numbers may become more important and relevant than even social security numbers. The architectural framework for FIX Network is designed to allow mobile operators to deliver services ranging from digital identity management to cryptocurrency/ blockchain wallets and personal data firewalls to mobile subscribers. This is enabled by the storage of the user’s private keys on the user’s SIM card. The first product to be launched will be the FIX identity application, which will securely identify users through a unique global phone number that serves as unique digital identities to secure the user’s phone number. Symbol will facilitate rapid integration of this innovation and ensure that the performance and reliability standards of FIX Network are met.
In 2019, LuxTag partnered with NEM in a bid to give her clients a world-class level of versatility and quality. LinuxTag, a partner with Chronoswiss has embedded its patent-pending technology in the application layer to maximally utilize the NEM Blockchain in generating and maintaining digital certificates. The NEM Blockchain was picked by LuxTag due to its innovative features, including:
These unique features would allow LuxTag to provide its customers with enhanced high-level security of their products and valuable assets.
On July 9th, 2019, Tech Bureau Holdings, Corp., an international fintech and cryptocurrency solutions company, announced its business partnership agreement with NEM.io Foundation. This business partnership is to further strengthen the company’s overseas sales promotions and marketing activities for “mijin”. Mijin is a versatile private blockchain product offered since September 2015, with its latest next-generation core engine being “mijin Catapult (v.2)”.
Tech Bureau Corp. has continued to provide financial support for the development of NEM’s next-generation platform, ‘Catapult’. This business partnership is aimed at strengthening NEM Foundation’s revenue base and the Tech Bureau’s overseas sales promotions and marketing activities while fostering cooperation between the two companies. The two companies have agreed to share an agreed percentage of revenues from overseas sales of the company’s BaaS products by NEM.io Foundation. The mijin (v.1) blockchain solution is available for Microsoft Azure users in 140 countries worldwide.
Other projects and partnerships with New Economy Movement include:
XEM is the utility token that drives the NEM blockchain, playing roles ranging from vesting to gain voting and block approval rights as well as serving as a cryptocurrency with lightning-fast transaction times and facilitating smart contracts. As there was no initial coin offering proposed for XEM, the redemption process for NEMStake (the original token for NEM) took place via two ways: first, a voluntary BTC contribution through Bitcointalk community forum or a NXT contribution through the then NXT Asset Exchange. Stakes were also given freely to users who contributed to the initial growth, development, and promotion of the New Economy Movement (NEM).
Rising from its all-time low price of $0.00008482 on September 5th, 2012, XEM has been one of the best performing cryptocurrencies, with a 259803.5% rise to an all-time high of $1.87 on January 7th, 2018. Listed on over fifteen (15) centralized and decentralized exchanges, XEM is currently priced at $0.220781 with a market capitalization of $1,985,468,321 and a cryptocurrency market share of 0.25%, making it the twentieth most valuable cryptocurrency in the world. XEM can be bought, sold, stored, and managed efficiently using Atomic Wallet.
In January 2018, a famous cryptocurrency exchange, Coincheck, was hacked, and 523 million XEM coins worth $400million were stolen by the hackers. Although these funds were never recovered, NEM group has reported wallets and accounts linked to the hack to the government for further investigation.
Currently in its last stage of testing,NEM plans to launch its enterprise-focused Symbol blockchain platform live in early 2021. In December, 2020, the code for Symbol blockchain was announced to have been “frozen” in its current iteration, as the final steps were being made towards the mainnet launch. The NEM developer team has been building Symbol and its “unique” hybrid public and private architecture for years and hope to have a smooth and successful mainnet launch.
“Created for enterprise use, Symbol is purpose- built to be flexible to a suite of use cases, spanning regulated markets, supply chain, fintech, healthcare, government and more”.
said Dave Hodgson, CIO of NEM Group. Symbol will launch version 1.0 of its blockchain on the 14th of January, 2021 and will be available for use by token holders, businesses and others. According to Kristy-Leigh Minehan, CTO of NEM Software,
“As a hybrid network, Symbol offers a best of both world’s scenario and more flexibility to businesses in how they manage and share data”
Symbol’s hybrid technology means businesses can not only benefit from the transparency brought by Symbol to the public blockchain, but also allow data security, data protection, data restrictions and encryption measures to protect businesses’ confidential information and foster interoperability and communication between different blockchain.
In February 2021, NEM would launch the Symbol public blockchain where XEM token holders would opt-in to receive free XYM in a 1:1 ratio. Opt-in for this Airdrop ends in January of 2021 (dependent on the outcome of POI community vote) while the snapshot for the airdrop will take place at approximately 10pm AEDT on 14th January, 2021. You can look up all details about the Symbol Airdrop here: https://nemplatform.com/symbol-migration/
Currently, in its last stage of testing, NEM plans to launch its enterprise-focused Symbol blockchain platform live in early 2021. In December 2020, the code for Symbol blockchain was announced to have been “frozen” in its current iteration, as the final steps were being made towards the main net launch. The NEM developer team has been building Symbol and its “unique” hybrid public and private architecture for years and hope to have a smooth and successful main net launch.
“Created for enterprise use, Symbol is purpose-built to be flexible to a suite of use cases, spanning regulated markets, supply chain, fintech, healthcare, government and more”.
said Dave Hodgson, CIO of NEM Group. A symbol will launch version 1.0 of its blockchain on January 14th, 2021 and will be available for use by token holders, businesses and others. According to Kristy-Leigh Minehan, CTO of NEM Software,
“As a hybrid network, Symbol offers a best of both world’s scenario and more flexibility to businesses in how they manage and share data”
Symbol’s hybrid technology means businesses can not only benefit from the transparency brought by Symbol to the public blockchain but also allow data security, data protection, data restrictions and encryption measures to protect businesses’ confidential information and foster interoperability and communication between different blockchain.
In February 2021, NEM would launch the Symbol public blockchain, where XEM token holders would opt-in to receive free XYM in a 1:1 ratio. Opt-in for this Airdrop ends in January of 2021 (dependent on the outcome of POI community vote), while the snapshot for the airdrop will take place at approximately 10 pm AEDT on January 14th, 2021. You can look up all details about the Symbol Airdrop here: https://nemplatform.com/symbol-migration/
Bouncing back from the 2018 Coincheck hack to become one of the most interactive blockchain communities is mind blowing. NEM appears to have found its niche in the blockchain industry and with its formidable team, you can expect this project to gain more attention as more scheduled events go live.
Do you hold NEM and will you opt-in for the XYM airdrop? Feel free to comment your opinion and of course ask questions in the comment box below. Remember, this is not financial advice. Please do your own research.
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