What makes NEM different or special over NXT?
I see NXT has proven to be continuous development progress throughout last year. They are far far better than other CryptoCurrency Developments. Much advanced.
It doesn't mean I'm saying NEM is nothing or offending NEM. I want know how big and faster NEM is in compare to NXT.
If I honestly say right now I have more confidence in NXT than any other CryptoCurrency. I'm new to NEM. Getting to know it bit by bit. Trying to understand where exactly NEM fits and shines.
Hi and welcome :-)
I would like to speak to a few points that others haven't.
There are many unique features that are new to NEM, such as:
- first use of Proof-of-Importance (PoI) as a consensus algorithm. PoS is only what you have. PoW is just what you do and how much electricity you burn. But PoI is based on what you have and what you do, except it is not about pointless wastefulness, it is about people that actually use NEM. In PoS people hoard. That isn't actually good for a currency. Currencies need to be live and spent. In NEM if you are spending and people are spending to you, and all these are the right people (no gaming the system) then you actually help your PoI and thus help yourself. So in NEM, you win not by hoarding the XEM, but by letting the XEM flow. This is important with a currency. In a way, the way you spend and the way people spends with you build your reputation. PoI can be considered the first ever blockchain based reputation system.
- first use of eigentrust++ in a cryptocurrency for securing the P2P network (This allows each node to know if the node next to it is being honest and if not, then not listen to it)
- NEM has an amazing system where the NEM devs have successfully divided the network from the wallets. This allows remote harvesting that others have mentioned, but it does other things too.
Let me explain it to you like this. Have you ever tried to use NXT? It requires downloading the whole blockchain and that can take a day! Sometimes it updates and it takes longer or crashes or corrupts. NEM completely solves that problem. Say you are at work and you need to make a transaction right now (maybe the price is moving or you need to buy something), with NXT that is impossible. With NEM a computer that has the latest version of Java installed can then download them NEM file, install NEM, make a new wallet, import your private key, and send the money out all in under two minutes. Yes, I have tested that and have done it, and this is all on a computer that hasn't ever seen a crypto before.
And then, after all that is done, you can be a nice guy and let your whole blockchain sync and then support the network and let somebody else that was in your position be able to install NEM and be making transactions in under 2 minutes. With NEM you have an opportunity to pay it forward. And all this is completely safe. The devs have made sure of that.
- first use of transaction spam protection in a blockchain crypto (Ripple has transaction spam protection, but NEM has a new technique. In Ripple spam protection raises the fee price for all people sending on the network. After the spam stops, the fees for all people go back down. In NEM the spammers transactions get put in a que and if there really is that much spam, they would eventually time out. The spammers in NEM can push their transactions through, but they will have to pay more and more fees. There is also a high fee for people sending low XEM transactions.)
- first crypto with multisig on launch (NEM’s multisig is way better than Bitcoins. Think of Bitcoin’s multisig as 1.0 and NEM’s as 2.0 multisig. At least the way I understand it to be that is because in Bitcoin’s multisig have to coordinate and sign outside of the blockchain, but NEM allows users to sign on their own leisure in their own time because NEM allows people to sign from within the blockchain. This is the first time that a crypto has had blockchain based signing and it makes multisig a lot more user friendly and less technical.
- first crypto with an egalitarian distribution to over 1500 individuals
- test-driven development with over 3000 unit tests in the core alone (As far as we know the is a first in the world of crypto. This is a very difficult way to write software and will help NEM to be very flexible in the future with a very solid foundational NIS. It really can't be said just how important this is. This kind of development is really difficult to do and is basically the type of development that you might find at a multi-million dollar software company, not a volunteer created crypto.)
- 60s block time with low variability due to a 60 block weighted, moving average (BloodyRookie worked on this for a long time. It is important to have fairly regular and dependable blocktimes in a strong network)
- progressive transaction fees (most cryptos have a static fee so this is very rarely implemented in a crypto, and again people trying to spam dust will pay much higher fees then a person trying to send one dollar.)
More…… NEM is the first ever platform to my knowledge that has P2P time stamping. This was developed just for NEM and is a technology that has long been needed in the P2P world, not just crypto currency.
In summary….. NEM devs are many, they are talented, and they don’t mess around.
