The NEM Blockchain Technology, which is associated with the XEM coin in many exchanges, is using blockchains in a different way!
We all know BTC and its use of the blockchain, but BTC is really only a coin with a value attached to it. That's All! If you want to use it, you need a BTC wallet, where you then send coins to another person with his/her BTC wallet and that's the end of it. The transactions rely on BTC miners on the network to verify and process. And that is really all it is! A blockchain with coins.
With NEM it is more than just a place for coins and their transactions. NEM uses what's called "Smart Assets" and they are made out of 4 specific things:
- Address or "Container" assets - this can be a person's wallet address or even a specific object like a package to be shipped, a document, a deed to a house, etc.
- Mosaic "fixed" assets - this can represent a token (i.e. XEM) or even reward points in a game, or shares of stocks.
--- I hope just by reading the first two bullet points above, you can see where NEM is going with its technology. Well here's more ---
- Namespaces - similar to how you select an internet domain name for your business, you can have a designated place for your business to store your assets, like the two categories mentioned above.
- Transactions - you can simply transfer to anything within the NEM blockchain. Even if a business created its own token, or reward points, you can transfer and receive to any NEM address and those assets are kept as they are in your possession.
So now here's the use cases. This is where it gets interesting and why I think everyone should invest in NEM Blockchain technology.
- Financial Payments - tracked, verified, and instantaneous
- Create your own Cryptocurrency - Yes Really, your own coin in the NEM blockchain.
- Mobile Payments - Just like any other coin yes, but with even lower fees, even with small transactions
- Equity Markets - A more efficient way to get a purchase or sale cleared in the stock market. Possibly saving the industry billions once revamped.
- Escrow Services - So not only do you have a form of value (like money) stored in escrow for a purchase of a house, you can also store the DEED in that escrow which can be easily transferred one Escrow clears, ensuring everything stays together and is accounted for.
- Make your own "PayPal" - basically your own form of payment if you so wish to create one. Now that is cool.
I then saw this listed as a use case for NEM, and I quote from the NEM.io site:
- Liquid Asset - "The network has set a permanently fixed amount of XEM, meaning there will never be inflation. Every transaction on the public blockchain requires a small transaction fee, ensuring demand for XEM coins over time. Users also need XEM to pay for token creation, encrypted messaging and other features. This makes XEM a good liquid store of value."
What this tells me that as the demand for XEM rise, with only a set amount available, the value of it will rise and possibly overtake BTC at some point in time. At XEM's current value of about $1.04 USD from the time of this post, I can see it rise further to maybe even more than $100 USD and beyond.
So is NEM (XEM) the new BTC that actually has value towards everyday life? Possibly!!!
Give it a read at the official NEM website at https://nem.io/technology . Read up on its white paper as well!
You can also read up on my other article about Xarcade (XAR) that is utilizing NEM Blockchain for the gaming industry; a very good use case example that is being realized right now. Get on its DSO (Discounted Sale Offer) if interested. Get all the info at my blog: https://steemit.com/xar/@yomaicoin/xarcade-xar-blockchain-for-gamers-and-developers