2. NEM Features 2) Mosaics
Mosaics — The smart programmable tokens on the NEM blockchain
Mosaics are assets in NEM.
The native cryptocurrency of the NEM blockchain is XEM and XEM is also a Mosaic just like any other asset.
Anyone can create as many as Mosaics as they need under a registered and unique Namespace and they can be used for cryptocurrencies, stocks, coupons, IOU’s, fiat pegs, and any other kind of financial assets.
One reason why NEM Mosaics are suitable for the financial assets mentioned above is that NEM Mosaic is highly customizable. NEM gives users a lot of options for creating a Mosaic so that a business can get the right type of Mosaic for their asset.
Then, how is it customizable? What kind of options do I have for creating a Mosaic?
Yes, now let me explain that. A Mosaic can be created by setting description, levy, transferability, supply and divisibility.
Gilcoin is for employees of Gil Company and can be used in any Gil coffee shops and Gil supermarkets.
Description is a description of your coin. You can write things like how and where your coin can be used.
If you create a Mosaic that requires a levy, whenever other users transact with your Mosaic, you get a levy fee from them.
You can also set your Mosaic to be transferable person to person or non-transferable so that receivers of your Mosaic only can send the Mosaic to you.
Non-transferable Mosaics are good for things like national ID, voting and awards.
And, if you want your Mosaic to have mutable supply, later, you can make more tokens or remove.
For XEM, the initial supply is 8,999,999,999 and the supply never can be changed because the supply is not mutable.
Lastly, divisibility gives you an option to divide your Mosaic into 6 decimal point or not. XEM can be devided up to 6 decimal point. You can send fractions of XEM like 200.456890 or 3.106 or just 25,000.
Do you want your Mosaic to be divided into 3 decimal points? Sure, you can do that.
You also can leave your Mosaic to be undivisable. Then, you can only send it as 1 or 100 or 500,000.
With these versatile options, making a Mosaic is super easy.
Now, why don’t you make your own Mosaic? it takes 3 minutes!