6 Reasons Why Projects Will Migrate to NEM from Ethereum
With a market cap of $1.6 billion and a coin price per circa of $0.18, NEM has a strong market capitalization, governance, and community. NEM has established vital partnerships with over 40 globally recognized companies. Among these is Xhai Studios, which has integrated NEM into the world of mobile video gaming. In addition to this, NEM currently has over 20 dapps ready for entreprise use.
While Ethereum has been a key player in cryptocurrency and is well-liked for its ability to create custom, decentralized apps, NEM is modular, faster, and simpler than Ethereum — it’s quickly gaining popularity for its many other advantages.
1. NEM is Faster to Set Up
Getting started with Ethereum’s blockchain is a long process with a steep learning curve. On the other hand, NEM can be set up overnight, and XEM holders can start using their currency with ease.
2. Namespace Feature
Unlike other cryptocurrencies like Ethereum, NEM enables holders to keep and manage their coins at secured, user-friendly domain addresses. This allows holders to own unique domain names on the blockchain, much like a person or company owns a website. It also lets holders create multiple subdomains.
3. Harvesting XEM Coins Equals More Incentives
NEM traders who “harvest,” or create, new blocks, can have at least 10,000 XEM coins in their accounts while running a synchronized node. This makes XEM coins more lucrative because once one block is harvested, another is automatically generated, and the fees from the block get transferred to the trader’s account.
4. Multi-signature Transaction Provides Optimal Security
NEM’s “multisig” (multi-signature) transaction system is what gives it superior security. For any transaction in the blockchain to happen, a set number of traders must sign off on it.
5. Proof of Importance
NEM’s proof of importance (POI) algorithm is a defining characteristic of this new technology that works by ranking the importance of a NEM holder based on the amount of coins they have and the number of transactions they’ve made.
6. No Reputation System
NEM’s EigenTrust++ reputation system improves its efficiency by analyzing the transaction history of every peer on the network so that it can detect suspicious transactions and reduce fraud within the blockchain.
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