Stories by Lexy Jeong on Medium

2. NEM Features 2–1) How to make your own Mosaic?

Lexy Jeong — Tue, 17 Apr 2018 09:46:06 GMT

How to make your Mosaic?

Mosaics can be created on the NEM NanoWallet. Download the NEM NanoWallet at https://nem.io/downloads/

Situation: Lexy opened up a cafe called “Lexy’s Browny Shop” and she’s going to create a membership point called “Brownie” for her customers. 1 Brownie equals to 1 US dollar.

First of all, she needs to make a Namespace to make Mosaics. Creating a Namespace costs 100.15 XEM (sub-namespace costs 10.15 XEM), and creating a Mosaic also costs 10.15 XEM. So, she needs an account with at least 120.45 XEM.

Creating Namespaces

Click the menu “Services” and then click “Create namespace” on NanoWallet.

Decide a name for a root Namespace. Lexy chose her name for her root Namespace. And, click the “Register” button after typing the password of the wallet. The transaction fee is 0.15 XEM and the rental fee for the root Namespace for 1 year is 100 XEM. (NanoWallet will notify her before the Namespace expires. If she’d like to keep on using the Namespace, she has to reclaim it.)

In the “Dashboard” page, you can see all the details of transactions have been sent.

Now, she creates a sub-namespace. The creating process is the same to the process of making a root Namespace.

lexy_jeong.lexys_browny_shop:brownie

Now, let’s make a Mosaic under the name lexy_jeong.lexys_browny_shop.

Go to “Services” and click Create mosaic.

And then, she starts to create her Mosaic under the name lexy_jeong.lexys.browny.shop.

And now, a Mosaic named Brownie has been created!

After a few years later… Lexy expanded her business and started a restaurant named “Lexy’s Bistro”.

And, she decided to make one more sub-namespace under the root namespace “lexy_jeong” to apply the loyal point system to her restaurant business too.

o Lexy Jeong owns a coffee shop (Lexy’s Browny Shop) — Loyalty reward (Point name: Brownie)

= lexy_jeong.lexys_browny_shop:brownie

o Lexy Jeong owns a restaurant (Lexy’s Bistro) — Loyalty reward (Point name: Kpoint)

= lexy_jeong.lexys_bistro:kpoint

Now as you can see, she used the sub-namespace system to represent her eacy business under the name “lexy_jeong”.

It is very useful when you have more than 1 project under a name.

For instance, let’s say Samsung uses a NEM account to represent each of their business.

NEM is the most powerful and easy to use blockchain for creating smart assets and much more!

o NEM official website: https://nem.io

o NEM News: https://nemflash.io/

o Telegram group: https://t.me/nemred

o Reddit: https://www.reddit.com/r/nem/

2. NEM Features 2) Mosaics

Lexy Jeong — Thu, 04 Jan 2018 13:40:04 GMT

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.

Description

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.

2. Levy

If you create a Mosaic that requires a levy, whenever other users transact with your Mosaic, you get a levy fee from them.

3. Transferability

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.

4. Supply

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.

5. Divisibility

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!

o NEM official website: https://nem.io

o NEM News: https://nemflash.io/

o Telegram group: https://t.me/nemred

o Reddit: https://www.reddit.com/r/nem/

2. NEM Features 1) Namespaces

Lexy Jeong — Tue, 31 Oct 2017 08:11:30 GMT

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2. NEM Features 1) Namespaces

Namespace? Domain naming system in NEM.

Namespace is a domain naming system in NEM. This function allows users to own domain names on the NEM blockchain just like a person or an organization owns an Internet website.

And, there are root level domains and subdomains.

Root level domains are always unique, which means that a root level domain name can be owned by only one user.

But, subdomains are not unique.

However, even if subdomains are not unique, they can always be distinguishable from other ones because root level domains are unique.

A creator owning the root domain Namespace can create as many subdomains as wanted using a convention similar to the Java namespace, i.e., separated by a dot “.”.

Now, let’s see how well you understood NEM’s Namespace.

There are 2 Alishops. And, the official Alishop homepage says that the real Alishop’s products are tagged to the rootdomain name “Alice” on the NEM blockchain.
Then, which Alishop is the real one?

This feature is very very important.
Just like the “Alishop” example above, Namespace enables for a user/company/organization to build a reputation system within the blockchain ecosystem.

And, it also lets other users to know whether they can trust that party or not.

In addition, a lot cooler and advanced thing than the internet domain naming system is that in NEM, a Namespace can be attached to assets or certificates or show that the creator of the Namespace started an official vote.

NEM made this powerful thing possible and very easy.

o NEM official website: https://nem.io

o NEM News: https://nemflash.io/

o Telegram group: https://t.me/nemred

o Reddit: https://www.reddit.com/r/nem/

2. NEM Features 1) Namespaces

Lexy Jeong — Tue, 31 Oct 2017 07:42:24 GMT

2. NEM Features 1) Namespaces

Namespace? Domain naming system in NEM.

Namespace is a domain naming system in NEM. This function allows users to own domain names on the NEM blockchain just like a person or an organization owns an Internet website.

And, there are root level domains and subdomains.

Root level domains are always unique, which means that a root level domain name can be owned by only one user.

But, subdomains are not unique.

However, even if subdomains are not unique, they can always be distinguishable from other ones because root level domains are unique.

A creator owning the root domain Namespace can create as many subdomains as wanted using a convention similar to the Java namespace, i.e., separated by a dot “.”.

Now, let’s see how well you understood NEM’s Namespace.

This feature is very very important.
Just like the “Alishop” example above, Namespace enables for a user/company/organization to build a reputation system within the blockchain ecosystem.

And, it also lets other users to know whether they can trust that party or not.

NEM made this powerful thing possible and very easy.

o NEM official website: https://nem.io

o NEM News: https://nemflash.io/

o Telegram group: https://t.me/nemred

o Reddit: https://www.reddit.com/r/nem/

1. What is NEM?

Lexy Jeong — Wed, 25 Oct 2017 23:08:27 GMT

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What is NEM?

NEM is a blockchain platform

which was started by a BitcoinTalk Forum user called UtopiaanFuture.

And, starting on January 19, 2014, an open call for participation began on the BitcoinTalk Forum.

The goal of the call was to create a community-oriented cryptocurrency from the ground up.

And, the NEM developers wanted to design an ideal smart blockchain which is, very safe & secure, fast, and has advanced smart features built into the core so that it’s easy for developers to build on.

To do that, the NEM developers decided to build a blockchain with a 100% new codebase that was written in Java.

The Alpha version was released on June 25, 2014. Subsequently, the Beta production version was launched on October 20, 2014. And, NEM launched its first stable release version on March 31, 2015.

The next large update to the NEM ecosystem is the code name ‘Catapult’. It’s going to be even faster and has even more cool features. And, the development has finally almost come to the end.

As already mentioned earlier, one great thing about NEM is that various features are built into the blockchain.

The main features include Namespace, Mosaic, Messaging, Multisignature & Multi-user Accounts.

Namespace in NEM is a domain naming system similar to the Internet’s centralized ICANN domain name system.

Mosaics are custom assets on the NEM blockchain, The Mosaics themselves are highly customizable.

The native cryptocurrency on the NEM blockchain is XEM and it is also a Mosaic.

Messages can be included in transactions in either encrypted, unencrypted or hex messaging forms.

Multisig accounts are editable on-chain contracts,

and the most powerful way to secure funds, enable joint accounts and are the foundation of DAOs.

All these NEM features are provided as universal APIs which are very easy to use for developers.

※ These contents were created by modifying the Wikipedia page titled NEM (Cryptocurrency).

o NEM official website: https://nem.io

o NEM News: https://nemflash.io/

o Telegram group: https://t.me/nemred

o Reddit: https://www.reddit.com/r/nem/

1. What is NEM?

Lexy Jeong — Tue, 17 Oct 2017 06:14:57 GMT

What is NEM?

NEM is a blockchain platform

which was started by a BitcoinTalk Forum user called UtopianFuture.