Top 10 Crypto Reshuffle: NEM Pushes Back Augur and Steem
This article first appeared on cointelegraph.com, an online cryptocurrency news portal, analysis and review about technology, finance and market - Future of Money and FinTech news on 1 February 2017.
Competition on the top 10 of CoinMarketCap is intensifying admirably with some cryptos displacing others. NEM has dislodged Augur and Steem to occupy the number nine spot.
CoinMarketCap in 2016
If you keenly observed CoinMarketCap in late 2016, you would remember how NEM and MaidSafe fought an epic battle for the number 10 spot. The two altcoins kept dislodging each other from the 10th position until MaidSafe took an upper hand and pushed NEM below the top 10.
It was, therefore, very surprising to see NEM rise from below to join the elite cryptos at the top. Many experts thought it would further drop down, but alas they have been proved wrong.
In a recent blog post, the Blockchain Technology Platform announced how it has been receiving interest in South and East Asian Countries like Japan, China, Malaysia and South Korea. It also made mention of rising interest in Europe as well.
New energy
Cointelegraph was curious about NEM’s new found energy and reached out to NEM.io Foundation’s President Lon Wong to find out more.
Wong says:
“NEM has for too long been under the radar and has not been recognized as a serious Blockchain platform by the community in the crypto space. The fact remains that NEM is one of the best Blockchain platforms available on the market.”
The Foundation believes that what is really influencing NEM’s price on the market is that people are beginning to slowly see that NEM is moving along fine, especially with the establishment of a foundation (NEM.io Foundation Ltd) that is going to oversee the global development, promotion and marketing of the NEM Blockchain solution to academia, governments and industries.
Expectations
As to whether the community should expect the trend NEM has taken to continue, Wong had this to say:
“Yes, we are certainly a Blockchain solution that can have multiple vertical applications. We have converts from Ethereum and Bitcoin that were amazed at how easy it is to develop in NEM. For example, we put together a land title registry solution in less than five days, whereas we can see a competition who’d have an army of programmers to do similar things in months using the Bitcoin core technology. We also heard that this similar project would take 1 month to do in Ethereum. This bodes well for the future of NEM.”
Appreciation to holders
To fans and holders of NEM, Wong expresses the Foundation’s profound appreciation to all for their patience and support.
“On behalf of NEM, we thank you for your patience. We are grateful that you have placed your trust in us. …I have no doubt that we will come out doing very well in the coming years. It is my wish and desire, and together with the rest of the NEM team at the Foundation, that we will make the NEM Blockchain project very successful.”
We are all watching avidly to see if NEM can maintain the tempo. It is very slippery to predict when it comes to the performance of cryptos, however, every cryptocurrency’s true success adds to the success of the entire digital currency community.
About NEM
NEM is an innovative blockchain technology project, a peer-to-peer crypto platform. It is written in Java and JavaScript with 100% original source code. NEM has a stated goal of a wide distribution model and has introduced new features in blockchain technology in its proof-of-importance (POI) algorithm. NEM also features an integrated P2P secure and encrypted messaging system, multisignature accounts and the Eigentrust++ node reputation system.
NEM has gone through extensive open alpha testing starting June 25, 2014, followed by lengthy and comprehensive beta testing starting on October 20, 2014. NEM’s public blockchain launched on March 31, 2015 and is now running without interruptions for almost two years.
Today, NEM is undergoing development of an upgraded core technology called “Catapult”. Catapult will power the mijin private chain technology in the first phase and become implemented into the NEM public chain subsequently.
