NEM
Symbol
XEM

Descrption:NEM’s blockchain platform was designed and coded from the ground up for scale and speed. NEM’s permissioned private blockchain delivers industry-leading transaction rates for internal ledgers. And its revolutionary consensus mechanism and the Supernode program ensure that NEM’s open, public blockchain can grow without ever compromising throughput or stability.

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evaluation
Information
WebSite https://nem.io/
GitHub NemProject/nem.core
Update Date 2018 Aug 31 08:08:20
Market
Circulating Supply 8,999,999,500
Total Supply 8,999,999,500
Max Supply 0
Price $0.09352298
Volume 24h $9,894,115
Market Cap $841,706,820
Change 24h -3.88%
Update Date September 26th 2018, 1:16:06 am

THE SMART ASSET BLOCKCHAIN

v1

Principle and design goals

NEM’sprimarycontributiontothecryptocurrencylandscapeisanewconsensusmechanism called Proof of Importance (PoI). Unlike Proof of Work (PoW), it is environmentally sustainable and does not require large scale computing resources in perpetuity. PoI is similar to Proof of Stake (PoS) except that it is not solely derived from the size of an account’s balance. It incorporates other behaviors that are believed to be positive for the holistic economy. In this way, it attempts to reward active economy participants at the expense of inactive ones and dampens the rich getting richer effect that is inherent to PoS. 

NEM’s vision is to be the foundation of a vibrant crypto currency ecosystem that emphasizes security and trustless computing. NEM was launched with built-in support for multisig transactions and encrypted messages. Additionally, the peer-to-peer (P2P) NEM network implements a modified version of Eigentrust++ to identify and minimize the impact of malicious nodes. 

Technology implementation

Consensus mechanism

 Proof-of-Importance (PoI) is the name of the block chain consensus algorithm used by NEM. Each account is assigned an importance score that proxies its aggregate importance to the NEM economy. Accounts with higher importance scores have higher probabilities of harvesting a block (see section 5: Blocks and the block chain). Because all transactions are publicly available in NEM, the transaction graph of the NEM economy can be calculated exactly. The topology of the transaction graph can be used as an input into the importance of an account. The insight that the transaction graph can be used for elucidating the importance of an account is the key innovation of Proof-of-Importance. The NEM block chain platform allows all transactions to be transparently viewed. This information about value transfers between accounts can be used to determine a rating for the importance of accounts. The intuition that not all nodes in a graph have the same salience, or importance, is not new. The literature in the graph theory community is well established for computing the importance of nodes in graphs in the areas of search [11], social networks [1], street networks [7], and neuroscience [6], among others. Building off of this intuition, one of NEM’s core innovations is to use graph theoretic measures as a fundamental input into block chain consensus. The outlink matrix that defines the transaction graph is centrally important and used in the PoI calculation.


Accounts and transactions

Account state 

The state associated with each account includes the following items:
    • account balance 

    • number of harvested blocks (see subsection 5.3: Block creation)

    • height of the first transaction that referenced the account 

    • list of multisig accounts and list of cosignatories

    • information about delegated account status

    • importance and NCD aware rank (see section 7: Proof-of-Importance) 

    • vested balance (crucial for PoI and NEM itself)


Transactions  

Transactions introduce dynamism into a cryptocurrency system. They are the only way of altering the state of an account. A newly created transaction that has not yet been included in a block is called an unconfirmed transaction. Unconfirmed transactions are not guaranteed to be included in any block. As a result, unconfirmed transactions have no effect on the account state. The account state is only updated when a transaction is included in a harvested block and thereby confirmed. 

Different types of transactions exist. Each type has a specific purpose, e.g. transfer XEM from one account to another or convert an account to a multisig account. Since transactions consume resources of the p2p network there is a fee for each transaction. The fee depends on the transaction type and other parameters of the transaction. 

Transactions have a deadline. If a transaction is not included in a block before its deadline, the transaction is considered expired and gets dropped by the network nodes. The following sections describe the different transaction types.

Transfer transactions 

A transfer transaction is used to transfer XEM from one account to another. A message of at most 1024 bytes can be attached to each transfer transaction. In the case of an encrypted message, only 960 bytes can contain custom data because the salt and the IV data are part of the encrypted message. 

Importance transfer transactions 

NEM allows an account to lease its harvesting power to another account through an importance transfer transaction. This is known as delegated harvesting. This allows the original account to use its importance to harvest on a remote server (such as a virtual private server (VPS)) without needing to have its private key openly exposed on the server. In fact, this feature allows accounts in cold storage to harvest without putting any funds at risk. 

 Multisig related transaction types 

NEM natively supports m-of-n multisignature accounts. NEM multisig transactions have been designed with flexibility in mind. Any other transaction (as of now: importance transfer, transfer, aggregate modification), can be wrapped in a multisig transaction. A Multisig transaction itself cannot be wrapped inside another multisig transaction.

Smart contract system

Cryptography

Block chain technology demands the use of some cryptographic concepts. NEM, like many other crypto currencies, is using cryptography based on Elliptic Curve Cryptography. The choice of the underlying curve is important in order to guarantee security and speed.

Distributed storage protocol

Cross-chain and exchange technology

Special technology

Economic model and incentive

Governance mechanism

Applications

NemProject

 NemProject/nem.core

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