NEM, indicating New Economy Movement is an enterprise blockchain solution that powers forthcoming blockchain economy. It was first meant to be a fork of NXT initially, but community members decided to go with a freshly coded blockchain entirely. The alpha version of the NEM was released on the 25th of June, 2014 with its first stable release on the 31st of March, 2015. There will be a Catapult version of the platform rolling out soon as it is being rewritten in C++ programming language.
NEM powers are what is referred to as smart asset system. The blockchain is secured, and transactions are processed by a global network running the NEM software. The NEM blockchain also uses a customized version of the Eigentrust++ algorithm which executes a reputation system for the nodes on the network.
NEM indeed offers that impressive system that helps to be a significant player in the next generation of a blockchain powered economy. NEM being easy to develop, flexible, and also being a unique Pol system makes the platform an attractive choice for any developer or organization looking to implement a blockchain technological solution.
XEM symbol on the exchanges represents the NEM.
Choosing The Right NEM Wallet
Now that you have decided to invest in NEM and wanted to hold some NEM cryptocurrencies, you’ll most certainly need to have your NEM coins stored in a safe place under your control. Keeping your NEM coins on the exchange or in an online wallet keeps you at the mercy of that vendor. They store and control your cryptocurrencies for you. If they decide to close down without notice or the platform gets hacked, you stand a chance of losing your coins with no way to recover them back whatsoever.
With NEM, there are just a few options when it comes to offline wallets; the NEM Nano Wallet and the NEM Mobile Wallet are best to have your NEM coins stored while having the control over your coins, giving you the opportunity to recover them in case of loss of device or damage.
The NEM Nano Wallet is a desktop wallet which is compatible with major operating systems like the Mac, Windows, and Linux operating systems.
The NEM Mobile Wallet, on the other hand, is available for your Android or iPhone powered devices.
Though the mobile wallet for NEM may be handy, the desktop option may be a more secure way of storing your NEM coins especially when you are using more secured platforms like the Linux or Mac operating systems.
Step-by-step guide on how to install the NEM Nano Wallet for Desktop
Visit the NEM Wallet Official Download Page to select the version of operating system on which you are installing on; Windows, Mac, or Linux.
- Download and open the wallet on your desktop.
- Click on the ‘Sign Up’ link when wallet opens.
- Choose from the various wallet options available; Simple Wallet, Brain Wallet, or the Private Key wallet. It’s recommended you go with the Simple Wallet.
- Choose a name for your wallet.
- Leave the default option for the Network section as ‘Mainnet.’
- Enter a secure password.
- Click on the ‘Create Simple Wallet’ link and your wallet is saved as a .wlt file which contains your private keys needed to recover your tokens.
- Download the .wlt file and others and store them offline, then click the ‘I agree’ button.
- At the login page that’s displayed, select your newly created wallet, type in your password and click on the sign in button.
This takes you to the interface of your wallet where you start receiving and sending your NEM cryptos.
Downloading the mobile wallet of NEM is straightforward. You can as well visit the NEM download page to be sure you are downloading the right wallet for your Android and IOS devices.
Ways You Can Purchase The NEM Cryptocurrencies
There are some ways you can acquire the NEM (XEM) coins on various exchanges using USD or exchanging one of the significant cryptocurrencies for NEM.
To Purchase XEM with USD:
Few exchanges allow you purchase your NEM coins using USD. The Livecoin, YoBit, and Exrates exchanges are the available ones for now. Have in mind that most platforms would have you verify your identity to be able to purchase any cryptocurrency using USD.
Where To Purchase BTC or ETH and exchange for XEM:
There are quite a few options that allow you purchase NEM coins using BTC or ETH cryptocurrencies. If you own Bitcoin or Ether, you can trade them for XEM on Bittrex, Upbit, HitBTC, OKEx, Livecoin, and COSS exchanges.
Among the list of exchanges earlier mentioned, Livecoin exchange gives you the opportunity to purchase bitcoins with USD and then trading it for XEM right on the exchange. The other exchanges listed would require that you purchase your bitcoins or ethers from some other exchanges, send them on those platforms, and trade for NEM.