So when is the launch?
Launch is, when the Japanese have caught Godzilla. 
Topic: NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs - page 1369. (Read 2985503 times)
So when is the launch?
The main difference is that Nxt has launched and been stable for over a year with a number of features that NEM doesn't have. NEM hasn't launched, so you can't really compare them.
Stable???
Not exactly. I've personally helped discover and have been a part of an "oh shit" moment at NXT where all the devs had to do an emergency debug and roll out a new emergency release. One node was processing ALL the blocks. If you know about crypto, you know that isn't something you want.
At that time NXTers just stayed quiet and didn't advertising they were forking. Within a day it was fixed and everybody acted like it didn't happen.
Especially early on, the network had a lot of problems. I'm not sure how many of their updates have been emergency patches like that, so nobody can say it's been stable for a year. But I can say that it is pretty stable now. Originally the code was a mess, but Jean Luc cleaned it up really well. He is an amazing programmer and has turned NXT into a wonderful program.
Is there more detail available on SPAM management feature of NEM? I'll put that to my to read list.
I'm not sure if the algo is explained anywhere but I can tell you how it works from the users side. I've tried to send over 20,000 transactions in the last day, so I have a good idea. Most of those transactions will go through, but NEM has a 120 transaction per block limit. As long as there is room in the blocks, my transactions will pass. But once those blocks get to 120, all of a sudden my transactions start getting declined. This is not a network wide problem. My other computers running NEM using different accounts can still send just fine and for their normal small fees. Now if my spamming bot is getting declined, it doesn't mean that it is totally rejected forever. I can still push through transactions, but I will have to pay much higher fees. So normally, a fee might only cost me 2 XEM, but when I am spamming on already full blocks that can go up to 30 XEM, to 40 XEM, even 80 XEM fees to push my transactions through. I'm guessing it could go higher, but I am not sure. Also, as I just mentioned it is variable, I guess depending on how much of a load my spam bot is putting on the network. Again, all the mean while my other computer can still send transactions for 2 XEM fee, but the spam bot now has to pay much more.
The only other spam protection that I know of in crypto is with Ripple, and Ripple punishes the whole network when there is spam. So if I spam Ripple, the fees will go up not just for me, but for all the other people that didn't have anything to do with the spam.
It would be nice to know how the devs did it, but I can only speak from my experience in testing the system, not the actual code behind it. Also, it has been very well tested. For instance the last NEM testnet actually had way more transactions on it than the real NXT blockchain. That makes sense because right now we are sending test NEM so its easy. When it launches, of course I won't be sending 20,000 transactions a day (bitcoin only does 100,000). hahaha. But what we will know is that the NEM network will have been battle tested and is true.
The 120 tx limit is per block but the network afaik won't start rejecting tx at that point. There is a cache that is considerably greater than that and only when that is filled as well it will start rejecting tx.
If the network started to reject tx as soon as 120 are circulating it woud legitimately suck. Hard.
Right. So you made that more clear than the way I said it.
Another way to think about it is this. After the 120 block limit is filled, then transactions are put in a queue for laters blocks. When I've sent A LOT of transactions to the point that the queue is getting long, then NEM starts charging me more and more for a transaction fee to get my transaction in the queue.
The message comes back saying the transaction can't be processed because the cache is full, but that can't be completely true. It must rather mean that the cache is getting full. Because if it was complety full my other transactions on other computers should get returned too but they don't; they are accepted just fine. And additionally like I said, I can just pay higher fees and then my transaction gets accepted in the queue.
Is there more detail available on SPAM management feature of NEM? I'll put that to my to read list.
I'm not sure if the algo is explained anywhere but I can tell you how it works from the users side. I've tried to send over 20,000 transactions in the last day, so I have a good idea. Most of those transactions will go through, but NEM has a 120 transaction per block limit. As long as there is room in the blocks, my transactions will pass. But once those blocks get to 120, all of a sudden my transactions start getting declined. This is not a network wide problem. My other computers running NEM using different accounts can still send just fine and for their normal small fees. Now if my spamming bot is getting declined, it doesn't mean that it is totally rejected forever. I can still push through transactions, but I will have to pay much higher fees. So normally, a fee might only cost me 2 XEM, but when I am spamming on already full blocks that can go up to 30 XEM, to 40 XEM, even 80 XEM fees to push my transactions through. I'm guessing it could go higher, but I am not sure. Also, as I just mentioned it is variable, I guess depending on how much of a load my spam bot is putting on the network. Again, all the mean while my other computer can still send transactions for 2 XEM fee, but the spam bot now has to pay much more.
The only other spam protection that I know of in crypto is with Ripple, and Ripple punishes the whole network when there is spam. So if I spam Ripple, the fees will go up not just for me, but for all the other people that didn't have anything to do with the spam.
It would be nice to know how the devs did it, but I can only speak from my experience in testing the system, not the actual code behind it. Also, it has been very well tested. For instance the last NEM testnet actually had way more transactions on it than the real NXT blockchain. That makes sense because right now we are sending test NEM so its easy. When it launches, of course I won't be sending 20,000 transactions a day (bitcoin only does 100,000). hahaha. But what we will know is that the NEM network will have been battle tested and is true.
The 120 tx limit is per block but the network afaik won't start rejecting tx at that point. There is a cache that is considerably greater than that and only when that is filled as well it will start rejecting tx.
If the network started to reject tx as soon as 120 are circulating it woud legitimately suck. Hard.
Few more curious question.
I left my laptop on for a night, and received around 14000+ XEM in test client. My Importance was showing at first 0.26%.
So, I created another account in the same wallet. Sent few (20+30Fee) XEM to it.
Created another new wallet and sent 1000+2Fee XEM to it.
Later I found my Importance was 0.27%
My initial balance was 500,000 XEM.
* How can increase my account's Importance?
* Does the following factors play role in account's Importance?
- How long the system with Blockchain is active on network. Means how long it's available online on network.
- Is there something similar to 'Halmark' in NEM client? Does that play in Importance?
- Will making NEM client available as public node increase it's Importance?
- What other factors increase Importance?
* Is there auto-update feature available in NEM client? or is it going to be when final NEM client launched?
Cheers!
I left my laptop on for a night, and received around 14000+ XEM in test client. My Importance was showing at first 0.26%.
So, I created another account in the same wallet. Sent few (20+30Fee) XEM to it.
Created another new wallet and sent 1000+2Fee XEM to it.
Later I found my Importance was 0.27%
My initial balance was 500,000 XEM.
* How can increase my account's Importance?
* Does the following factors play role in account's Importance?
- How long the system with Blockchain is active on network. Means how long it's available online on network.
- Is there something similar to 'Halmark' in NEM client? Does that play in Importance?
- Will making NEM client available as public node increase it's Importance?
- What other factors increase Importance?
* Is there auto-update feature available in NEM client? or is it going to be when final NEM client launched?
Cheers!
https://forum.nemcoin.com/general-discussion/proof-of-importance-competition/msg11343/#msg11343
Looks good and would not need to change images on vice or on the coins
Hex Globe + Hex NEM symbol = WIN
Can we get a real concept rendered already?
When will you guys realize, that its not about the logo...
btw. a logo should not be so complex. the simpler the better.
Yep. Simple is better than complex
NEM is currently closed source.
When NEM plans to make it open source to community, so other developers can take a look at the NEM code and give their own views on it's code base. How good or bad it is.
NEM is planing to keep it's source code closed or will make it available open source??
When NEM plans to make it open source to community, so other developers can take a look at the NEM code and give their own views on it's code base. How good or bad it is.
NEM is planing to keep it's source code closed or will make it available open source??
The wallet is open source
https://github.com/NewEconomyMovement/NemCommunityClient
There are plans to open up NEM core relatively soon.
The tendency went to easy wallets. We will look that at guys it will turn out. The easy wallet, is such wallet (the client on open source) which doesn't need to be synchronized with a network. At once I started it and use. Such client works at full confidence to various knots. I think intellectual fast check of all knots and the most fastest, the safest will be carried out, the most trustest will get out as carrying out transactions in NEM Lite client. Check of knots will be carried out on the majority of knots. If among the majority of knots there is harmful that it is at once torn away by the client. Generally, work of the easy client will consist in eliminating all harmful knots and to choose from them the most reliable for carrying out transactions of NEM. Easily, quickly, and the main thing doesn't demand loading of the nembex base. It will be possible even the portable version which isn't demanding installation and a binding to HDD. For example from a flash drive card the client started, got to himself at once wallets, established on them passwords, received all of us favourite private key, quickly filled up and quickly translated. The ordinary simple user shouldn't extort all nembex base and to store blocks at himself. He isn't a harvester, it is to harvester earnings from that that they process blocks - the ordinary simple user needs only the payment order in which quickly I got the address, quickly filled up, quickly paid. It quickly will also be as a result very important factor in development of a network. When people start using quickly a network, without long expectations there will be a full synchronization with a network so far, they start using a network quicker. And the quicker they use, the internal services and an internal turn of NEM start being untwisted quicker. And the internal turn - the higher and awards for processing of transactions of harvester is higher. Thus an easy wallet in personal interests of harvester.
I think this idea standing and on NEM surely there will have to be an easy wallet in order that the network for the ordinary user became as it is possible for the most available and simple in use. NEM has to do a priority on users, on attraction in a network as it is possible bigger number of users.
Why many people don't love cryptocurrency? The price changes and it frightens off people? No. Not this reason.
The client and synchronization with a network push away people. Here we will allow to you now really it is necessary to translate quickly to someone coins, to pay for something, or a matter of life and death... But you quickly won't turn out... It is necessary to spend some amount of time for that to be synchronized with a network... Therefore people also choose - Got a credit card, entered the CVV code - purchase is made! It is less than a minute on time.
And so to us, in NEM, it is necessary to make the similar for people. To hell these synchronization! They to the ordinary consumer, the ordinary user - aren't necessary! He got used to see that that he needs and to pay quickly for it, without any additional expectations on synchronization.
Here that it is necessary for us - easy NEM a wallet in the form of the client of open source and it is desirable in the portable version that any person even from a flash drive card could always come, quickly send/get the transfer, and quickly pay something. Here on it it is necessary to do the main rate if we want advance in the masses and introductions of NEM in a consumer sector of the world econemic.
Original here : https://bitcointalksearch.org/topic/m.10651149
I think this idea standing and on NEM surely there will have to be an easy wallet in order that the network for the ordinary user became as it is possible for the most available and simple in use. NEM has to do a priority on users, on attraction in a network as it is possible bigger number of users.
Why many people don't love cryptocurrency? The price changes and it frightens off people? No. Not this reason.
The client and synchronization with a network push away people. Here we will allow to you now really it is necessary to translate quickly to someone coins, to pay for something, or a matter of life and death... But you quickly won't turn out... It is necessary to spend some amount of time for that to be synchronized with a network... Therefore people also choose - Got a credit card, entered the CVV code - purchase is made! It is less than a minute on time.
And so to us, in NEM, it is necessary to make the similar for people. To hell these synchronization! They to the ordinary consumer, the ordinary user - aren't necessary! He got used to see that that he needs and to pay quickly for it, without any additional expectations on synchronization.
Here that it is necessary for us - easy NEM a wallet in the form of the client of open source and it is desirable in the portable version that any person even from a flash drive card could always come, quickly send/get the transfer, and quickly pay something. Here on it it is necessary to do the main rate if we want advance in the masses and introductions of NEM in a consumer sector of the world econemic.
Original here : https://bitcointalksearch.org/topic/m.10651149
yes, in the future you will be able to carry around your NEM wallet (with client) on a USB drive and plug it into any computer and within seconds be able to send money.
Actually, somebody with decent skills in adjusting the config files could probably already do that today. It wouldn't even take a developer. I bet somebody that was just computer savy like Mixmaster could have a usb NEM wallet/client set up in about 15 minutes. But don't ask me! hahahaha. There is no way I could do it. :-)
Is there more detail available on SPAM management feature of NEM? I'll put that to my to read list.
I'm not sure if the algo is explained anywhere but I can tell you how it works from the users side. I've tried to send over 20,000 transactions in the last day, so I have a good idea. Most of those transactions will go through, but NEM has a 120 transaction per block limit. As long as there is room in the blocks, my transactions will pass. But once those blocks get to 120, all of a sudden my transactions start getting declined. This is not a network wide problem. My other computers running NEM using different accounts can still send just fine and for their normal small fees. Now if my spamming bot is getting declined, it doesn't mean that it is totally rejected forever. I can still push through transactions, but I will have to pay much higher fees. So normally, a fee might only cost me 2 XEM, but when I am spamming on already full blocks that can go up to 30 XEM, to 40 XEM, even 80 XEM fees to push my transactions through. I'm guessing it could go higher, but I am not sure. Also, as I just mentioned it is variable, I guess depending on how much of a load my spam bot is putting on the network. Again, all the mean while my other computer can still send transactions for 2 XEM fee, but the spam bot now has to pay much more.
The only other spam protection that I know of in crypto is with Ripple, and Ripple punishes the whole network when there is spam. So if I spam Ripple, the fees will go up not just for me, but for all the other people that didn't have anything to do with the spam.
It would be nice to know how the devs did it, but I can only speak from my experience in testing the system, not the actual code behind it. Also, it has been very well tested. For instance the last NEM testnet actually had way more transactions on it than the real NXT blockchain. That makes sense because right now we are sending test NEM so its easy. When it launches, of course I won't be sending 20,000 transactions a day (bitcoin only does 100,000). hahaha. But what we will know is that the NEM network will have been battle tested and is true.
Voted for the current logo.
Other logos are really bad.
+1Other logos are really bad.
The tendency went to easy wallets. We will look that at guys it will turn out. The easy wallet, is such wallet (the client on open source) which doesn't need to be synchronized with a network. At once I started it and use. Such client works at full confidence to various knots. I think intellectual fast check of all knots and the most fastest, the safest will be carried out, the most trustest will get out as carrying out transactions in NEM Lite client. Check of knots will be carried out on the majority of knots. If among the majority of knots there is harmful that it is at once torn away by the client. Generally, work of the easy client will consist in eliminating all harmful knots and to choose from them the most reliable for carrying out transactions of NEM. Easily, quickly, and the main thing doesn't demand loading of the nembex base. It will be possible even the portable version which isn't demanding installation and a binding to HDD. For example from a flash drive card the client started, got to himself at once wallets, established on them passwords, received all of us favourite private key, quickly filled up and quickly translated. The ordinary simple user shouldn't extort all nembex base and to store blocks at himself. He isn't a harvester, it is to harvester earnings from that that they process blocks - the ordinary simple user needs only the payment order in which quickly I got the address, quickly filled up, quickly paid. It quickly will also be as a result very important factor in development of a network. When people start using quickly a network, without long expectations there will be a full synchronization with a network so far, they start using a network quicker. And the quicker they use, the internal services and an internal turn of NEM start being untwisted quicker. And the internal turn - the higher and awards for processing of transactions of harvester is higher. Thus an easy wallet in personal interests of harvester.
I think this idea standing and on NEM surely there will have to be an easy wallet in order that the network for the ordinary user became as it is possible for the most available and simple in use. NEM has to do a priority on users, on attraction in a network as it is possible bigger number of users.
Why many people don't love cryptocurrency? The price changes and it frightens off people? No. Not this reason.
The client and synchronization with a network push away people. Here we will allow to you now really it is necessary to translate quickly to someone coins, to pay for something, or a matter of life and death... But you quickly won't turn out... It is necessary to spend some amount of time for that to be synchronized with a network... Therefore people also choose - Got a credit card, entered the CVV code - purchase is made! It is less than a minute on time.
And so to us, in NEM, it is necessary to make the similar for people. To hell these synchronization! They to the ordinary consumer, the ordinary user - aren't necessary! He got used to see that that he needs and to pay quickly for it, without any additional expectations on synchronization.
Here that it is necessary for us - easy NEM a wallet in the form of the client of open source and it is desirable in the portable version that any person even from a flash drive card could always come, quickly send/get the transfer, and quickly pay something. Here on it it is necessary to do the main rate if we want advance in the masses and introductions of NEM in a consumer sector of the world econemic.
Original here : https://bitcointalksearch.org/topic/m.10651149
I think this idea standing and on NEM surely there will have to be an easy wallet in order that the network for the ordinary user became as it is possible for the most available and simple in use. NEM has to do a priority on users, on attraction in a network as it is possible bigger number of users.
Why many people don't love cryptocurrency? The price changes and it frightens off people? No. Not this reason.
The client and synchronization with a network push away people. Here we will allow to you now really it is necessary to translate quickly to someone coins, to pay for something, or a matter of life and death... But you quickly won't turn out... It is necessary to spend some amount of time for that to be synchronized with a network... Therefore people also choose - Got a credit card, entered the CVV code - purchase is made! It is less than a minute on time.
And so to us, in NEM, it is necessary to make the similar for people. To hell these synchronization! They to the ordinary consumer, the ordinary user - aren't necessary! He got used to see that that he needs and to pay quickly for it, without any additional expectations on synchronization.
Here that it is necessary for us - easy NEM a wallet in the form of the client of open source and it is desirable in the portable version that any person even from a flash drive card could always come, quickly send/get the transfer, and quickly pay something. Here on it it is necessary to do the main rate if we want advance in the masses and introductions of NEM in a consumer sector of the world econemic.
Original here : https://bitcointalksearch.org/topic/m.10651149
Looks good and would not need to change images on vice or on the coins
Hex Globe + Hex NEM symbol = WIN
Can we get a real concept rendered already for the voting?
Yeah thats it!, what i talked about, a good combination of both, tradition and change. The Triangle has to be moved out and the orginal Logo must be bigger(means 3 Points would be one Colour and must be connected in the middle) , that would be great. Is someone able to change that? and show us the result?
This would be a awesome combintion!
Thanks!
I'd like to see that too
We need analog MultiBit client. https://multibit.org
Looks good and would not need to change images on vice or on the coins
Hex Globe + Hex NEM symbol = WIN
Can we get a real concept rendered already for the voting?
Yeah thats it!, what i talked about, a good combination of both, tradition and change. The Triangle has to be moved out and the orginal Logo must be bigger(means 3 Points would be one Colour and must be connected in the middle) , that would be great. Is someone able to change that? and show us the result?
This would be a awesome combintion!
Thanks!
Few more curious question.
I left my laptop on for a night, and received around 14000+ XEM in test client. My Importance was showing at first 0.26%.
So, I created another account in the same wallet. Sent few (20+30Fee) XEM to it.
Created another new wallet and sent 1000+2Fee XEM to it.
Later I found my Importance was 0.27%
My initial balance was 500,000 XEM.
* How can increase my account's Importance?
* Does the following factors play role in account's Importance?
- How long the system with Blockchain is active on network. Means how long it's available online on network.
- Is there something similar to 'Halmark' in NEM client? Does that play in Importance?
- Will making NEM client available as public node increase it's Importance?
- What other factors increase Importance?
* Is there auto-update feature available in NEM client? or is it going to be when final NEM client launched?
Cheers!
I left my laptop on for a night, and received around 14000+ XEM in test client. My Importance was showing at first 0.26%.
So, I created another account in the same wallet. Sent few (20+30Fee) XEM to it.
Created another new wallet and sent 1000+2Fee XEM to it.
Later I found my Importance was 0.27%
My initial balance was 500,000 XEM.
* How can increase my account's Importance?
* Does the following factors play role in account's Importance?
- How long the system with Blockchain is active on network. Means how long it's available online on network.
- Is there something similar to 'Halmark' in NEM client? Does that play in Importance?
- Will making NEM client available as public node increase it's Importance?
- What other factors increase Importance?
* Is there auto-update feature available in NEM client? or is it going to be when final NEM client launched?
Cheers!
Please vote on branding for NEM!
https://docs.google.com/forms/d/1ULn0uo9MVXyTSQNeLKv9iJBlgx23kXSa-TG_AQ1w6Kk/viewform?usp=send_form
https://docs.google.com/forms/d/1ULn0uo9MVXyTSQNeLKv9iJBlgx23kXSa-TG_AQ1w6Kk/viewform?usp=send_form
just so everyone knows, even though you have to log in(to try and prevent vote spamming) the form saves each vote annon.. so user names are not saved.
Logos up for voting:
btw, when is NEM gonna launch? When can I finally sell of my stake?
Oh Wow! Everyone please vote
is this the part where we point out what we see in those ink stains O_o ?
Srsly what are some of those supposed to be ? (I know that they are supposed to be phoenix and angels and what not I just find it utterly absurd)
NEM deserves more than just random geometric shapes. It would tread new ground in crypto if we had a symbol that was meaningful to humans.
Yes, I have experienced the blockchain download with NXT. But, recently NXT also launched their NXT Lite client, which doesn't need to download Blockchain and it linkes to public NXT nodes and just works, very similar to Electrum wallet, but same NXT web interface.
- For this point I take NXT and NEM at same level. None of them is bigger or smaller from each other.
With NXT people already whine about 1 NXT as fees, and they demand in future versions of NXT to make it change as variable or to lower this as fee for every kind of transaction.
- Don't you think high fee for lower amount and less fee for higher amount of transactions in NEM will make more people complain about NEM's transaction it?
Didn't heard of transaction SPAM before. Seems interesting topic.
- SPAM filtering at first stages of development is usually buggy, and it needs a lot of training and refinement to make it work correctly. I remember before Gmail, how frustrating SPAMs were to me with other Email services.
- How's NEM's transaction SPAM so far in it's refinement and accuracy? If an account is sending multiple transactions as a dividend to hundreds of account, or may be just sending one after another transaction to it's own few accounts or may be to single account, I wonder if those transactions gets treated as SPAM. Just want to know how Solid NEM's transaction SPAM mechanism has been developed, so it's not irritating for new users coming to NEM and see unknown delays in their transactions or just being timed out.
Cheers
Hi again :-)
I need to check out the new NXT lite program and see how it works. I think you are referring to this one? https://nxtforum.org/general-discussion/(ann)-nxtlite/ I just downloaded it and tried it out (but not with my real passphrase) and it looked pretty nice.
As for the fees changing in NXT, I don't think they are going to change. I think you are being lied too. People in NXT have been saying they will change the fees for over a year. Seriously, you can search for threads and discussions about it more than a year old. Yet it hasn't happened. The truth is the NXT whales like high fees. They make money off it, and they won't let that go.
The spam protection in NEM is already working sooooo well, no bugs. For instance since I started spamming last night, I have already sent 14,000 transactions. Hahahahaha. Trust me, this function is very well tested in NEM.
Yes, that's the thread.
Is there more detail available on SPAM management feature of NEM? I'll put that to my to read list.
Yes, I have experienced the blockchain download with NXT. But, recently NXT also launched their NXT Lite client, which doesn't need to download Blockchain and it linkes to public NXT nodes and just works, very similar to Electrum wallet, but same NXT web interface.
- For this point I take NXT and NEM at same level. None of them is bigger or smaller from each other.
With NXT people already whine about 1 NXT as fees, and they demand in future versions of NXT to make it change as variable or to lower this as fee for every kind of transaction.
- Don't you think high fee for lower amount and less fee for higher amount of transactions in NEM will make more people complain about NEM's transaction it?
Didn't heard of transaction SPAM before. Seems interesting topic.
- SPAM filtering at first stages of development is usually buggy, and it needs a lot of training and refinement to make it work correctly. I remember before Gmail, how frustrating SPAMs were to me with other Email services.
- How's NEM's transaction SPAM so far in it's refinement and accuracy? If an account is sending multiple transactions as a dividend to hundreds of account, or may be just sending one after another transaction to it's own few accounts or may be to single account, I wonder if those transactions gets treated as SPAM. Just want to know how Solid NEM's transaction SPAM mechanism has been developed, so it's not irritating for new users coming to NEM and see unknown delays in their transactions or just being timed out.
Cheers
Hi again :-)
I need to check out the new NXT lite program and see how it works. I think you are referring to this one? https://nxtforum.org/general-discussion/(ann)-nxtlite/ I just downloaded it and tried it out (but not with my real passphrase) and it looked pretty nice.
As for the fees changing in NXT, I don't think they are going to change. I think you are being lied too. People in NXT have been saying they will change the fees for over a year. Seriously, you can search for threads and discussions about it more than a year old. Yet it hasn't happened. The truth is the NXT whales like high fees. They make money off it, and they won't let that go.
The spam protection in NEM is already working sooooo well, no bugs. For instance since I started spamming last night, I have already sent 14,000 transactions. Hahahahaha. Trust me, this function is very well tested in NEM.
What makes NEM different or special over NXT?
I see NXT has proven to be continuous development progress throughout last year. They are far far better than other CryptoCurrency Developments. Much advanced.
It doesn't mean I'm saying NEM is nothing or offending NEM. I want know how big and faster NEM is in compare to NXT.
If I honestly say right now I have more confidence in NXT than any other CryptoCurrency. I'm new to NEM. Getting to know it bit by bit. Trying to understand where exactly NEM fits and shines.
Hi and welcome :-)
I would like to speak to a few points that others haven't.
There are many unique features that are new to NEM, such as:
- first use of Proof-of-Importance (PoI) as a consensus algorithm. PoS is only what you have. PoW is just what you do and how much electricity you burn. But PoI is based on what you have and what you do, except it is not about pointless wastefulness, it is about people that actually use NEM. In PoS people hoard. That isn't actually good for a currency. Currencies need to be live and spent. In NEM if you are spending and people are spending to you, and all these are the right people (no gaming the system) then you actually help your PoI and thus help yourself. So in NEM, you win not by hoarding the XEM, but by letting the XEM flow. This is important with a currency. In a way, the way you spend and the way people spends with you build your reputation. PoI can be considered the first ever blockchain based reputation system.
- first use of eigentrust++ in a cryptocurrency for securing the P2P network (This allows each node to know if the node next to it is being honest and if not, then not listen to it)
- NEM has an amazing system where the NEM devs have successfully divided the network from the wallets. This allows remote harvesting that others have mentioned, but it does other things too.
Let me explain it to you like this. Have you ever tried to use NXT? It requires downloading the whole blockchain and that can take a day! Sometimes it updates and it takes longer or crashes or corrupts. NEM completely solves that problem. Say you are at work and you need to make a transaction right now (maybe the price is moving or you need to buy something), with NXT that is impossible. With NEM a computer that has the latest version of Java installed can then download them NEM file, install NEM, make a new wallet, import your private key, and send the money out all in under two minutes. Yes, I have tested that and have done it, and this is all on a computer that hasn't ever seen a crypto before.
And then, after all that is done, you can be a nice guy and let your whole blockchain sync and then support the network and let somebody else that was in your position be able to install NEM and be making transactions in under 2 minutes. With NEM you have an opportunity to pay it forward. And all this is completely safe. The devs have made sure of that.
- first use of transaction spam protection in a blockchain crypto (Ripple has transaction spam protection, but NEM has a new technique. In Ripple spam protection raises the fee price for all people sending on the network. After the spam stops, the fees for all people go back down. In NEM the spammers transactions get put in a que and if there really is that much spam, they would eventually time out. The spammers in NEM can push their transactions through, but they will have to pay more and more fees. There is also a high fee for people sending low XEM transactions.)
- first crypto with multisig on launch (NEM’s multisig is way better than Bitcoins. Think of Bitcoin’s multisig as 1.0 and NEM’s as 2.0 multisig. At least the way I understand it to be that is because in Bitcoin’s multisig have to coordinate and sign outside of the blockchain, but NEM allows users to sign on their own leisure in their own time because NEM allows people to sign from within the blockchain. This is the first time that a crypto has had blockchain based signing and it makes multisig a lot more user friendly and less technical.
- first crypto with an egalitarian distribution to over 1500 individuals
- test-driven development with over 3000 unit tests in the core alone (As far as we know the is a first in the world of crypto. This is a very difficult way to write software and will help NEM to be very flexible in the future with a very solid foundational NIS. It really can't be said just how important this is. This kind of development is really difficult to do and is basically the type of development that you might find at a multi-million dollar software company, not a volunteer created crypto.)
- 60s block time with low variability due to a 60 block weighted, moving average (BloodyRookie worked on this for a long time. It is important to have fairly regular and dependable blocktimes in a strong network)
- progressive transaction fees (most cryptos have a static fee so this is very rarely implemented in a crypto, and again people trying to spam dust will pay much higher fees then a person trying to send one dollar.)
More…… NEM is the first ever platform to my knowledge that has P2P time stamping. This was developed just for NEM and is a technology that has long been needed in the P2P world, not just crypto currency.
In summary….. NEM devs are many, they are talented, and they don’t mess around.
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In NXT, you can use online wallet at www.mynxt.info. If you want to trade assets, you can use secureae.com and open your account only entering your passphrase here (which is safe). I run my public node with port opened for API, etc, when I need urgent, I use my public node and everything I need is to enter my account passphrase, no java install, no client install, no wallet creation, no having private key with myself. So I don't see any advantage of NEM at this point.
oh no :-( I really don't want to have a contest to see whose XXXX is the longest on this thread.
Let me just say really quick, though that none of your answers addressed the situation I gave. Again, lets say I am just a regular guy and I am at work. Two weeks ago I bought some NXT on exchange, didn't want to keep it on the exchange, and then downloaded the blockchain and safely stored it away. Now the price is moving, and I wan't to sell. How can I do that? www.mynxt.info requires you to make a user name and password (I tried to set up an account and test it before writing this, but my verification email came didn't ever come) and I am guessing they also have control over your private key. So logging in to mynxt.info won't help me, they don't have my funds. On top of that, it is very dangerous leaving one's money on a centralized service that has your coins. If an exchange goes down, they take your coins, and I am guessing again that if mynxt.info goes down, they take your coins.
The exact same case is true with secureae.com. On top of that, my experiences with securea.com has taken hours in the past for me to move a bitcoin in and a NEMstake out. To be fair, this is still better than NEM's assets because NEM doesn't have any. hahahahaha. But if/when NEM does, I am sure it will be much better.
Lastly, it is fine for NXT whales to be running their own private node, but the regular people don't do that.
On top of that, I am guess that there is still a way for you to lose your coins if you are broadcasting your pass phrase over the internet. (in next passphrase more or less equals the private key)
Again, in NEM, I can download the very light client, install it, and connect to any open node on the NEM network and start borrowing their blockchain in the cloud without fear or worry, and no using some centralized service that can steal my funds or my private key=pass phrase will be compromised. In a way you can say that NEM is the very first crypto to have safe cloudchains for you make use of.
Now, in another post, somebody else mentioned some kind of new NXT lite client. I will have to check that out and see how well it works. If it can be downloaded and installed and can make transactions without broadcasting the passphrase, that is a huge win for NXT.
This whole topic started because a newbie asked an honest question. He said he thought NXT is the best crypto out there and wanted to know why some people like NEM. Well.... I have to say I agree with him. I am not a NXT hater. Actually, like him, I think that NXT is right now the most advanced crypto. That said, I think NEM is building itself up right from the ground up from day 1 will make it a great cypto too, if not actually much better.
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