Welcome to The Blockchain Report. In this video, we’re going to talk about NEM.
NEM stands for the New Economy Movement. Its purpose is to help facilitate the imminent blockchain economy. The enterprise-grade solution is being amended to be written in C++ coding, to be released in an upcoming update called “Catapult.” Catapult is an engine with unique smart contract plugins, used as a means to function between both public and private networks.
The new plugins will allow for decentralized swaps, creation of digital assets, account systems, business logic modeling, and more. In time, Catapult will become the core NEM engine. The technology used within NEM makes it so that one blockchain can have several different ledgers exist.
The Smart Assets behind NEM ensure people are able to make mosaics for any asset or cryptocurrency. In order to stop poor transactions from inundating the network, NEM has spam filters which are built-in. There can also be found a P2P time synchronization system which makes it so that timestamps are as accurate as possible.
In July of 2018 in Kuala Lumpur, Malaysia, a Blockchain center was opened by the NEM Foundation. This was created as a venue to be an accelerator, incubator, and co-working space. It is also the HQ for NEM in the region. It’s the largest blockchain center in Southeast Asia, clocking in at 11,000 square feet.
All of this was started on a Bitcoin Talk Forum by a user known as UtopianFuture. They credit open-source cryptocurrency NXT as their inspiration.
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