NEM (XEM) was initially launched on the 31st of March 2015 which makes it three years and seven months old in the world of cryptocurrency. NEM (XEM) is often referred to as the “New Economic Movement.” On the 3rd of October 2018, the market cap rose by over 7 billion US dollars in under 24 hours.
NEM coin is very different when compared to most of the other cryptocurrencies including Bitcoin and Ethereum. The most significant reason is that neither does it use the “proof of stake” concept nor the “proof of work” concept, instead, it works on a concept known as “Proof of importance.” Moreover, unlike litecoin or Bitcoin Cash; NEM coin isn’t a hard fork of Bitcoin. Thus it works on a code developed by NEM developers which is entirely original.
The technology behind NEM (XEM) coin
In order to understand the price predictions for NEM coin, we first have to understand how NEM coin works and why so many people are speculating that it will be a super bullish market in the upcoming years. The protocol or concept of “proof of importance” I mentioned earlier has many benefits including fast transactions, low fees, low power consumption (important for cryptocurrency miners) and crystal clear transparency.
The developer behind NEM or XEM have basically taken the concept of Bitcoin and Ethereum and applied it to the part of tech world where record keeping is a crucial part. The cryptocurrency firm calls the feature “smart assets” and it works in a similar way to the Ethereum’s “smart contracts” except it has a different purpose or use. This makes the digital infrastructure of companies with millions of records more efficient and cost-effective.
For example, the “smart assets” feature can be used to store health records, legal records, shareholder information and much more. The software company claims that a few companies have already integrated with NEM (XEM) coin and the tests have been successful. Their report states:
“Testing millions of accounts has shown why it’s one of the most powerful systems in the industry.”
NEM (XEM) Price Today – XEM / USD
Price 24H (%) -1.16%
Price predictions for late 2018 and 2019
Now for the interesting part, for late 2018 there are many speculations. However, a majority of these predict a bullish market. Some experts predict that the price can go up to $1 per coin by December of 2018. There are a couple of reasons for a positive price prediction. To begin with, having a look at NEM’s history we see that its price increased by almost 6000% during the year 2017.
The second major reason is the API which is used at the back end of NEM (XEM). For example, a massive company decides to transfer its data or digital infrastructure to the blockchain to enjoy its benefits. The standard procedure for this is to hire a professional crypto-developer who will transfer the infrastructure by tearing the current system down entirely and setting it up on the new blockchain system.
However, by using NEM (XEM), the firm can skip all these hassles. There is absolutely no need to tear down the system and reprogram it from scratch on the blockchain system. NEM’s API does it all for you because it can be coded on literally anything regardless of whether its C++ or Java.
Moreover, NEM (XEM) coin can handle over 3000 transactions per second which is very high when compared to Bitcoin’s seven transactions per second or even compared to Visa.
Is it a worthwhile investment?
When getting involved in the investment side of cryptocurrency, it is essential to bear in mind that you could literally lose all the money you invested. With that being said, the fact is that NEM (XEM) coin has made many people thousands if not millions of dollars in profits. It is also way more user-friendly than most other cryptocurrencies like Ethereum and has more uses in the real world.
It’s not all roses though if you are ready to face rough days where you will sit back and watch your investment drop significantly which is very normal for the cryptocurrency world then NEM (XEM) is definitely a worthwhile investment in the long term. Some experts predict that by 2021 the price will take a dip and go as low as the $0.07 per coin mark.