NEM：Always on the road to change the world

On this year’s NewYork Bitcoin Consensus, the NEM team launched its plan to update a second-version of Catapult in both the public and private networks. This is claimed to be another pioneering work that will bring change to the community.

In fact, long before the launch of Catapults, NEM has already been entitled as “creator” and attracted much attention for its unique system. They first changed the “proof of work” with the “proof of importance” that narrowed and eliminated the gap between the rich and the poor; they provide a new harvesting mechanism which helped users to avoid severe competition and created a relatively harmonious atmosphere in the community.

It’s been 3 years since NEM’s inception in 2015 and it seems that the team never stop its exploration to bring changes to the world. This thesis is going to look back and see what innovations that the team has made in the past 3 years and how it change the world.

1. Collaboration with Pundi-X to introduce NEM XPOS into retail industry

On April 10, the official account of Pundi-X on Medium released an article to note that the two team, Pundi-X and NEM, is going to launch a new device on NEM blockchain.

According to the report, XPOS is a device that helps fastens the speed of making transaction in the field of retail industry. In the system, there is an built-in mechanism that can guarantee and fasten the process of fiat to crytocurrency or crytocurrency to fiat exchange, which will significantly increase the efficiency of making transaction in the traditional industry. And the platform also provide instantaneous payment service which uses XEM as the valid currency.

This somehow bolsters the price of XEM coin up, according to data from citicoins.com, the XEM price drove up during the meeting. However, what is more important is, in a time when most people are skeptical about crytocurrency and view it as a speculative asset and will only prevail in a rather short time, the two teams demonstrated its real function as a medium, as a currency by bringing in practical application in the physical world.

2. The second-version of Catapult

The team has kept a low profile this year, so you may not find much news reporting them until the 2018 Bitcoin Consensus in NewYork. During the meeting, the team make announcement publicly that they will launch a second-version of Catapult. With the help of Catapult,which is a smart contract plugins, a smoother,faster, safer, and more inclusive transaction through introducing aggregated transactions and multi-level, multi-signature accounts. It has been testing for about 3 years and the team has also been waiting for the day of the release to come.

For every new technology which finally be embraced by the public, the process of gaining understanding is sure to be difficult. In that process, members needs to come out with new idea, testing it over and over again, and finally launching it successfully. Then thing is far from ending, in-time update and changes in strategy is needed to adapt to the conditions. So how many roads that a team walk down, before we can call it a successful team. The answer is blowing in the wind.

However, for teams like NEM which gained much attention since the beginning and also successfully maintain a upward momentum to bring up new, advanced technology in a regular time, we can find out its potential to gain a foothold in the crytocurrency market.