Introductory Questions
Getting Started
Technological Basics
Deeper Questions MiscellaneousIntroductory Questions
Is NEM a cryptocurrency?NEM is not just a crypto currency. Above that, and more importantly, NEM is a peer to peer platform and it provides/will provide services like payments, messaging, asset trading and smart contracts.There shall be a lot more to come as NEM shall be an evolving solution.
Why should I use NEM when there is Bitcoin?Bitcoin is a crypto currency and so are most crypto coins. Some are application specific while some are purely crypto coins. Apart from NEM being another crypto currency, NEM is a solution platform. There is more to offer as a platform. As a crypto currency, it does not require a lot of computing power and energy to run a node. NEM also advocates low entry barrier by way of Proof of Importance (POI) instead of the traditional ones that require a lot of stakes or computing power to mine. In NEM we call it harvesting. In addition, it also uses another solution, called Eigentrust ++ to validate and sieve out bad actors in the network. As an evolving solution, NEM is setting the stage for better things to come. At the initial stage NEM has this to offer:
- First block chain based multisig solution
- An encrypted messaging solution
- Harvesting: Once harvesting is started, you don't need your wallet to stay open to harvest. It can be closed and the wallet does not need to be online. Protected wallet, i.e., wallet does not need to be online with the Internet. It can hide behind a firewall and only connects itself directly to the NIS in the LAN.
- Password and Private Key never leaves the wallet and the wallet itself is protected by a password.
You can send and receive payments and messages quickly, securely and at low cost on a global scale without the need for a bank account. You can buy/sell/trade assets and goods worldwide. In future, there shall be more exciting features such as asset trading, smart contracts and colored coins.
What is XEM?"XEM" is NEM's currency code. It is similar to USD, EUR, CNY, JPY etc.
Does NEM have a white paper?Yes, the NEM developers have written an in depth Technical Reference as a guide to understanding how the new technology in NEM works.
Getting Started
Which operating systems are supported?With 64BIT Java as runtime enviroment, it is possible to run the NEM software on all the popular operating systems that support Java. These include Windows, Mac OSX, and Linux.
How do I install Java?Check your java version HERE. If you are using Java Version 8, update 25 or above, you are ready to install the NEM client.
Installing Java - Windows We have a tutorial on how to install Java 8 HERE.
Here is a video tutorial on how to install Java 8 on Windows 8, although the instructions are for Java 7, they are identical to the instructions for Java 8.
Installing Java - Mac OSX Here is a video tutorial on how to install Java on Mac OSX.
Also the Java website has a good Mac OSX install tutorial, that can be found HERE.
Installing Java - Linux A great video on how to install Java 8 in Ubuntu/Mint
How do I get a NEM wallet?
Download the NEM one-click installer or the stand-alone version HERE. After installation, simply click on 'Create New Wallet'. Please make sure to use a very strong password.
(Note: This is the ONLY official site that distribute the latest and verified NEM software. There may be others available elsewhere, but you will need to verify for yourself if they are in fact safe to use.)
What is your definition of a strong password?This is rather subjective and it depends on the user. A reasonably long string in excess of 12 characters that are randomly chosen, have no correlation, and consist of letters, numbers, and symbols should be adequate for most cases.
How do I install the NEM software?Java 8 is required to run the NEM software, so please make sure you have the latest Java 8 installed on your computer. See Videos above for install instructions.
To install:
- Download and unzip the file from HERE.
- Run the extracted setup file and follow the instructions. (On Mac you might need to right click on the setup file and then click open).
For 32-bit Java, please download the stand-alone client:
- Windows: Please follow the community-made tutorial.
- Ubuntu (Linux): Please follow the community-made tutorial.
To allow access to your node from outside your LAN, you should open port 7890 in your router/firewall. You can refer to this link to get a feel of how to do this. Alternatively, refer to the How do I open Port 7890? question in the FAQ here. Do note that this is not a mandatory requirement. It is for the advanced user.
How can I get some XEM?You can get XEM at the following exchanges: Poloniex Bittrex BTER BTC38 Bitcoin.co.id
And payment processor: Coingateway
What is NCC and what is NIS?NCC stands for NEM Community Client. It is the wallet in short. But we have made it generic because it is a client and in a web architecture, a client can do more than just a wallet function.
NIS is Network Infrastructure Server. An NIS exist in the NEM space as nodes in a P2P network. It forms the core to making sure and keeping the network plus the block chain validated all the time. NIS is the Web and application server in a Web Architecture. It is a powerful and yet a lightweight server. Any NCC can make use of a NIS to transact. To harvest (see harvest) one can assign or proxy a NIS to harvest for it through the NCC without exposing oneself.
What are the minimum requirements to run just the NIS OR the NCC?Memory: 768 MB RAM CPU: 700 MHz
Note, these are the bare minimum requirements to run the NEM software. Higher specifications are recommended in order to maintain a suitable level of performance.
Some mini-computers and devices that meet these minimum requirements:
What are the minimum requirements to run the NIS AND the NCC simultaneously?Memory: 2 GB+ RAM CPU: 1 GHz+ (single core or better)
Some small footprint computers and devices that meet these minimum requirements:
How can I run a node (NIS)?Download, install, and run the NEM Infrastructure Server (NIS) HERE.
For the more advanced uses:
If you want to share the NIS or use the NIS from the Internet, open port 7890 on your router/firewall for the computer where the NIS is running. This is required if you want to access your node from outside your LAN. You do not need to open that port if you only want to run your NCC within your Local Area Network.
Do note that it is safe for anyone else to make use of your node to transact and does not jeopardise your security. Passwords and private keys never leave your wallet, which is in the NCC. The NCC is recommended not to be located on the same terminal as the NIS if you want to keep the NIS always on.
Is there a mobile wallet?A mobile wallet is currently in development and being tested on the testnet and will be released for iOS and Android soon.
I can't install NEM on my computer. Where else can I get help?Read the Official NEM Blog.
Here is a short list of some of our helpful blogs:
Does NEM have a block explorer?Nembex is a NEM block explorer and node monitor. Blockexplore.in is a NEM block explorer and rich list. Node Explorer is a - NEM node explorer and node monitor
Technological Basis
What is this "POI"?POI is short for "Proof-of-Importance". It is a consensus algorithm at the core of the NEM software. The higher your importance, the higher your chance to be allowed to calculate a block (and harvest the fees inside that block). POI adjusts your importance depending on how many transactions you make, with whom you make them and a number of other factors. If you don't do any transactions POI will set your importance based on your balance only (it is then similar to proof-of-stake).
A full explanation of POI can be found in chapter 7 of the Technical Reference.
What are Multisig Accounts, and how does that work?When an account is set up as a multi-user account (a.k.a. multisig), payments can only be sent if a previously defined amount of people sign the transaction. This can be useful as a security feature if funds should not be in the control of only single person as it would require multiple people to approve transactions seperately. Or in another case this feature can be used if multiple people want to share access to an account jointly.
What is Harvesting?Harvesting is a process whereby a node will calculate blocks and add them to the blockchain.
A block contains all transactions that were sent in the last minute. In other words, a block is calculated every minute. With the help of the proof-of-importance algorithm it is decided which node is allowed to calculate a block and can keep all included transaction fees.
How can I Harvest?Log into your wallet and click "Start local harvesting".
Requirement: The user account needs a vested balance of at least 10,000 XEM.
How do I open Port 7890? What is delegated harvesting?Delegated harvesting is a security feature in NEM that allows a person to safely harvest using a proxy private key. This proxy private key is created by transferring the POI score of a primary account to an empty delegated account. That private key can now safely be shared with others as it doesn't actually contain any of the funds in the primary account. This allows a person with delegated harvesting activated to give their private key of the delegated account to third parties so that they can harvest with it. All funds earned from harvesting are then automatically sent back to the primary account.
Please visit our blog delegated harvesting to learn more.
How does vesting of XEM work?In NEM coins are aged in at 10% per day of the remaining unvested XEM in an account. This is explained in detail in section 2.1 of the Technical Reference.
Deeper Questions
The NEM community fund can be used by anybody to do almost anything. There is only one condition: you have to convince the community of your idea and credentials. The NEM community fund proposal can be read here.
How was NEM distributed initially?8,999,999,999 XEM were distributed to 1,500 initial stakeholders and to several multi-signature secured funds for marketing, distribution to late redeemers, operational costs, development, node rewards etc.
I want to issue my own coins in order to do my own things. Can I use NEM?The simple answer is yes. When NEM assets become available, you will be able to issue your own coins, while still using the security and reliability that NEM provides. That is the very basis and premise of the NEM Platform. It gives us a whole lot of flexibility to issue our own coins for whatever we want to do with it.
Where can I get more in depth information about NEM?Miscellaneous
How many XEM are in circulation?The total amount is 8,999,999,999 XEM.
Credit Cards give loyalty points. Does using NEM give the same?NEM 's loyalty points come in the form of harvesting. These are in fact rewards for using NEM as a platform to perform your transactions. The more you transact and the greater your balance is, the more frequent will be your reward. Rewards are random. Sometimes you get more and sometimes less, depending on the block that you harvest.
Can I follow NEM on social networking sites?You can keep up with NEM on the following sites: Facebook Twitter Reddit YouTube Weibo BTC38 IRC (Channel: #ournem) Slack
This is a companion discussion topic for the original entry at http://blog.nem.io/faq-en/