Help me improve my NEM review


#1

I have completed a review of NEM.

The objective of my review is to give those interested a well-rounded view of the pros and cons of NEM

Did I miss something important?
Which aspects deserve more attention?

Looking forward to your thoughts and ideas.
Jim


#2

Hello,

first I’d like to say welcome to NEM! I would like to correct you on several things in your review as I think some are wrong assumptions and some points definitely need more precision or correction. I’ll quote parts of your review.

NEM adds a twist to the POS system, where funds need to be in an account for a period of time (vested) before they become eligible to harvest.

NEM extends PoS more than just with the vested balance, which by the way is not limited in time but by amount, an account must own 10000 vested XEM to start harvesting. (and 10% of your unvested balance gets vested every 1440 block [that is 1 NEM day])
To calculate the importance of an account NEM also uses the transactions history of the last 30 days of an Account (transfers to high PoI scored Accounts improve your importance too - but not so as to make spam profitable.)

NEM coins came into existence when 1,5000 stakeholders each received 5,999,999 XEM.

This is wrong, there were 1500 stakeholders and they each received 2,250,000 XEM ! @jabo38 to confirm as I’m not sure about the stake amounts.

Every block takes 6.2 seconds to be created and requires 21 confirmations.

Block Time Target in NEM is 60 seconds, not 6.2. Also, there is no real confirmation count needed, blocks appear every minute, Poloniex for example uses a 18 confirmations count.

These accounts can be Multi-Sig where the funds can be unblocked by the signature of more than one person

This is wrong. Multi signature accounts are accounts where the funds can only be spent with confirmations of more than one wallet. The transactions will only be accepted when the configured minimum count of cosignatories sign the transaction.

NEM has an encrypted messaging feature. Sending messages costs about 1 NEM per 15 characters and take about 17 seconds to be received.

The cost for messages is of 1 XEM for 32 characters. Encrypted message fees vary. And 17 seconds is not right, the Message will be sent along with your transaction in a block, so it will take maximum 1 minute to be included in a block.

The NEM blockchain allows for the creation of namespaces and subdomains. Once created namespaces, allow for the creation of mosaics.

Little correction needed on “subdomains”. :slight_smile:

Supernodes are servers which play an important role in the NEM network.

… because they are verified and daily tested Peers of the Network.

It is possible to delegate harvesting in NEM. To do this you still need 10,000 NEM vested. This concept is associated with Proof-of-Importance, …

I believe you need to add a new point at “This concept is associated…” because you are talking about “Vested balance” and not about delegated Harvesting anymore. Suggestion for delegated harvesting explanation: Delegated harvesting lets you harvest XEM fees while your PC is turned off by using Remote Nodes.

A government crackdown on Cryptos. NEM is not an anonymous coin so it has less likelihood of being directly targetted.

As you mentioned above in the review, NEM is completely transparent, this is a plus for governments in my opinion and I think building anonymous features for NEM will come with time.

A lack of a sustainable development fund which ensures the long-term adoption and development of the fund.

I think this is not true, NEM is very well managed in this matter. Please inform about the nem richlist too.

I could not find any information on the initial 1,500 NEM stakeholders. Information such as: what each individual holder has done with the coins,

In a cryptocurrency world, why on earth do you need this information? I understand want to know who were the stakeholders and I’m sure you can find a lot about that in the Telegram chats and Forum and Bitcointalk threads.

The issue of the NEM instamine is not given enough attention by the community. An effort should be done to deal with this issue before NEM becomes more mainstream and these questions could pose a barrier to the potential everyday NEM user.

Do not compare shitcoins’ instamining to NEM’s distribution is what comes to my mind on this. I believe NEM funds are in trusted hands and a lot of people who worked for the coin, in my opinion, also deserve their part of the cake. I don’t own a stake from back then and I don’t know the exact details of the distribution so someone might need give you more details here.

Take care! :slight_smile:


#3

He’s partially right. He’s written received not included in blockchain. Transaction propagation within the network is very fast (actually much faster than mentioned 17s)


#4

Thanks a lot for your feedback, much appreciated.

The NEM blockchain allows for the creation of namespaces and subdomains. Once created namespaces, allow for the creation of mosaics.

Little correction needed on “subdomains”.

Not sure what I need to correct here.

A lack of a sustainable development fund which ensures the long-term adoption and development of the fund.

I think this is not true, NEM is very well managed in this matter. Please inform about the nem richlist too.

What do you mean by very well managed. Hard to find concrete info on how NEM development is actually funded. Will be glad to include it if you point me in the right direction.

Cheers
Jim


#5

The NEM blockchain allows for the creation of namespaces and subdomains. Once created namespaces, allow for the creation of mosaics.

Little correction needed on “subdomains”.
Not sure what I need to correct here.

I would not change from “namespace” naming to “domains”. Namespaces and Subnamespaces can be compared to a Domain Name System for Mosaics, I agree with that part.

What do you mean by very well managed. Hard to find concrete info on how NEM development is actually funded. Will be glad to include it if you point me in the right direction.

I believe you might find some information in the Richlist: https://nemnodes.org/richlist/ . Keywords “NEMSELF”, Marketing Fund, Dev Fund, etc. Also a lot of people have their username on the richlist.

As I am no expert with this and have not been here for so long, I can’t give a lot more details about development funds and would need someone to clarify for you.

Have a great day!