My 1 XEM on Improvements


#1

Hello,

I am a new user to NEM and have been working to use the technology and setup my own supernodes.
I thought I would take a moment to provide some of my observations as a new user since I have “fresh eyes” and come from a DASH background (who I think objectively is NEM’s greatest competition). So here is my 1 XEM (get it since 1 XEM is currently 2 cents :slight_smile:). Please correct me if any of these points are off.

  1. Nem’s technology is arguably the best available. Also, the tutorials section is very very good in my opinion.

  2. Nem’s Default transaction time is BLAZING fast. I was shocked to see how quickly funds appeared in my wallet from the exchange (10 seconds I think) without the need for a special send method like Instant Send" on Dash. However, NEM does a very poor job of advertising the fact that it has the fastest default transaction time available.

  3. Nem should consider a simple graphic showing NEM on the left and ALL the technologies it displaces on the right.
    This will drive home the true depth of NEM’s capabilities for new users. I saw 1 post comparing NEM to Factom but in fact you could have shown how it displaces or compares to Factom, Counterparty, OMNI, Bitcoin, Dash probably others.

  4. From my understanding NEM’s 2 -tier architecture makes it possible TODAY for developers to easily incorporate NEM payments into their sites with just a few snippets of code. This is one of the major objectives of DASH evolution and NEM already has it. Although DASH evolution also has the objective of a less “crypto-like” user experience by having users work with regular account names instead of a long string of symbols.

  5. Masternodes vs Supernodes. I think DASH got it right here. I know NEM has a foundation to support development. However with DASH’s governance and 10% of ongoing funds going to developers DASH has already essentially created an organic economy. NEM is relying on the foundation to essentially jump start one start one. In addition I think the return from Masternodes is higher 8-10% vs 5%. Return needs to be relative to risk and crypto is already a very high risk investment as no one knows if any of these technologies will last 10 years. For that risk the return needs to be equity like, not bond like.

  6. NEM’s Wallet Install page is confusing. NEM should be the easiest wallet to get started with because the nanowallet runs anywhere, requires no blockchain download and has ultra-fast transaction times. But the install page doesn’t specify this fact. Instead I really had to download all windows versions (NanoWallet, Standalone, Windows Installer) to figure out what I was supposed to use. This creates a learning curve and overhead limiting new adopters.

7)I recommend having the “Wallet Install Page” with the NanoWallet link ONLY. This page should also highlight the fact that NEM is the quickest/easiest crypto to use because it requires no initial blockchain download, can be run anywhere and benefits from such fast transaction times. At the bottom of the Wallet Install Page (or on an Advanced wallet page) have a link for “Advanced Wallet for supernode operators and advanced users” that leads to the standalone version. Get rid of the deprecated versions or hide them on Github somewhere.

These are just some observations. I am a MasterNode Operator for Dash and PIVX as well because I like projects that produce income. So I have nothing against DASH and I hope both projects succeed. I think NEM is a great project and it’s back end technology is top notch, but this is a competitive space and to end users Interface (not backend) is the system.


#2

Hello and welcome to NEM then :slight_smile:

I think your message is worth more than “your 1 XEM”, its a great analysis with interesting questions.

  1. definitely, and more tutorials will come I’m sure

  2. this is not advertized very much I agree, but NEM is also working on upgrading the core with Catapult, so I understand marketing has not taken place yet (or not so much as in other crypto… where ONLY marketing has been done.)

  3. +1 for a comparison like that, because NEM is far ahead in terms of AVAILABLE tech.

  4. NEM already has Namespaces which you could use in such a way like Dash wants to do with account names. (I would agree though that 5000XEM for your account is a little too much in that specific case - that would mean a 3rd party service would be needed here)

  5. I wouldn’t specially qualify NEM Supernodes to be the counterparty of dash Masternodes. Of course, NEM requires you to have 3mio XEM (which I don’t have, so my analysis here might be wrong too) BUT this is only to keep the Supernode Program organized for now I think. My point is, NEM supernodes are only a way to improve trust and network availability, then NOW supernodes also offer a return of money but later on, supernodes will be “living” from fees just like other harvesters are. Dash Masternodes do a specific job with blockchain data that other nodes don’t do, that makes the entire network dependent of those Masternodes! In NEM, whilst of course having Supernodes improves the network, if they are not there, it would still work. Understand my point? :slight_smile: (improvements here appreciated because I’m no dash expert and no NEM supernoder :P)

  6. I would agree to that. People sometimes don’t know exactly the cryptocurrency background that tells you there is one “full node” and one “light node” wallet so it might be confusing if you don’t know about this. Here I would intervene with a little suggestion: Maybe a online instance of the Nanowallet with wallet.nem.io would be a good suggestion for people who dont know which to install? (showcasing nanowallet)

  7. suggestions agreed!


#3

Hi NodeComplex,

This was a great post. We are working on the website now and will hopefully address some of your critiques, which I agree were valid.

Some quick points.

  • yes, NEM has APIs for each node, and are free, and the nodes don’t even need to be paid for it because they can just do it easy by default. We had this from day one, and wait until you see what Jag did for Catapult.

  • we do need better decentralized governance. I have designed a voting center and have a bounty on it. after it is working, we can come much closer to that dream of something similar to Dash. but, you don’t need to limit it to just Supernodes, when we do voting, we will let even regular accounts vote. I hope to have that going by summer.

Thanks for you post! We really need feedback from fresh eyes.


#4

Thank you for the replies. They cleared things up nicely.

  • I was also wondering if the namespaces would work as normal account names. I agree the 5000 XEM is too high. I’m pretty sure most users setting up an account expect to do it for free and just get charged when actually transacting.

  • I will have to look up catapult. I’m not aware of that feature.

  • If I am hearing you correct, NEM Supernodes are really just high powered harvesters that are doing the exact same job. So they are not required to exist for the network to function, the just provide extra reliability. That’s very cool. In Dash MasterNodes are a must to support advanced features in DASH. In addition DASH requires miners which although less power hungry than Bitcoin’s still use too much energy. In that sense I feel NEM (and PIVX) have taken the right course.

Well, I am glad to have found out about this project. It is definitely understated considering all the great things it has accomplished. Sounds like NEM has a bright future. I look forward to getting my supernodes up.


#5

I was also wondering if the namespaces would work as normal account names. I agree the 5000 XEM is too high. I’m pretty sure most users setting up an account expect to do it for free and just get charged when actually transacting.

Probably the amount is so high because Namespaces are not meant only for that - the analogy using WWW would be that anyone creating a Wallet, would also receive a domain name like “greg.be”, haha that’d be awesome of course, but… :stuck_out_tongue:

Further on, yes namespaces can be transacted to. You can send money to @evias (please try that :wink: haha) that will send the money to the owner of the namespace.

What I’m thinking is such name features can be easily implemented, fingers (not all) in the nose probably. Have your own namespace for 5000 XEM paid, then publish a nanowallet that lets people register by username and register all those crazy usernames under your root namespace :slight_smile: (that makes it 200 XEM per Wallet only, for example) - because subnamespaces cost 200 XEM.


#6

Hi jabo38,

can you say, when approximately will the new website be online?

I’m really excited about NEM, but nodeComplex is right, it’s quite difficult to find out how easy, fast and really strong NEM really is. And I’m sure that the small volume is because of this and the missing marketing in the medias.

so keep it up, I look very eagerly to the future of NEM!

regards


#7

Shhhhhhhhh - let it still simmer for a while. I need to buy more cheap XEM before it blows up once people know exactly how FRIGGIN AWESOME NEM is!! :blush:

Really, I love the features NEM offer. It is just light years ahead of other cryptos.