In what ways does Nem compete with Ripple, R3CEV, NXT and other similar protocols?
Thanks for your feed back. I agree that Nem does offer something different that other platforms cannot bring to the table and that is the communication between Nem users. This Proof of Importance is a very unique way of making communication the act that differentiates the Nem protocol from simple ones that are basic in their approach to sustain and deliver information.
• A new consensus mechanism called POI.
• First ever P2P time sync of nodes. (great for security of the chain)
• First use of the Eigentrust++ as a security clustering algorithm so nodes can give reputation to their neighbors in clusters, making it very difficult for a node to give false information consistently to the network. (great for security of the network)
• First use of a new kind of transaction spam guard. It targets the specific accounts doing the spamming and raises their transaction fees, while letting the global transaction fee rate stay low. (good for the chain)
• First blockchain with a multisig 2.0 protocol. NEM’s version of multisig doesn’t make new accounts for a multisig address, instead it takes an existing account and makes a contract over it with other accounts. This form of multi-user accounts can make any form of M of N with ease and can also can have the M or the N edited with ease as it is simply just updating the meta data of the blockchain based contract. This form of multisig also has blockchain based notifications so transactions or updates of the M of N are pushed to the wallets as transactions to sign. (great security and ease of use for the user. simply the easiest and most flexible multisig in crypto)
• NEM’s multisig is so easy and flexible to use, it can be used as a foundational tool for DAO’s.
• Messaging, which can be done unencrypted/encrypted/hex. (great for users and programmers)
• Secure wallets so that any wallet may interact with any node on the network safely. (wow!)
• Mosaics are the most advanced token creation feature in crypto allowing for many advanced 2.0 features. When creating personalized blockchain based tokens, the mosaic can be created as mutable, immutable, divisible, not divisible, levies, transferable, not transferable, descriptions, and a name as a part of namespaces. (great for businesses)
• Along with mosaics, NEM will also released its new naming service, Namespaces, that is also be the most advanced and most integrated naming service of any blockchain. (great for reputation of businesses that build on NEM as all projects can be under an umbrella name or or even sub-domains)
• A light wallet that can easily be adapted by third party devs as it is pure JS/HTML/CSS. (great for users)
• Soon to release Node Rewards. (added network strength)
• And… EASY to use universal APIs for just about everything a person can do on NEM. This means it is a great platform for businesses to build their applications on.
• And lastly NEM is being built by professional software engineers to scale, be safe, and be easy to use.