If I create my own mosaic-based currency using Namespaces and Mosaics will my customers be required to purchase NEM and hold it in wallets in order to transact (similar to how with ETH-based tokens you have to purchase ETH (and) The Token to transact)
A particular frustration of mine was when I would purchase Augur and other ETH-based tokens but had to pay fees in ETH rather than the target token I was holding, meaning I always had to carry two types of tokens. Would a private NEM blockchain avoid this? Could a Private NEM Blockchain have it’s own coin? Or…would any XEM fees be unavoidable when dealing with mosaics.
Would I be able to use a custom wallet for Mosaic tokens, which could measure their loyalty points or would my Customers have to use the NEM wallet?
I need some customized features for customers to measure their points and contribution, but am not sure if we use Mosaic Tokens how transferring them to a specialized wallet only for those tokens work. If we could build our own solution using any open source XEM wallet as a starting point or not.
If the price of XEM’s go up in the market will the yearly price it cost to renew namespaces adjust itself or will the cost also go up as well.
I’ve resisted using existing blockchain platforms for this project because they become more inaccessible the higher value their currency climbs. So far Nem is affordable, but I’m worried if the value goes up that may change in the future.
Does it cost money to use a Private NEM Blockchain? The only reference to private blockchains I saw was in NEM FAQs by Mijin which is $500/node with a minimum of 4 nodes per month, that’s 2k/month in USD – would we be charged a fee using our own in-house solutions that we could use to utilize NEM’s blockchain for our loyalty point system?
Below I’ve added more specific questions bolded, taken from another article I found attempting to explain it
" Anyone can use the public NEM blockchain by making use of the API calls Is there an example of how this would work using the public chain? but for applications that require more privacy or wish to keep things in-house, a private version of the NEM blockchain can be provisioned to run on internal servers and only make use of predefined nodes of the users’ choosing. How would a private version of NEM blockchain be provisioned – do we have to clone the NEM Blockchain? On these trusted, private node networks, Are these referring to Namespaces? Would 10,000XEM be required to be a node in our private network? some features of the public network that are in place to prevent bad nodes from causing problems can be removed or reused in scope, allowing for even faster transactions (into the thousands/second) in a closed box setup How does the Private Chain interact and use features of the public chain with APIs?. Private blockchain deployments can be used to power anything from loyalty points programs How could a loyalty program be implemented using NEM? What would that look like when done efficiently? Is a Private chain required or more efficient to implement this? to affiliate programs, all without ever exposing the transaction data and providing unparalleled speed and security. This makes a lot of sense for companies that want to use the blockchain to power up their existing internal tools and don’t need the added functionality of the public chain."
On a private version of NEM blockchain can we modify POI for our loyalty points?
We’re developing a loyalty system that uses a modified version of POI basically rather than incentivizing harvesting we’re incentivizing contribution such as donations, purchases within the network. The reputation system is how we want to offer ‘levels’ which create greater loyalty type points whenever a purchase is made. These loyalty type points can be redeemed in our shop or for services. But aside from attempting to clone or mimic NEM blockchain to distribute our own native coins or Mosaic tokens – I’m not sure how we would go about using NEM for our customized needs. I see that NEM can be used for these applications but don’t see any walk-through or tutorials anywhere how to use them in those use cases so am reaching out here.
Are there any tutorials on how to connect private NEM Blockchains and APIs?
I see how to create Mosaics but I can’t seem to find information on how to use an in-house private version of the NEM blockchain to still take advantage of NEM’s features. Wouldn’t creating a private blockchain be essentially cloning it? I don’t understand how a clone of NEM’s blockchain could work with predefined nodes (within their own system or NEM, is a predefined node a predefined namespace – would that namespace need to have 10,000XEM to be a node?)
Is Catapult Engine different from NEM?
I noticed a question asked about running private blockchain on Catapult Engine and I wasn’t sure if it was separate from NEM or part of it. I can’t seem to find a Catapult website but would be interested in it since we would like to implement A.I, and it sounds feature packed but would not know where to get started since there doesn’t seem to be much information about it online.
sorry for repeat questions, I can be redundant, thank you for your patience, grateful for any input