Today we’re gonna talk about NEM, a blockchain platform that tries to do a bit of everything, from smart contracts to voting systems and enterprise blockchain. How’s NEM’s development doing? Are they on track to get a high grade from our analysts?
NEM is short for New Economy Movement. It was launched all the way back in 2015 and was hyped a lot during thbull runun in 2017.
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Our analysts have recently performed a full investment grade analysis of NEM to find out what are its weaknesses and strengths, which you can find on our website for free.
NEM’s core technologisre the Mosaics, which are blockchain assets that can represent anything from a custom token to a contract or stock. An important feature of NEM is that its contracts are executed outside of the blockchain, which means that they are faster, but they’re also much more centralized.
Unlike most blockchains, there’s no programming language to build contracts, and you need to use an API instead, which is faster and more secure, but also much more limiting.
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DApp developers don’t seem to like this approach and NEM is lagging far behind other platforms. Worse is that it’s had barely any development in the last few years. Most of the money was just spent on marketing. The NEM Foundation recently almost ran out of funds, and it had to change leadership and ask for more funding to continue working.
Despite some good ideas, these factors made our analysts give NEM one of their lowest grades yet.
The trading crowd hasn’t been that pumped up about XEM either.
XEM/BTC Price Action Analysis
Versus Bitcoin, it reached an all-time-low level on February 6th, 2019, and since then has had a very slow attempt to recover. Most recently, the XEM/BTC pair has been trying to penetrate the lower band of the daily Ichimoku cloud with no luck. While for a crypto with strong fundamentals, this could present an excellent buying opportunity, investors should follow NEM’s project development closely before jumping in.
Now I’d like to hear from you. Do you think we’re being too harsh on NEM? After you use the red button below to subscribe to our Video Briefings, head over to the comment section, give me a shoutout and let me know.
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