Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
The Best Dapps on the NEM Blockchain (New Economic Movement)
“New Economy Movement,” or NEM, was created as an NXT fork. It was launched in the summer of 2014, before the stable platform release at the end of the 1st quarter of 2015. Around that time, it transformed into a completely new codebase following the eventual dismissal of the NXT fork. As a result, NEM’s blockchain technology is sometimes referred to as a Smart Asset System and is considered the world’s first Smart Asset blockchain.
NEM is the Smart Asset blockchain. It’s more than a cryptocurrency, it’s a platform for managing data. It’s the easiest and most cost-effective way to bring blockchain technology to your business. – nem.io
Other than the generic blockchain capabilities in almost all projects like immutability, transparency, p2p, and censorship-resistant, NEM lures its ‘customers’ in by providing a ground zero for operations and applications built on top of it. The protocol also created its cryptocurrency with the ticker symbol XEM, pre-mining all the coins to be in circulation. In addition, it can issue smart contracts, create sub-networks, develop applications, and link real and virtual assets.
Why Developers Choose NEM
The major attraction among developers is NEM’s Smart Asset system. The Smart Asset System allows the customization of the use of NEM’s blockchain, with features including domain-like namespaces and complete on-blockchain multi-signature control. In addition, NEM envisions a blockchain that will enable many ledgers of information and value to co-exist on the identical blockchain.
Simply put, it tries to function as a library of ledgers instead of just one shared register based on the needs of the operating body. Any data that has a value linked to it, be it transaction information or asset transfer or notarization, or real estate contracts, can be stored and propagated on the NEM Blockchain in any manner as customized by the operating authority. For developers that look to find actual use cases that link real-world assets to the blockchain, NEM is, without a doubt, the go-to blockchain network.
Top Dapps on the NEM Blockchain
As of May 2020, most Dapps built on the NEM Blockchain were initiated and developed in-house by the NEM Community.
Mijin
Mijin is a BaaS (Blockchain as a service) solution built on the NEM blockchain that leverages the capabilities of NEM to provide commercial services. It is currently being tested by financial institutions in Japan and worldwide. Mijin claims to have associated with around 140+ MNCs over the globe and typing up with at least 20 of them.
Mijin shows signs of improving efficiency in transactions among corporations and government bodies. It is a base-layer infrastructure that allows interoperability between companies, corporations, consortiums, governments, or any group that wishes to share data or value. As advertised on their website, the significant features of Mijin include Authentication metrics, Permanent/Semi-permanent records, and Assets Ledgering.
Namespaces
Namespaces, a domain naming service inspired by the ICANN (Internet Corporation for Assigned Names and Numbers), is embedded in the NEM blockchain to link digital assets to domains. A namespace allows users to connect real-world assets on the NEM blockchain, giving the support a unique identity and anonymity.
A person/entity can create multiple subdomain addresses under one domain to separate fake digital assets bearing the same name from legitimate ones. Domains and sub-domains allow an asset to function like an e-commerce website on the blockchain. For example, nameSpaces gives assets an identity on the Internet, with a voice of their own.
Copyright Bank
Another project developed in-house by the NEM community, Copyright Bank, aims to be a central repository for the registration and verification of the copyrights of all digital content categories. It will reside entirely on the NEM blockchain and advertises itself to anyone looking for digital copyright services, including individual consumers, companies, and governments. Copyright Bank’s vision is to turn your copyright work into a blockchain-powered dynamic smart asset.
Currently, CopyRight Bank is being used by Software Developers, Authors, Artists, Photographers, Architects, Education, and Training Industry, Entertainment and Music Industry, Advertising and PR Industry, Interior & Industrial Designers, Entrepreneurs, Scientists, Researchers and Inventors and R&D Departments from all over the world. They can link their content to the NEM Blockchain. This makes future references to the content unfalsifiable and proves the authenticity of the creator.
LuxTag
LuxTag, a dapp and Malayan startup, enable businesses & their customers to deter counterfeit, prove ownership & provide track & trace of products for the digital age. As the official website says, “(The application) enables assurances to supersede assumptions” LuxTag appeals directly to customers by assuring them of curbing counterfeit activity worldwide, which forms a parallel market to luxury items.
By getting luxury goods manufacturers to link every product to the LuxTag platform, consumers can immediately verify the authenticity of a product via a certificate on the blockchain that holds information about the product’s original manufacturing process.
LexTag uses an in-house mechanism for tracking called Papyrus. With Papyrus, companies can tokenize items to create a trail of ownership & history of their products. Any assets or products can now be represented as tangible live assets on the blockchain, whether you’re an artist, a craftsman, or a collectible hobbyist. It fully uses the Smart Asset Capability of the NEM blockchain.
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