Audit Date: 27 September 2022
ECOSYSTEM SCORE
27 September 2022
48
ALERTS
No Alerts
REVIEW NOTES
Sep 05, 2022

Ecosystem score is decresed as per the score factor of section in protocol

Sep 05, 2022

Documentation API score is decreased as it having less understabilty

Aug 18, 2022

Documentation score decreased due to less understandablity of node setup and skeleton code

Jun 22, 2022

Add-Ons decreases by security auditing tools

Jun 22, 2022

Documentaion increases by their existance

Jun 21, 2022

Foundation tools decreases by essential tools, programming language support and sdks

PERFORMANCE
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20
NODES

150 nodes

WRITE SPEED

N/A

READ SPEED

N/A

GAS FEES

N/A

UP TIME

64%

PERFORMANCE MATRIX VALUE MONITORED AT
Uptime Percentage 64%
Node Count 150 nodes
Reddit Total Members Online 405 members
Reddit Total Members 22 members
Discord Total Subscribers Online 335 subscribers
Discord Total Subscribers 10,935 subscribers
Telegram Err 0 err
Telegram Ppm 0 ppm
Telegram Views Per Post 0 views
Telegram Total Subscribers Online 487 subscribers
Telegram Total Subscribers 18,641 subscribers
FOUNDATION TOOLS
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38
ESSENTIAL TOOLS
PROGRAMMING LANGUAGE SUPPORT
SDKs
DOCUMENTATION
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80
API DOCUMENTATION

Exists

90
NODE SETUP

Exists

80
SKELETON CODE

Exists

50
VALIDATOR NODES

Exists

100
GRANT PROGRAM
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0
AVAILABLE GRANT

N/A

ADD-ONS
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45
THIRD PARTY SERVICES
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33
PROTOCOL SUPPORT
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20
ADOPTION
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100
DEVELOPERS

311

REPOSITORIES

11

COMMUNITY
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100

Overview

NEM, elaborated as New Economy Movement, was launched to empower people by building a "new economy based on the principles of decentralization, financial freedom and equality of opportunity." 

NEM is a blockchain-based ‘virtual currency and payment network’ platform that emerged as a fork-out version of another blockchain-based platform called NXT. Later, NEM.io developed its codebase to make NEM faster and more scalable, which led to the emergence of a new NEM cryptocurrency platform.

NEM has its currency, XEM, traded by cryptocurrency holders but not utilized as a payment method.

What is NEM?

Launched in March 2015, NEM, a blockchain platform, is one of the industry's pioneers that aims to improve the drawbacks of other chains. It was one of the first non-Turing full chains to include user-defined tokens (mosaics), namespaces, multi-signature accounts, and a P2P reputation system based on a custom EigenTrust++ algorithm. NIS, the NEM client, is written in Java.

Presently, NEM supports a cryptocurrency wallet called Nano wallet.

Consensus Mechanism

NEM uses a unique consensus mechanism known as Proof-of-Importance (PoI) to add new blocks to the chain. It gives importance to a user's network support that is decided based upon the total number of coins a user owns and the number of transactions carried out through the user's NEM wallet. A user should stake 10,000 XEM to become a validator.

The verification process of the NEM protocol is called Harvesting and the people who verify the transactions are known as Harvesters.

Architecture

NEM Nodes 

As one of the most significant aspects of a blockchain, Nodes provide the security and stability needed for the blockchain to operate. The NEM cryptocurrency network has two types of nodes which are:

  • Supernode - It is an address that holds at least 3 million XEM cryptocurrencies and serves as a network validator. They are regularly rewarded from the NEM coin treasury, which was set aside when all coins were issued during the Genesis block stage.
  • Harvesters - Harvesters are users who have at least 10,000 XEM coins in their accounts. Like miners in a Proof-of-Work mechanism, Harvesters harvest a block to get the transactional fees included within the block as a reward.

Multisignature technology

Multiple users must sign a transaction to update it on the blockchain, making the network malicious proof.

Unique Features

  • Namespaces - Similar to internet domain names, namespaces allow users to create multiple domains and sub-domains for various projects on the NEM blockchain.
  • Mosaics - They are the custom assets on the NEM network that can be linked to physical, valuable assets and can be transferred on the network.
  • Eigentrust++ algorithm - It creates a "reputation system" for network nodes.

Popular Use Cases

  • Supply chain management
  • Asset tracking
  • Records keeping
  • New token issuance