A Year in the Making
After 12 months of hard work and relentless coding, the cryptocurrency NEM (New Economy Movement) has officially hit the digital streets. Cointelegraph had the exclusive opportunity to chat with Makoto, one of the brilliant minds driving this project, to peel back the curtain on what makes NEM tick.
Meet Makoto: The Brains Behind the Operation
Makoto, a PhD student with a specialization in cognitive science and artificial intelligence, dove into NEM in February, joining a team of elite developers all working towards a common goal. You could say he’s the multitasking champion: a lead developer by day and a student by night. With his mind set on fixing economic woes, he took the reins in developing NEM’s unique Proof-of-Importance (POI) algorithm.
Who’s on the NEM Team?
Makoto can’t rave enough about his colleagues. “The core developers are amazing,” he said, as if he were describing a superhero team. With five main devs, including those with PhDs and coding rockstars, the NEM squad is a powerhouse of talent: Gimre, BloodyRookie, and Jaguar among them. More than 40 enthusiasts—translators, marketers, and community members—round out the crew, collectively forming a small but passionate family.
Tackling Wealth Inequality
What ignited the creation of NEM? Makoto points to a harsh reality: wealth concentration is rampant not just in our traditional economies, but in the crypto space as well. “If one person can dump and destroy an entire currency, it reduces opportunities for others,” he emphasizes. NEM strives to balance the scales by empowering individuals, putting money back into the hands of the people.
What Makes NEM Different?
NEM isn’t just about fixing old problems; it’s about building unique solutions. The platform allows users to directly control their finances through features like multisignature accounts for safer transactions. Instead of relying on centralized authorities, NEM users can send value and encrypted messages without fear of exploitation.
Proof-of-Importance: A Step Up
Unlike the widely-known Proof-of-Work mechanism used by Bitcoin, which can drain energy like a thirsty plant, NEM utilizes Proof-of-Importance. This innovative model rewards users who actively transact within the network, driving home the point that participation, not just wealth, is essential.
NEM vs. NXT: What’s the Scoop?
Many have drawn comparisons between NEM and NXT, but Makoto insists they are apples and oranges. While there were initial thoughts of using NXT’s code, the team quickly opted to develop their own system from scratch. If anyone can differentiate between the two after a thorough look, they might deserve a gold star for their efforts!
The Launch and Its Future
With a whopping 8,999,999,999 XEM (the currency of NEM) created and distributed among nearly 1,500 individuals, the platform is just gearing up. As they look towards the future, NEM is more than a cryptocurrency; it’s a global movement that aims to collaborate with everyone from governments to individuals to create a more efficient economy.
In short, NEM is set to redefine how we think about money and economic power, making strides toward a world where financial opportunities are shared more equally.
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