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FAQ

Here’s our current list of frequently asked questions.

Is NEM a cryptocurrency?

NEM is not just a crypto currency. NEM is a blockchain project which caters to much more than only handling it’s native currency tokens “XEM”. Above that, and more importantly, NEM is a peer to peer platform and it provides services like payments, messaging, asset making, and naming system. There shall be a lot more to come as NEM is an evolving solution with an outstanding core blockchain technology.

Why should I use NEM when there is Bitcoin?

Bitcoin is a crypto currency and so are most crypto coins. Some are application specific while some are purely crypto coins. Apart from NEM being another crypto currency, NEM is a solution platform. There is more to offer as a platform. As a crypto currency, it does not require a lot of computing power and energy to run a node. NEM also advocates low entry barrier with Proof of Importance (POI) instead of the traditional ones that require a lot of stakes or computing power to mine. In NEM we call it harvesting. In addition, it also uses another solution, called Eigentrust ++ to validate and sieve out bad actors in the network. As an evolving solution, NEM is setting the stage for better things to come. At the initial stage NEM has this to offer:

  • Apostille, blockchain notarizations that are transferable, updatable, branded and conjointly owned.
  • Luxtag, a blockchain base
  • Landstead
  • DragonFly Fintech
  • First blockchain based multisig solution.
  • An encrypted messaging solution that also allows unencrypted and hex messaging.
  • Harvesting: Once harvesting is started, you don’t need your wallet to stay open to harvest. It can be closed and the wallet does not need to be online.
  • Protected wallet, i.e., wallet does not need to be online. It can hide behind a firewall and only connects itself directly to the NIS via the local network.
  • The wallet is protected by a password. The password and private key never leaves the computer on which the wallet is running.
  • Mosaics are NEM’s asset feature and allows assets to be created to be mutable, immutable, capped, not capped, divisible, not divisible, ability to be bagged with other tokens, and levied. They come with descriptions and are a part of Namespaces.
  • NEM’s naming service, Namespaces, allows organizations to build a brand or brands that can be known and identified helping to increase their projects’ reputation.
  • Mobile wallets for Android and iOS as well as a pure javascript light wallet for desktops.
  • Spam protection designed to prevent attacks on the network by raising the fees of the attackers.
  • Node Rewards for participants running high powered nodes that serve light and mobile wallets.

What can I do with NEM?

Where can I spend my XEMs?

  • mynem.store , sell NEM related products such as mugs, hats and accepts XEM as a payment
  • zazzle
  • nembid , similar to eBay that accepts XEM as a payment.

How do I invest in XEM? Where can I buy XEM?

You can buy or sell XEM at many third-party exchange websites.

Note that any XEM stored on third-party sites are not fully under your control. For added safety we recommend you transfer them to your NanoWallet when you are not actively trading.

Markets are always being added for XEM. Coinmarketcap usually has the most updated list.

What is XEM?

“XEM” is NEM’s currency code. It is similar to USD, EUR, CNY, JPY etc.

How do I get started?

Download either the NanoWallet or the MobileWallet to get started.

Available Wallets

What operating systems are supported?

Nearly every operating system will be able to run the cross-platform client.

If you want a standalone version of Nanowallet in 32bit, you can build your custom nanowallet here, and change the app platforms in the gulp file here

Where do I get help?

NEM Help Desk

The best place to get help is by joining the Help Desk on Telegram. There is usually someone online that will be able to give you a quick response

NEM Forum

The NEM forum has many issues reported and solved in the Tech Support Category of our forum. Please search there for the issue you are having, the search bar in the top right of the page is very useful. When getting help with an exchange issue, topics should be posted in Exchange Support

Common Troubleshooting Tips

No balance, Red Node, no dashboard

Most Likely you are not connected to a node, click the red node icon, and select a new node from the dropdown.

These issues will be answered by the faucet owner in this thread

Other common Issues

What is Harvesting?

Harvesting is a process whereby a node will calculate blocks and add them to the blockchain. A block contains all transactions that were sent in the last minute. In other words, a block is calculated every minute. With the help of the proof-of-importance algorithm it is decided which node is allowed to calculate a block and can keep all included transaction fees. More info can be found here.

How can I Harvest?

Requirement: The user account needs a vested balance of at least 10,000 XEM.

What is delegated harvesting?

Delegated harvesting is a security feature in NEM that allows a person to safely harvest using a proxy private key. This proxy private key is created by transferring the POI score of a primary account to an empty delegated account. That private key can now safely be shared with others as it doesn’t actually contain any of the funds in the primary account. This allows a person with delegated harvesting activated to give their private key of the delegated account to third parties so that they can harvest with it. All funds earned from harvesting are then automatically sent back to the primary account. More info can be found here.

How does the vesting of XEM work?

In NEM coins are aged in at 10% per day of the remaining unvested XEM in an account. This is explained in detail in section 2.1 of the NEM Technical Reference.

How Do I Open Port 7890?’

What is Mijin, is it different from NEM?

Mijin is a licensed version of NEM for Private block chain roll out. The difference between Mijin and NEM is as follows:

  • Higher throughput up to 100 Tx/s and more as it is being developed further
  • Nodes are in a private cloud/VPN
  • Accounts are permissioned, i.e, they are only visible to the user
  • Mijin accounts are not connected to NEM and work separately
  • APIs and functions found in NEM are also found in Mijin
  • Business entities can make use of it to develop their own applications and provide services to their users, independent of NEM
  • Mijin is centrally controlled and therefore is more suitable for centralised initiatives.

How do I follow NEM on social media?

Social Media

Telegram

  • NEM Red: Serious NEM discussions
  • Nemberia: More relaxed NEM discussions, price speculation
  • NEM Help Desk: Get help with XEM related issues

Region specific Telegram Groups