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NEM is a peer-to-peer cryptocurrency and blockchain platform launched on March 31, The NEM blockchain software is used in a commercial blockchain called Mijin,  which is being tested by financial institutions and private companies in Japan and internationally.
NEM technology allows multiple ledgers to coexist on one blockchain. All transactions in NEM have transaction fee associated with them and denomination used to pay for transactions is mosaic named XEM. The NEM developers are pseudonymous. The goal of the call was to create a community-oriented cryptocurrency from the ground up. The hack only involved NEM, because the security breach was caused by the lack of strong security measures of Coincheck with regards to their implementation of NEM, lacking the use of mutlisignature support or a cold wallet [ citation needed ].
The NEM development team refused to conduct a hard fork. Instead NEM is created an automated tagging system. This automated system followed the money and tagged any account that received tainted money.
NEM's design architecture consists of two components. The second is the client used for interacting with the nodes. The NCC is client software that includes a wallet.
Both NCC and the NanoWallet can be run isolated from the internet, providing security through an airgap. Within namespaces, there are higher level domains and subdomains. This allows one person with one domain to create many different subdomains for their different projects or outside business accounts.
It also helps to build and maintain a reputation system for Mosaics. NEM uses a system called "Apostille" to notarize documents and make timestamps; Apostille creates a key based on the data in the transaction. NEM ensures the health of the blockchain by monitoring past behavior of nodes within the network. In proof-of-work, the amount of work a node does is used as a measure for its ability to protect the network.
This adds to the NEM network's ability to be run and maintained efficiently. NEM implements multisig short for multi-signature technology on its platform. This means that m out of a total of n signatories must sign a transaction before it can be broadcast onto the blockchain.
NEM's multisignature works by making a contract on chain so that the "m" accounts have full transaction privileges over the account that has been turned into a multisig account.
Since the contract metadata is on chain, it can easily be updated by adding or subtracting additional signers given that the required number of parties agree on it. Mijin is a private blockchain that uses the NEM software. From Wikipedia, the free encyclopedia.
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