NEM: History of Being a Game-changer!

5 min readOct 10, 2020

Hello. Earlier, through Medium I told you about the remarkable change that will happen, that is, the emergence of Symbol. Symbol will take the NEM platform to the next level with its great features without a doubt.

But in today’s article, I will give you a break from talking about Symbol for we will make a brief trip to the history of the NEM platform. We will talk about the historical milestones of the NEM platform now.

If we’re ready, let’s get started!

Phase 1: Birth of NEM as a milestone in blockchain history!

Those of you who are more or less familiar with the NEM project may know, but since my main goal is to introduce the project to almost every blockchain enthusiast, I have to mention the birth of NEM.

NEM emerged as a game-changer, both with its development and its basic principles. The project, which has been shaped by a collective set of ideas in the Bitcointalk forums, has basically emerged intending to present the highest possible decentralization with the highest possible performance values. The process, which started in 2014 with the idea of taking the technological infrastructure from the Next project, ended with the thesis that it is a whole unique code system.

One of the interesting things at this point is NEM’s coin distribution attributes. In total, 75% of the fixed supply of XEM token was distributed almost equally to approximately 3000 people.

Have you seen a more decentralized approach than this before?

In the meantime, it should be stressed that NEM is the pioneer of the Proof of Stake (PoS) mechanism, which has been technologically close to being perfect today.

Phase 2: Malice is always there, but how you fend it is important!

On January 26, 2018, the Japanese crypto exchange Coincheck fell victim to a serious hack. As a result of the attack, 523 million XEM coins were stolen, worth about $400 million back then. Of course, this attack was not the fault of the NEM project, but since the stolen coins were XEM, the developers of the NEM platform took the lightning-fast initiative and by marking the stolen coins, they prevented the possible financial problems that their transfer would cause. After collecting sufficient data on the subject, they conveyed the issue to the authorized sections.

Thus, this major problem that could have caused serious problems for investors and affect the reputation of the project was eliminated.

Significant projects are not only evident in their emergence but also in how the project is maintained. This event was important in that view it showed all groups how possible negative interference would be eliminated by NEM.

Phase 3: The best examples of how real-world applications meet blockchain!

In July 2018, the Ukrainian Electoral Commission launched a blockchain application test that powered by NEM to experience how elections can be held electronically and with maximum security. This application was a real turning point in terms of both cost and creating a safe and effective voting atmosphere.

Also in November 2018, the Malaysian Ministry of Education partnered with NEM. The support of the NEM platform was requested in order to determine the authenticity of student degrees and to prevent fraud. Thus, any possibility of fraud or fake certificate could be eliminated.

NEM has provided exquisite examples of how blockchain and crypto-assets can be used in all areas, including very important parts of our lives.

Now further with Phase 4: Symbol!

The milestones I have gathered so far were some of the steps that led the NEM platform to gain a solid space in the crypto world. Now, a major turning point lies before us again. The Symbol platform will be online very soon and the features we know from NEM will be strengthened, while the enterprise blockchain world meets a real revolution with newer and more effective features.

I won’t go into details about Symbol in this article, but you can find the articles I wrote before here and here.

These were the most important turning points for the NEM platform, which is one of the most powerful projects in the crypto and blockchain worlds. My articles about the project will continue.

Thanks for reading and stay tunned and healthy!

Note: By the way, I don’t want to go without mentioning that NEM has a great community and a HUB that carries out promotional activities for both NEM and Symbol. If you participate, you can both get to know this wonderful project in-depth and earn rewards for the work you put forward. If you are interested you can find the link below.