Table of Contents
NEM stands for “New Economy Movement,” whose Crypto token is XEM. The platform relies on its Proof-of-Importance (PoI) algorithm and Smart Asset system to make blockchain-based applications more adaptable and manageable. Read the blog to learn more about this crypto.
Introduction to NEM (XEM) coin
NEM is a Peer-to-Peer (P2P) blockchain whose native token is ‘XEM.’ NEM’s goal is to give businesses access to blockchain technology so they may expand and scale their operations. Organizations can notarize assets with a time stamp through NEM, a distinctive and essential blockchain feature. In the NEM ecosystem, these assets are referred to as mosaics. NEM is focused on redefining the equity market as well. The consensus algorithm used by the NEM blockchain, termed Proof-of-Importance (PoI), is what actually sets it apart from other blockchains. It is similar to Proof-of-Stake (PoS) but does not entirely depend on the balance of an account.
Get WazirX News First
On which consensus algorithm NEM works?
Proo-of-Importance (PoI), a unique consensus technique used by NEM, makes it simpler to reward contributors to the community.
Similar to Proof-of-Stake (PoS), it is designed in such a way that it allows those who contribute to NEM to not be at any disadvantage to those who have more XEM.
PoI was designed to create a more equitable economic zone than PoS by addressing the problem of people who can hold a significant quantity of currency for an extended length of time and be able to construct an oligopoly.
Benefits associated with NEM (XEM) coin
- Quick work speed: The NEM blockchain ecosystem generates a block every minute, which is a technical indicator that outperforms all other cryptos. Bitcoin takes ten times longer.
- Rapid transactions: They promptly pass and don’t wait more than a few seconds for confirmation. The system can now process 4,000 transactions at once.
- Improved security: A high level of security against hacking and cyber-attacks. The XEM coin’s reliability is guaranteed by utilizing Eigentrust++ and a public node network that is incentivized and built on a two-tier design.
- Simple to use: Direct downloads of all the programs and tools required to use the system are available from the developer’s official website. Every operating system, including mobile ones, has a version.
- Low commission: The NEM blockchain network has a set fee of 0.01% of the commission amount. Whether you transfer one NEM coin or a million, the proportion won’t change.
- Supernodes program: Owners of network nodes (active nodes) benefit from this. These nodes must comply with all requirements for bandwidth, speed, chain height, and other factors because they are there to safeguard the network.
How to buy NEM (XEM) coins in India?
Below are a few simple steps you can follow and buy the XEM token in India with WazirX, India’s most trusted and widely used Crypto exchange.
The best way to buy XEM tokens is using P2P trade. To get answers to all your queries related to the P2P trade, click here!
Step 1 – Sign-Up on the WazirX platform
To begin buying and selling XEM Crypto, you are required to create an account on the WazirX platform by signing up. Also, you can directly Log-in if you have an account already on the platform.
For your reference, here’s how you can open an account on WazirX.
Step 2 – Set up your account security by verifying your email address.
This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC process.
After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.
Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX account using P2P.
After integrating your bank account into your WazirX account, you can buy USDT through P2P to the WazirX wallet. The USDT will act as funds to help you buy your favorite Cryptos.
Step 5 – Finally, buy XEM on WazirX.
You can now easily purchase XEM tokens using P2P trade on the platform. Check the XEM to INR rate from here and XEM to USDT here.
After logging in to your WazirX account, you can choose USDT from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total USDT amount to be paid.
Your order will be placed according to the price you have input. A seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the XEM coins you purchased in your WazirX wallet.
Happy Trading!
Frequently Asked Questions
How To Invest In Cryptocurrency Stocks?
Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.
What Is Crypto?
Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.
How Cryptocurrency Works?
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
Is Crypto Legal In India?
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
Is Mining Cryptocurrency Legal?
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
How To Invest In Cryptocurrency In India?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
Is Cryptocurrency Safe To Invest In?
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
Are Cryptocurrencies A Good Investment?
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
Is Cryptocurrency Legal In India?
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
What Is The Meaning Of Crypto?
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
Disclaimer: Click Here to read the Disclaimer.
