NEM [XEM] on its way to unlock advanced blockchain applications, says NEM VP
In the recently concluded Blockchain Forum 2018, Jeff McDonald, the Vice President of NEM Foundation gave some insights about blockchain technology, NEM’s smart contracts and the future applications of cryptocurrencies.
He spoke about the NEM blockchain being integrated into the WeChat application, a first for blockchain technology anywhere. WeChat is a message platform that caters to the Chinese market with a user base of a billion people. The NEM blockchain developed by the NEM foundation makes the platform more secure by creating an ‘unhackable’ and tamper-proof ecosystem.
McDonald then went on to speak about the features present on the NEM platform and how it differs from traditional blockchain systems of cryptocurrencies such as Bitcoin and Ethereum. He stated that the NEM blockchain uses a feature called plugins that allows for seamless communication and transactions. The plugins are a part of a product called Catapult and McDonald believes that it will revolutionize the blockchain technology with its layer-based architecture.
He then went on to point out the differences between the Ethereum blockchain and the NEM blockchain. The Ethereum blockchain has one token based on it, which is the ETH. The token ETH gets powered by the ether which enables it to be processed for transactions while the NEM blockchain uploads all of its coins into the cloud using Application Programming Interfaces [APIs]. An API, according to McDonald, is a set of functions and instructions that allows the creation of applications.
Furthermore, McDonald pointed out the fact that no user had lost any coin on the NEM blockchain and that their coins were present on their wallets every single time. He then touched upon the blockchain technologies that powers NEM and the relatively mainstream coins such as Bitcoin and Ethereum.