Consensus Mechanism: Proof-of-Importance
Genesis Date: March 31st, 2015
Block Time: 1 minute
Available/Total Supply: 8,999,999,999 XEM
Block Reward: N/A (transaction fees only + node rewards)
You can download the NEM software at nem.io.
What is NEM?
NEM has gone through extensive open alpha testing starting June 25, 2014, followed by lengthy and comprehensive beta testing starting on October 20, 2014. NEM finally launched on March 31, 2015.
What is POI?
POI is the consensus algorithm used in NEM to determine who will calculate the next block. An account’s importance is determined by how many coins it contains and the number of transactions made to and from that account. POI is different from other initiatives which use a fee-sharing model that does not take into consideration one’s overall support of the network. In some proof-of-stake systems a person only needs to have large amounts of coins to form a block; however, in NEM the transaction amount as well as support of the network become a factor. This has been designed to encourage users of NEM to not simply hold NEM but instead actively carry out transactions within the NEM ecosystem.
How to Mine Nem (XEM)
Requirements: You must have 10,000 Nem (XEM) in your account before you can begin harvesting.
This guide will show you all the steps for using the NEM installer.
Note 1: If you do not have, or are unsure if you have 64 bit Java 8, please follow this guide before proceeding.
Note 2: 10.10 Yosemite and up is required for Mac.
Note 3: If your computer cannot support 64 bit software, you will need to use the standalone version of the NEM software. Please follow our Windows guide or Mac guide.
Go to nem.io/downloads/.
If you have 64 bit Java 8, please click “Windows Installer” or “Mac Installer”, depending on whether you want to install NEM on a Windows computer or a Mac computer.
A window like shown below should appear. Click “Save” to store the installation file on your computer.
Once the file has downloaded, start it.
Note (Mac): Mac might not allow you to install NEM due to security settings. If this happens, please go to System Preferences -> Security & Privacy -> Install anyway.
Note (Windows): Windows will show a “User Account Control” window, or another form of warning message – click “YES” when this message appears.
Proceed to navigate through the installation process.
i) Click “Next” when the window below appears.
ii) Click “Next” again:
iii) And again:
iv) And finally:
Note: If the NEM client does not automatically launch after you have clicked “Finish”, you will find a shortcut on your desktop which you can double click to launch the client.
Congratulations! You just installed the NEM software.
Now that you have installed the NEM client, you will most likely want to start harvesting after you have loaded your account with XEM so that you can earn even more.
Begin Harvesting and Mining Nem with Delegated Harvesting
The NEM developers have been focused on making the NEM platform secure. Delegated harvesting is an important security feature because now a person can safely use any node on the network to harvest without fear of having their account being compromised.
On most POS based cryptocurrencies a private key must be passed to a node for one to harvest/forge. This is a security risk because it exposes the private key to potentially malicious actors. In NEM a person can delegate their importance score to another account that has no actual XEM in it. If that account is exposed, there is nothing to steal. While at the same time, any funds harvested on the delegated account will go directly to the original account that initiated the delegated harvesting. All the same benefits with none of the risks.
1) Setting Up
To activate “delegated harvesting”, first open your wallet up. You will notice that you have two options. One is to “Start local harvesting” and the other is to “Activate delegated harvesting”.
To activate “delegated harvesting”, please stop local harvesting first. Then select “Activate delegated harvesting”.
You will then see a popup that explains it will take 6 hours to start harvesting. Enter your wallet password and click okay.
If you were successful, you should now notice that there is a new transaction in your Dashboard that shows that you have made an “importance transfer” essentially delegating your importance score to another account that you may now use freely without any risk to your real account.
After 6 hours has elapsed the button that was once labeled “Start local harvesting” should now read “Start delegated harvesting”. You can click on this button and may now harvest on any NIS safely whether that be a local machine or a remote node.
If everything is working correctly, you will now see an option to “Stop delegated harvesting”.
You now have all of the benefits of remotely harvesting safely with none of the risk. Congratulations!
Mine Nem (XEM) with Minergate or Ethminer CPU or GPU Mining
Do you want to mine XEM? Fortunately NEM uses a new and improved consensus method called POI that is ultra-light and energy efficient. For more about havesting on NEM (NEM’s version of mining) please visit the following blogs.
But some people like the original POW style of mining. As mentioned above, NEM uses harvesting which works from an accounts importance, but if you are still interested in POW style mining with video cards or ASICs what you can do, however, is mine other altcoins and move them to XEM at their exchange rates automatically.
This has two main advantages for both you and the NEM ecosystem.
You take advantage of NEM’s relatively stable/rising price for your asset holding.
You slowly but surely increase the NEM market cap from the exchange rate of whatever coin to XEM.
So, without further ado, let’s get started switching your mining rigs to XEM.
Sign Up for Minergate
Signup Link: Note that Minergate/Changelly are not endorsed by the NEM developers, use at your own risk.
This service allows you to mine directly to Changelly, one of the exchanges with whom you can exchange NEM. This makes it so that you can withdraw your mining profits in XEM without having to sign up for another exchange!
This is perfect for people who don’t want to sign up for an exchange but want XEM. Now it’s possible to mine to your NEM wallet.
Don’t have a GPU? No problem. You can download the MinerGate client from their website and turn on smart mining. It will automatically mine the coin that’s most profitable at the moment, so there’s nothing else to worry about.
Happy CPU mining. Skip ahead in the article for information on how you can withdraw to your XEM wallet.
Don’t want to download anything? Just head over to the “Web Mining” tab of MinerGate and turn on Monero mining. At the time of writing this, it is the most profitable CPU coin. You’ll notice your shares to go up, and all you have to do to keep mining is keep the page open.
If you already have GPU mining rigs, this is where the real profit’s at. Chances are that you already are mining Ethereum, so all you need to do at that point is point your miners to minergate.
ethminer -C -F http://eth.pool.minergate.com:55751/YOUR_EMAIL --disable-submit-hashrate(GetWork)
ethminer -G -S eth.pool.minergate.com:45791 -O YOUR_EMAIL(Stratum)
ethminer -U -S eth.pool.minergate.com:45791 -O YOUR_EMAIL(Stratum)
If you already have GPU mining rigs but want a GUI for some reason, just follow the CPU mining instructions, but the GUI will mine with your GPU in smart mining.
Withdraw to XEM
Alright, you’ve mined some coin, so now all you need to do is go sign up for Changelly and tell them how much you want to withdraw to XEM. Then click through the prompts that ask where you want the XEM sent, etc. On the sending step, just click the minergate invoice button.
Then just hit confirm, and you’ll receive your XEM shortly.