What is NEM - Reading assignment

Blockchain Programming Course
#1

Welcome to the discussion about the reading assignment about Solidity Events

Leave your answers to the questions below in this thread. If you have any questions or you want to discuss something connected to the assignment feel free to do it in this thread as well, but please keep everything to the topic.

  1. What are smart assets?
  2. What consensus algorithm is used by NEM and how does it work?
  3. What is catapult?
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#2

1. What are smart assets? Smart assets are digital tokens that represents things of value, where ownership can be transferred and written on the blockchain.

2. What consensus algorithm is used by NEM and how does it work? NEM uses a consensus algorithm called “Proof of Importance,” which rewards nodes based on the amount of XEM (the currency of NEM) they hold and how often they use XEM to transact. Nodes with higher importance scores have a higher chance of “harvesting” transaction fees.

3. What is catapult? Catapult is the codename given to NEM’s latest major release, which brings improvements in speed and scalability to its blockchain along with some added functionality.

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#4

  1. Smart assets are sort of digital tokens.

  2. NEM uses consensus algorithm called Proof of Importance (PoI), which rewards nodes holding a large amount of XEM and those that use the currency by making transactions. Supernodes are nodes with the highest holdings of XEM, which perform the work of creating new blocks and are rewarded by the transaction fees in those blocks.

  3. Catapult is the blockchain-based engine which is designed to represent new NEM protocols to the customers.

#5
  1. smart assets are digital tokens similar to ethereums ERC20 tokens. They have less features but they are easier to create and handle.
  2. NEM has a reputation based consesus algorithm that rewards nodes with high reputation, which can be achieved by holding a large number of XEM and making transactions.
  3. NEM has rewritten it’s source code from Java to C++ which resulted in a huge performance increase.
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#6

What are smart assets?
- Smart assets are like Ethereum tokens, though apparently easier to create. These smart assets are what are stored on the NEM blockchain.

What consensus algorithm is used by NEM and how does it work?
- PoI or Proof of Importance is NEM’s reputation-based consensus algorithm. It seems that it is a valuation of those who hold XEM tokens by quantity, active use, and duration of holding.

What is catapult?
- Catapult is the codename for the effort to re-write NEM’s source code from JavaScript to C++.

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#7

1. Smart Assets can be compared with Ethereum tokens. They are easier to create and can be used in a similiar style, for example hosting an ICO.

2. NEM uses a reputation-based blockchain consensus algorithm called Proof of Importance (PoI). Nodes that hold a large amount of XEM and make a lot of transactions have a higher reputation in the network which gives them a higher amount of the transaction fees. Blocks are created by Supernodes which require 3 million XEM and users with at least 10k XEM can assign their coins to such a Supernode to get a share of the transaction fees of the new block.

3. Source code rewrite from Java to C++ to increase scalability.

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#8
  1. Smart assets are the tools that will transfer digital value. They function like tokens. The cool thing is that NEM doesn’t need a specific language to build them, like Solidity to Ethereum, for example. In NEM’s Blockchain, you can build a Smart Asset using any language.
  2. They call it Proof of Importance. They will be able to validate transactions on their SUPERNODES. Because the supernodes sorted out the scalability issues, there are only a few supernodes in the world. However, anyone with more than 10,000 XEM (NEM’s token) can “stake in” and take part in the Delegated Harvesting and earn more tokens with that. The more important you are, the more tokens you have to validate transactions, that’s why Proof of Importance (POI).
  3. The source code of NEM is a huuuge Open Source library that includes all possible computing languages that ever existed. They had to combine all those languages together so people could interact with NEM in all languages. When they “finished” all this big library of all languages together they named it CATAPULT. It’s never really finished, as computing languages evolves, as so does the source code of NEM.

I’m happy I learned a lot from this…

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#9 
What are smart assets?

Smart assets are a similar to Ethereum’s token system. Smart assets have a downfall in that they are less versatile than Smart contracts but more easy to create.

What consensus algorithm is used by NEM and how does it work?

Proof of Importance (POI) is the consensus algorithm that NEM uses. It is based around earning reputation by holding and using XEM, NEM’s currency.

What is catapult?

Catapult was a project that rewrote the NEM source code from Java to C++ to increase the number of transactions per second that the network could handle, improving scalability.

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#10

  1. What are smart assets?
    comparable to Ethereum tokens, easier to deploy

  2. What consensus algorithm is used by NEM and how does it work?
    Proof of Importance: nodes holding a higher amount of NEM (duration is important) or nodes making more transactions have a higher reputation and can therefore get a higher share of the transaction fees.

  3. What is catapult?
    The rewrite of NEM’s source code from Java to C++ is called catapult.

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#11

1.Very easy for creaion tokens that represent value of digital asset
2.POI = proof of importance. It is reputation-based blockchain consensus algorithm. This reputatation is growing according to time of holding NEM coins and quantity of transactions made by this NEM holder. More reputation = more chance for “harvesting” transaction fees
3. Catapult made changes in NEM bloockchain. After this NEM is mor scalable and user friendly.

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#12

  1. Smart Assets are tokens on the NEM blockchain that represent any type of assets similar to tokens on ethereum blockchain. These smart assets dont have the same level of functionality as ethereum smart contracts but are more easy to use instead.

  2. Proof of Importance, where those nodes having the most XEM held and those that participate in many transactions are rewarded through harvesting. Supernodes are responsible for mining new blocks and others may also participate through delegation if they have 10,000 vested XEM.

  3. Catapult is the blockchain based engine that can support private and public networks.

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#13

Just finished getting solidity and web 3.0 downpacked. Now that that is out of the way, I am very excited to get my hands on some NEM.

  1. What are smart assets?

    2. Smart assets are simpler templated drop and deploy, without having to write any code. But simplicity means a loss of functionality, and thus is not as customization as smart contracts.

  2. What consensus algorithm is used by NEM and how does it work?

    3. NEM uses a reputation based consensus algorithm. It is POS like in that nodes that hold a large amount of XEM are rewarded with transaction fees. This is termed harvesting and it increases your reputation. Also your reputation increases temporarily by making transactions on the network.

    NEM is also masternode like in the sense that you can make a “supernode” by staking 3 million XEM on it. User with at least 10,000 XEM can also participate and get a share of the harvesting fee.

  3. What is catapult?

    4. Catapult was the rewriting of it's source code from Java to C++ increasing it's performance and security, and it is in beta. I have added the link below for those who want to apply.

    Catapult Landing Page

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#14
  1. Smart assets are similar to ERC-20 tokens.
  2. POI - Prof Of Importance. It works by assigning importance to notes and the can harvest more of transaction fees if it has higher importance.
  3. Release of NEM written in C++ that is expected to launch this year.
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#15

1. What are smart assets?
These are NEM’s equivalent to Ethereum smart contracts but simpler, easier to create and less powerful.

2. What consensus algorithm is used by NEM and how does it work?
Proof of Importance (PoI). It encourages holding XEM (NEM Token) and transact in it. These activities build reputation and allows nodes to harvest transaction fee. Smaller players can earn XEM too by delegated method.

3. What is catapult?
Catapult project involved rewriting NEM Java code to C++ to gain scalability. Currently in beta, it has increased few hundred NEM TPS to 4000 TPS.

#16

What are smart assets?

Data that is shared through the NEM-Js API and stored on the NEM blockchain

What consensus algorithm is used by NEM and how does it work?

Delegated and standard proof of stake / Users coins age and their nodes gain reputation by not moving coins / they can gain an extra boost if they do some transactions. Users with 10k XEM can vote for a node.

What is catapult?

A re-writen codebase from java to C++

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#18

  1. NEM’s Smart Assets can be used in a similar style to ERC-20 tokens without having to write code or pay high Ethereum gas fees.

  2. NEM has an interesting reputation-based blockchain consensus algorithm called Proof of Importance (PoI), which rewards nodes hold a large amount of XEM (the currency of NEM) and those that use the currency by making transactions.

  3. To increase scalability and make itself more attractive to customers, NEM undertook a complete rewrite of its source code from Java to C++. Codenamed Catapult, this effort has seen the number of transactions per second the system is capable of growing from several hundred per second to nearly 4,000 per second.

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#19

1. What are smart assets?
Assets are sort of like Ethereum tokens, but easier to create. They have less features, but are also simpler to create.

2. What consensus algorithm is used by NEM and how does it work?
NEM has an interesting reputation-based blockchain consensus algorithm called Proof of Importance (PoI). The backbone of the NEM network are Supernodes, which are able to perform the work of creating new blocks and are rewarded by the transaction fees in those blocks.

3. What is catapult?
To increase scalability and make itself more attractive to customers, NEM undertook a complete rewrite of its source code from Java to C++. Codenamed Catapult

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#20

1. What are smart assets?
Smart assets are digital tokens similar to ERC20 tokens, with less features but easier to create
2. What consensus algorithm is used by NEM and how does it work?
NEM uses reputation based Consensus called Proof of Importance. In this algorithm the blocks that have higher reputation can participate in block validation.
Reputation is gained over time by holding coins and performing transactions.
3. What is catapult?
Catapult is the NEM implementation in C++.

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#21
  1. What are smart assets?
  • I think it is much better to use this compared to ETH’s smart contracts. You don’t have to pay gas fees and it is more flexible since it is some sort of an event-driven deployment. Programming is also flexible, meaning you can do it on your most preferred PL, unlike solidity of ETH.
  1. What consensus algorithm is used by NEM and how does it work?
  • PoI -> the greater the amount of XEM tokens you HODL is directly proportional to the quantity of your influence to the network and harvesting of fees. At least, that’s my understanding as a beginner.
  1. What is catapult?
  • Rewritten in c++, it would ideally scale up the TPS. This is an upgrade version of the protocol or network, i guess.
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#22

  1. A Smart Asset is a digital token that you can create on the NEM blockchain. It represents a thing of value, similar to Ethereum’s ERC-20 token, but much easier to create.

  2. NEM uses “Proof-Of-Importance” consensus algorithm that works based on reputation. The more XEM you own and the more active you are on the blockchain, the more reputation (importance) you get.

  3. Catapult is the name of the event where NEM changed their entire source code from Java to C++. This has allowed them to better scale and went from several hundred tps to 4,000 tps. Though it is important to say that it is still in Beta testing.

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