The Vice President of NEM Foundation, Jeff McDonald, gave some understandings regarding blockchain technology, NEM’s smart agreements and the future advanced applications of cryptocurrencies.
He shared the future improvement strategy to integrate the coin’s blockchain into the WeChat application. The blockchain developed by NEM Structure makes WeChat much more safe and secure as well as tamper-proof.
He additionally clarified how features of the digital possession’s platform were different from standard blockchain systems of cryptocurrencies such as Bitcoin and Ethereum. It utilizes a plugin attribute that allows uninterrupted and smooth communications as well as transactions. McDonald strongly believes that the plugin- part of a product called Launch will dramatically transform the blockchain innovation.
He was estimated as stating,” The products that NEM as well as Launch develop is not just a step in the right direction for blockchain innovation yet likewise for conventional public usage. For instance, we have actually partnered up with LoyalCoin in the Philippines to create a system where individuals can stroll into a coffee shop and also spend for their food using Loyalcoin.”
Likewise, he described exactly how the cryptocurrency’s blockchain is different from Ethereum blockchain. The Ethereum blockchain has actually one token based upon it, which is the ETH. The ETH token licenses it to be processed for transactions. On the other hand, NEM blockchain publishes every one of its coins into the cloud making use of Application Programming Interfaces [APIs]
Jeff with confidence specified that no individual had shed any coin on its blockchain and that their coins were present on their purses each and every single time.
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Along with this, he pointed out that Bitcoin uses a sequential blockchain that makes it protected as well as risk-free for transactions. According to McDonald, NEM blockchain makes use of a layer-based system and all the data saved in the initial plugin layer can be moved to the MongoDB layer. This layer will make it possible for to give power to adjust as well as create items by their layout.
He stressed the silver lining of one-step transactions and also discussed how NEM’s blockchain technology will aid to bring progress in the field of cryptocurrency.