NEM (XEM) Three Potential Turning Points

NEM (XEM) Three Potential Turning Points
There are three areas that could be the turning point of NEM (XEM)’s run-up to dethroning Ethereum as the top smart contracts platform. Before we look at these areas, it should be noted that every platform has challenges to contend with, and in NEM’s case, as is with other coins, they emanate from issues of speed, scalability, and security. It is in these critical areas that the NEM Foundation has worked so hard to improve.

1. Catapult (mijin v.2)

Catapult, or Mijinv.2, was the most highly anticipated NEM update in Q1 of 2018. Now the technology has been released after two-and-half years of fine tuning. The main take on this update is its use of Plugins to offer users and developers unique smart contracts experiences. However, the underlying advantage it brings over other blockchains is in terms of security.

The Plugins provides a bulletproof platform where you can create your own digital assets. Catapult achieves this through the use of aggregated transactions, layered technology and multi-level Multisig accounts. These features offer new functionalities that are not in use on any other blockchain.

What NEM users get is a technology that robustly accelerates provision of enterprise solutions, as needed by some of the leading enterprises in the world. It does mean that the NEM platform will attract the largest technological firms who will find it more suited to their needs than all the other platforms.

2.ProximaX

The other factor that could be in NEM’s favor relates to the impact of ProximaX. This peer-to-peer platform has been designed to make it easy for developers and institutions or businesses to quickly and more efficiently deploy their blockchain solutions.

Already NEM (XEM) uses its “Smart Asset System” to give developers the unrestricted use of the blockchain. Instead of forcing devs to write smart contracts using new code, the SAS technology allows access to API that greatly make it easy to find and utilize secure on-chain capabilities.

The integration of ProximaX with Catapult will allow anyone, including both entry level developers and businesses to join the NEM network. The ProximaX protocol opens up the blockchain to more dApps developers who will find it flexible and dynamically easy to use.

This week saw the change in leadership at NEM Foundation. The immediate former president Lon Wong has been put in-charge of ProximaX. His remarks means that he will strive to see to it that that platform benefits the overall uptake of XEM and NEM functionalities.

Mr. Wong promised to put all his effort the project to ensure ProximaX thrives. The end product is that it will benefit the NEM ecosystem. The best way to look at it is to visualize a very vibrant ecosystem on which a majority of the dApps and smart contracts are built.

3.NEM partnerships

Now we can’t read too much into partnerships, right? Especially not comparing companies that are not on the same level as is the case between Ethereum and NEM. Well, that may be right, but there is one flaw there; people forget that one company is new and has all the momentum in terms of what the partnerships can do. On the other hand, the established company has partners coming in to ride on its success. What do you get?

That’s NEM for you. I want to single out one partnership that I feel could propel XEM past ETH in terms of market cap. For this to happen, the price of XEM has to hit over $1. That partnership is in the form of the social media app WeChat. The leading social network with 1 billion users has the potential to fast-track XEM adoption.

Last year, NEM and WeChat partnered, resulting in the use of NEM wallet as an add-on in the messaging app’s interface.

Now nearly a billion people can use XEM to do shopping or pay for utilities using XEM coins.

If this picks up, it could be huge for NEM (XEM), and Ethereum could be overtaken.

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