Can NEM Replace Ethereum?
NEM (XEM) is rated 13th by market cap among cryptocurrencies. But if taking account of the potential capacity this relatively young currency has it is very likely to join the top-3 major cryptocurrencies on the market. Provided current market cap (merely 4 bln USD) this may seem a stretch. But let us have a look first, what makes the NEM technology so exceptional.
NEM company has developed a technology regarded by many as another Ethereum. Yet, this is not the case.
First, Ethereum is totally decentralized while NEM includes centralization to a large extent. NEM is more suitable for fast and easy integration at the corporate level rather than Ethereum.
There is a lot of information on fundamental technological distinctions between the two platforms and their architecture, but putting it all in a simpler way would be as follows: Ethereum is designed for complete reconstruction of the enterprise technology from the ground up, NEM is more like a plugin that can be set over present-day technologies to integrate with blockchain which allows for the company derive profits from enabling blockchain in the already existing technological structure.
NEM offers both private and public blockchain with the Mijin platform that also helps companies maintaining a certain privacy when using their assets and data. This is very hard, almost impossible to be more exact, when establishing decentralized Ethereum-based applied system.
In addition, developers can integrate NEM-blockchain into their current technological framework with Mosaics technology using almost any programming language compared with language restrictions for Ethereum platform (Solidity). This means, a company that wants to use blockchain has no need for employing a completely new Solidity programming team. Instead, the existing team can make the integration.
So what is on balance?
We do not diminish the potential importance of Ethereum for global blockchain revolution. Yet integration in Ethereum takes dozens of years which is almost impossible for large corporations or small projects even which initially were not involved into cryptocurrency matters.
On the contrary, NEM is almost one-day solution for integration.