The Vice President of NEM Foundation, Jeff McDonald, offered some insights about blockchain technology, NEM’s smart contracts and also the future innovative applications of cryptocurrencies.
He shared the future innovation strategy to integrate the coin’s blockchain right into the WeChat application. The blockchain created by NEM Structure makes WeChat extra safe and secure and tamper-proof.
He further explained how functions of the electronic possession’s system were different from traditional blockchain systems of cryptocurrencies such as Bitcoin as well as Ethereum. It makes use of a plugin attribute that allows uninterrupted as well as smooth interactions and purchases. McDonald highly believes that the plugin- part of an item called Propel will considerably transform the blockchain technology.
He was quoted as saying,” The items that NEM and also Propel develop is not just a step in the appropriate instructions for blockchain technology however likewise for mainstream public consumption. For example, we have actually partnered up with LoyalCoin in the Philippines to develop a system where people could stroll into a coffee shop and also spend for their food using Loyalcoin.”
Likewise, he clarified 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 permits it to be refined for deals. On the other hand, NEM blockchain posts all of its coins right into the cloud making use of Application Shows Interfaces [APIs]
Jeff with confidence specified that no individual had shed any type of coin on its blockchain which their coins existed on their budgets each and every single time.
In addition to this, he mentioned that Bitcoin uses a sequential blockchain makings it protected and also secure for transactions. According to McDonald, NEM blockchain utilizes a layer-based system and all the information saved in the very first plugin layer can be transferred to the MongoDB layer. This layer will certainly allow to give power to manipulate and also develop items by their style.
He emphasized the positive side of one-step purchases and described how NEM’s blockchain innovation will help to bring progress in the field of cryptocurrency.
A mechanical engineer turned journalist, Shekar takes a keen interest in the study and analysis of cryptocurrencies and blockchain strategy. With the cryptocurrency world blooming in the recent days, he finds great interest in monitoring their growth and gathering every possible piece of information about them. He works as a crypto-journalist for the website Cryptoheed.