E Is NEM A Future Bitcoin Challenger?

Blockchain, Technology, Smart, Bitcoin, Money

Bitcoin (BITCOMP) is by far the most popular and valuable cryptocurrency judging by its market capitalization of $442 billion. It is also more valuable than several of the S&P 500 stocks. It is tipped to cross the $1 trillion mark in 2022, which suggests that it could easily be in the top 5 of the biggest tradable assets in the world. Bitcoin has outperformed every major asset on offer this year, bar a few stocks.

However, beneath bitcoin, there are several other cryptocurrencies that continue to outperform under the radar of cryptocurrency investors. While the likes of Ethereum and Ripple carry most of the plaudits for alternatives to bitcoin, NEM's XEM Coin could be the best alternative and perhaps a potential challenger for future market dominance. 

XEM, the native crypto of NEM’s NIS1 blockchain ecosystem operates the same way as bitcoin’s BTC, It went live five years ago, and has since grown to amass a market cap of more than $2.5 billion. 

Its similarities to bitcoin are why many see NEM as potentially being the closest rival to the pioneer cryptocurrency. However, bitcoin is well established and has gained a massive following over the years. It is highly unlikely that a cryptocurrency so similar to it could dethrone it any time soon.

Nonetheless, NEM’s evolution is what could give it the edge in the coming years. One of its latest creations is Symbol (XYM), a NEM-based blockchain ecosystem build with the business-to-business marketplace in mind. It will be launching on January 14, 2021, which means that crypto traders will be able to buy Symbol in a few weeks’ time. 

Symbol’s hybrid blockchain ecosystem helps organizations to create new business models and innovative solutions by using both the private and public blockchains. This concept is seen as a key step in the evolution of enterprise blockchains, especially when it comes to using them in smart contracts.

Symbol utilizes the Proof-of-Stake concept for consensus, which when you add to the features already present in NEM’s first iteration crypto, the NIS1 makes it ideal for adoption by organizations as they embrace the evolution of blockchain technology.

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Disclosure: The material appearing on this article is based on data and information from sources I believe to be accurate and reliable. However, the material is not guaranteed as to accuracy nor does ...

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Michele Grant 4 weeks ago Member's comment

I've always found this aspect confusing myself. And yet I'm shocked that Bitcoin has surpassed $20k. It's main appeal seems to be for criminals. But it's buzziness is causing many investors to buy and horde the "currency." People who will never actually spend those coins to buy anything.

Currency Trader 4 weeks ago Member's comment

Interesting!