The Vice President of NEM Foundation, Jeff McDonald, provided some insights about blockchain technology, NEM’s smart agreements and also the future innovative applications of cryptocurrencies.
He shared the future advancement plan to incorporate the coin’s blockchain into the WeChat application. The blockchain developed by NEM Foundation makes WeChat extra safe and secure and also tamper-proof.
He further clarified exactly how features of the electronic possession’s system were various from traditional blockchain systems of cryptocurrencies such as Bitcoin and also Ethereum. It utilizes a plugin attribute that allows continuous and smooth communications as well as deals. McDonald strongly believes that the plugin- part of a product called Catapult will significantly change the blockchain innovation.
He was estimated as claiming,” The items that NEM and Launch produce is not simply a step in the right instructions for blockchain technology however likewise for mainstream public consumption. For instance, we have partnered up with LoyalCoin in the Philippines to create a system where individuals can walk into a coffee shop as well as pay for their food making use of Loyalcoin.”
Likewise, he discussed exactly how the cryptocurrency’s blockchain is different from Ethereum blockchain. The Ethereum blockchain has actually one token based on it, which is the ETH. The ETH token authorizations it to be processed for deals. On the other hand, NEM blockchain submits all its coins right into the cloud utilizing Application Programming Interfaces [APIs]
Jeff confidently stated that no customer had lost any coin on its blockchain which their coins were present on their purses each time.
Along with this, he mentioned that Bitcoin uses a sequential blockchain which makes it safe and safe for purchases. According to McDonald, NEM blockchain uses a layer-based system and all the data kept in the very first plugin layer can be transferred to the MongoDB layer. This layer will make it possible for to give power to manipulate and also establish products by their design.
He emphasized the silver lining of one-step deals as well as explained just how NEM’s blockchain technology will aid to bring progression 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 Gamecointalk.