Surely, every cryptocurrency owner faced one important problem - they did not know where to store tokens. Their nature is such that coins have no physical analogue, and it is not so easy to leave a virtual resource somewhere and not worry about its safety. And when we talk about the NEM (XEM) cryptocurrency, which is a multifunctional platform, a similar problem also arises with it. But a NEM wallet can solve it.
There are several wallets that allow you to keep the token in question intact until the user needs to make a financial transaction. But safely storing coins is one thing, and you need a wallet that is also convenient. This is where users may have problems, since the choice of vaults available for this coin is striking in its diversity. Starting with the well-known nano wallet and ending with less popular, and therefore not so well-known options. So let's choose the right NEM wallet together. Consider the majority of available storage and make the right choice.
General concepts about the NEM cryptocurrency
The main thing that can be said about this cryptocurrency to people who get acquainted with it is that it is on the 14th position in the overall rating for the capitalization of digital coins (according to the Coinmarketcap rating). Since the position of the market capitalization of the currency is quite high, we can talk about its popularity and economic stability. Experts even argue that the NEM cryptocurrency has good prospects. Many traders are already considering how to create a NEM (XEM) wallet to use the coins as a long-term asset.
Consider what this project attracted attention. For the first time, they started talking about the token in question at the beginning of 2015. Interestingly, its name can be deciphered as "NEM" - "New Economy Movement" (new economic movement). With such a pretentious name, the developers wanted to emphasize how international and decentralized the cryptocurrency is, and what unlimited financial freedom it offers.
But even a successful start did not contribute to the rapid growth in the popularity of the coin. Relatively active development of NEM dates back to 2016. It was at this time that the developers, together with the specialists of the ZAIF crypto exchange and the Tech Bureau company, implemented a private network where banking transactions can be carried out. Naturally, the network, called Mijin, was implemented on a new cryptocurrency. At the same time, it was distinguished by a high level of protection and safety. By the way, this network passed special tests that showed its stability and reliability, so customers almost immediately began to trust it.
Let us consider in more detail what this cryptocurrency is and what advantages it has:
- The first advantage of the coin in question is the presence of classical decentralization;
- The second is the versatility of solutions based on blockchain technology;
- Thirdly, as already mentioned, the reliability and security of the network was subjected to rigorous testing, which proved that the system was stable;
- Fourth, the block is formed fairly quickly. This process takes about a minute;
- Fifth, a fair distribution of coins is carried out through the use of a unique POI algorithm.
There are 9 billion coins in the system and no additional tokens will be issued. But the cryptocurrency platform is being developed. Today, the international association NEM Foundation is busy with this. Since most of the company's employees are from Japan, China, and South Korea, NEM has been dubbed the "Asian Blockchain" in professional circles.
At the end of the description of the NEM project, one should especially highlight the combination of its two components - Mosaics and multi-signatures. Thanks to this, you can create your own crypto assets on the platform. Although mosaics can be used anywhere. They usher in an era of great opportunity. That is why it is so important to decide where to store the NEM cryptocurrency right now, because the platform has so many prospects.
What NEM wallets are
Before considering how to set up a NEM wallet, you need to find out which wallets can hold the tokens in question. Having decided on the storage option, you can take a closer look at exactly how they work and how to install them. But let's go in order.
There are the following options for cryptocurrency wallets:
- Desktop clients. it special programs that you need to download and install on your computer. This wallet has a high level of security, which is why the developers recommend using it to store coins. At the same time, a third party does not have access to the placed digital currencies - you can enter the wallet only from the computer where the program is installed. But in order to keep the wallet secure, special attention must be paid to private keys, or rather, managing them. One of the most advanced in terms of coin storage is the NEM Nano Wallet app. Nano Wallet for NEM is a lightweight desktop application. With it, you do not need to fully download the blockchain and carry out a long synchronization. The program is suitable for all major operating systems. So, for example, it can be installed on OSX, Windows, Linux. It is rightfully called the best wallet, which is ideal for both large investors and people who just want to stock up on a small amount of coins. Separate two variants of the wallet in question. The first is Simple wallet. Such a wallet is less secure because it uses a minimal set of security features. And to make it even more secure, it is better to transfer the .wlt file to several offline storages at once. The second is Brain wallet. This is a "smart" wallet, which is more secure, therefore more reliable than a simple wallet. It is recommended to use it, especially for storing a large number of tokens.
Online wallets. Virtual wallets are not the most the best option to store cryptocurrencies in any case. Theoretically, they are available to everyone, so even the highest degree of protection may not always be effective enough. In addition, web services for remote storage of NEM coins have not yet been developed. Nevertheless, there is an alternative - to store on cryptocurrency exchanges. You can also buy XEM coins there. True, you need to use exchanges only for temporary storage of funds or if you plan to conduct active trading.- Mobile apps or hot wallets. These wallets work thanks to permanent connection with the Internet, therefore, in theory, third parties have access to information and money. But for this, they must have access keys, which are stored on the device where the wallet is installed. Among the advantages of the wallet in question for NEM are ease of use, the ability to quickly access funds, and even additional degrees of protection that make the wallet more reliable. In addition, the program can be installed on the most popular operating systems. Find it easily in App Store for iOS or Google Play for android. The developers suggest using the official NEM Wallet. It is suitable for only one cryptocurrency and performs only basic functions(allows you to monitor the balance, conduct financial transactions, etc.). There is also Coinomi, which is already a multi-currency wallet that supports NEM. In addition, you can convert cryptocurrency in the wallet itself, which makes it even more popular.
Hardware wallets. These are special physical drives. Outwardly, they are very similar to flash drives. They allow you to see the balance on a small screen or confirm the transfer. They usually support multiple cryptocurrencies. One of the brightest representatives of this type of wallet is Trezor.
In general, there are plenty to choose from. But still it is better to stay on the official wallet.
- After the NEM wallet is set up, it must be launched. Just click on the wallet icon as you would with any other computer program.
- To enter the crypto wallet, the user must fill in the field with a password and a passphrase. This phrase is invented by the wallet owner himself in the process of creating a wallet.
- After passing authorization and correctly entering the private key of the main account, you will open the wallet window. Now we need to find out his address. To do this, click on the " Account", then select " Primary". The field " Address”, which will show the address of your wallet NEM. Here you can see the state of balance. If there is no money in the account, it can be replenished. To do this, use the received address.
- You can also send money from your wallet. To do this, go to the tab " Send". But first, find out the recipient's address (a pseudonym will do) and the amount you want to send.
By the way, pay attention to the tab " Account". There you can spend backup wallet.
NEM is a platform for creating digital assets on a public blockchain. To pay commissions in the system, the NEM (XEM) cryptocurrency is used, which has gained wide popularity among investors. The high interest in the coin is partly due to the anticipation of a new release, codenamed Catapult, which will significantly raise throughput network and add elements of smart contracts to the platform.
To work safely with the NEM cryptocurrency, the user needs to create his own wallet. Of course, you can store tokens on the exchange, but in this case, the risk of losing funds increases many times over. So, at the beginning of 2018, more than $500 million worth of XEM cryptocurrency was stolen from users of the coincheck exchange due to a vulnerability in the code of the trading platform. Keeping funds in your own wallet relieves the investor from such risks.
In this article, we will explain in detail how to work with various wallets for NEM cryptocurrency, and we will also try to highlight the pros and cons of each of the available storage methods.
Today, there are four types of wallets for the NEM cryptocurrency:
- Software or desktop;
- Mobile;
- Paper;
- Hardware or cold.
Software NEM wallet NanoWallet - the most universal way work with this cryptocurrency. You can install the program on any computer with Windows, Linux or Mac OS. In addition, a portable version of the wallet is available, which can be stored on a flash drive. The application connects to remote nodes to perform all operations; there is no need to download the blockchain to the computer.
The NEM mobile wallet is available for iOS and Android devices. The application is in beta version, so the safety of its use remains in question. Nonetheless, advanced users consider it quite reliable. The main thing is to immediately copy your private key, which will be required to access the cryptocurrency in the event of a smartphone replacement or software problems with the wallet.
The NEM paper wallet is a printout containing a pair of cryptographic keys to access the funds. A paper wallet cannot be hacked via the Internet, which has a positive effect on its security.
Hardware wallet - the most reliable way storage of NEM cryptocurrency. In this case, the private key is stored in encrypted memory on a separate device with a USB port. cold wallet connects to the computer only to send cryptocurrency or check the balance, while the user has full control over the movement of funds: it is used to confirm transactions physical button on the body of the device.
Note that at the moment there is not a single online wallet for cryptocurrencyNEM. In part, this disadvantage is compensated by the presence of a portable version.NanoWallet, which can be downloaded to a flash drive and opened on any computer. If desiredNanoWallet can be launched even on a tablet or smartphone withandroid OS.
Which NEM wallet to choose
The table shows a comparison of all existing wallets for the NEM cryptocurrency.
| Wallet name | Trezor | Github | ||
| Wallet type | Program | Mobile | Hardware | Paper |
| Requires blockchain download | Not | Not | Not | Not |
| Availability across devices | On most devices | On a smartphone or tablet | On any PC (in conjunction with a portable NanoWallet) | Only for receiving cryptocurrency |
| Reliability and security | Good | Medium, may malfunction | Excellent | Very well |
| Price | Is free | Is free | €98 when delivered to Russia | Is free |
Note that a mobile wallet is considered quite resistant to hacking when using a strong password. The security score has been lowered due to the instability of the application, which is still in beta status. However, possible problems in the operation of a mobile wallet will not lead to a loss of funds if you save backup private key.
Here are some tips for choosing a wallet for NEM cryptocurrency.
- All wallets, with the exception of mobile, offer a high level of security for storing funds. However, hardware and paper wallets are the most resistant to hacking. The NanoWallet program is also considered quite safe, but only if the user's computer is not infected with viruses.
- The NanoWallet software wallet is the most convenient and versatile. It works under any operating system, which has a web browser, so that the portable version can even be downloaded on an Android smartphone or tablet.
- Any of the existing NEM wallets, except for the hardware one, can be used absolutely free of charge.
How to create a NEM wallet
Consider the process of installing and configuring each of the available types of wallets.
Installing the NanoWallet Software Wallet
NEM NanoWallet is perhaps one of the most versatile and convenient cryptocurrency wallets. Several important advantages can be recorded in its asset at once:
- works in light client mode and does not require downloading full version blockchain;
- displays the current balance of the wallet in dollars and bitcoins;
- is truly cross-platform: the portable version of the program can run on almost any device.
The last feature becomes especially relevant due to the lack of a web wallet for the NEM cryptocurrency. The portable version can be opened directly in the browser on almost any device under Windows control, Linux, Mac OS or Android. To do this, simply unpack the archive with the application to a USB flash drive or download files to the device's memory.
In this review, we will look at the process of working with the official NEM NanoWallet in its portable edition. This is the most versatile version of the program that supports the Trezor hardware wallet. Software packages for Windows, Linux and MacOS have a similar interface, so all the above instructions will remain relevant for any version of NanoWallet.
To download the NEM NanoWallet wallet, go to the official website of the project in the Downloads section. To download the portable version, click on the "Universal Client (with Trezor Support)" link. If you want to download an application for a specific operating system, use the buttons below.
Unzip the archive to a convenient location: it can be a folder on your hard drive, or a flash drive or other external media. Open the start.html file in a browser.
To create a new wallet, use the "Sign up" link in the upper right corner.
The program will offer to create one of two types of wallets.
- Simple wallet - standard type of wallet. When using it, the private key is stored in a separate file and encrypted using the user's password.
- Private key wallet - used to import keys from paper or mobile wallets.
Select the type of wallet "Simple wallet".
Make sure Mainnet is selected and click Next.
Come up with a wallet name consisting of Latin letters. The name is used for your convenience only and is not publicly available.
Create a password: it will be used to enter the wallet and import the backup. Write down your password in a safe place: without it, you will not be able to access your funds.
At the next stage, the program will generate a private key. Press the "Start" button and make chaotic mouse movements until the indicator shows 100%.
Under no circumstances should you skip this step: without a backup, you will not be able to restore access to your funds the next time you use your wallet.
Click the "Download wallet" button to download the wallet file with the extension . wlt. Save it to the program folder. The developers strongly recommend that you create a second copy of the file on another device. The information in the file is encrypted, so storing it on a flash drive with the program can be considered quite acceptable.
If for some reason you were unable to download the wlt file, click the "Show raw wallet file" button. Copy the text, paste it into Notepad or another text editor and save as a file with the name name_of_your_wallet.wlt.
Click the "I have my wallet file" button to complete the backup process and move on to the next step.
Save your private key. Click the "Show private key" button, copy the resulting text and save it in a safe place. Along with the wlt file, the private key is sometimes required to restore access to the funds.
At the next step, the program will once again remind you of the need for careful handling of keys and passwords, after which the installation of the NEM wallet will be completed. Log in to the wallet using your password, having previously selected the desired wlt file in the "Select wallet" field.
If you turned off Internet access during the wallet creation stage, do not forget to restore the connection.
The connection status is displayed in the upper right corner. remote server. If you see a red circle for more than 10 seconds, or if no new transactions appear in the wallet, try changing the node by clicking on the “Node” link.
Click "Account" to view your address.
You can copy the address by pressing the corresponding button.
How to Create a NEM Wallet Mobile Wallet
Links to the NEM Wallet page on Google Play and the AppStore can be found on the platform's official website under the heading "Mobile Wallets". In this review, we will walk through the process of installing a wallet on an Android smartphone, but the instructions given will work for iOS devices as well.
When you first start you will see a warning that the program is in beta and may be unstable. If you agree to proceed, check the box and click OK.
Create a password to unlock your wallet. It is impossible to recover the password, so it is better to write it down in a safe place.
Click "Add account" to create a new wallet. In the next step, select "Create".
Enter the account name (any English word). The name is for your convenience only and is not publicly available.
The application will offer to create a backup copy of the wallet. Let's not put off this important matter indefinitely and click "OK".
In the "Set export password" field, you can create another password to encrypt the private key. By default, the wallet will prompt you to use the password you already provided in the first step. In most cases, this is enough, so you can just click OK. 
Click "Show private key" to view your private key.
Copy the text located under the "Private key" heading. Save it in a safe place.
NEM Wallet installation is complete. To view your address in the blockchain, use the "QR" button. You can copy the address by pressing the "Copy Address" button.
How to create a NEM paper wallet
To create a NEM paper wallet, we will use the offline version of the aenima86 generator. Go to the project's Github page, hover over the "Clone or download" button, and click "Download ZIP".
It is necessary to create a paper wallet without access to the Internet. This is the only way to ensure that your private key does not fall into the wrong hands.
Disconnect from the Internet. Unpack the archive into a separate folder and open the index.html page.
Immediately after the page is loaded, three keys will be generated:
- Private (private) - will be required to send funds in the future, it must be kept secret.
- Public (public) - a technical key that may be required in individual cases.
- Address (Public address) - this string must be passed to other users so that they can send funds to your wallet.
If you want to regenerate the keys, just refresh the page.
Unfortunately, the generator does not contain a built-in button to print the page. The easiest way to solve this problem is to copy the keys into a text editor (copy square QR codes not necessary). Even the standard Windows Notepad is quite suitable for this.
It remains only to print the keys using the tools built into the text editor. Be sure to make sure that all keys were printed completely and without errors.
If in the future you want to send tokens from a paper wallet to another address, you will need to download the NanoWallet software wallet and import your private key into it.
Buying and Using a Trezor Hardware Wallet
The Trezor hardware wallet is a device that provides the highest level of security when working with the NEM cryptocurrency. When using it, the possibility of stealing a private key is completely excluded. programmatically, which significantly increases the reliability of storage of funds.
You can order a Trezor wallet with delivery to Russia and other countries on the official website of the project. To place an order, click the "Get your Trezor" button.
Select the color of the device and click "Add to cart".
Information about the delivery and cost of the goods will appear in the right column. The price is not final: if you access the site from a foreign IP, the shipping cost will be calculated later, at the time of entering the address. Click "Proceed to checkout" to proceed to fill in the delivery information.
Please provide your name, shipping address, and contact information. All fields must be filled in Latin letters.
Scroll down the page and choose your payment method: Bitcoin or bank card. Please indicate your agreement to the terms of service. Click the green button to pay for the order.
Having received the wallet at your disposal, you can use it in conjunction with the portable version of the NanoWallet software wallet, which we have already talked about a little higher. The difference is that immediately after starting the wallet, you need to go to the “Login” menu and select the “Login with TREZOR” item, skipping the entire setup process.
Conclusion: where is it more convenient and safer to store NEM cryptocurrency
Almost any of the wallets listed in the article can be used as the main way to work with the NEM cryptocurrency. The only exception is a paper wallet, which is only suitable for receiving, but not for sending NEM tokens. Its main purpose is long-term storage of cryptocurrency.
For regular work with cryptocurrency, software or hardware wallet. Both options provide an acceptable level of reliability and are comfortable in everyday use.
It is preferable to use a mobile wallet only as an addition to a software or hardware solution. The beta version of the NEM Wallet app for iOS and Android remains unstable and may cause inconvenience in daily use.
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In this article, you can find out what the NEM (XEM) currency is, what advantages and disadvantages it has, and how it is mined (mined).
The current exchange rate (online change) of NEM to the US dollar at the current moment and fluctuation during the day.
What is NEM cryptocurrency?
The NEM (new economic movement) cryptocurrency is presented as a fresh project with great investment prospects. The token of the cryptocurrency in question is referred to as XEM on crypto exchanges and is a full-fledged competitor to Stellar and . The development of the currency falls on 2016 and so far it has managed to win strong approval from Japan. What are the features of the young currency and how profitable is it to mine?
The considered cryptocurrency platform is peer-to-peer, created on the basis of Java and Javascript and has a unique source code. The functionality upgrade does not end there - the Proof-of-Importance algorithm harmoniously complements the blockchain technology. It also focuses on the use of the Eigentrust ++ system, a multi-signature, integrated system for the exchange of encrypted information.
Thanks to the NEM platform, users have the opportunity to create secure and easy-to-use cryptocurrency wallets, as well as exchange P2P messages. It was on the basis of this platform that the first active notary blockchain service was created, suggesting the possibility of using digital signature to verify ownership. Thanks to the open source, the creation of other commercial projects is also possible, taking into account also the release of new tokens or the holding of an ICO.
Financial technologies still remain a priority for creators, we are talking about bank transfers. Blocks are generated quite quickly, in just 60 seconds, so there is a predisposition for such prospects. Up to 4 thousand transactions per second are supported thanks to Catapult - the author's system for aggregating operations. Such characteristics make the platform in question the fastest financial messenger. In addition to speed and efficiency, the Mijin system is implemented, which makes transactions secure.
Who created and when?
The launch and active use of NEM falls on May 2015. Prior to this period, the cryptocurrency was tested for six months at the initial stage and then used as a beta version. The developers are the specialists of the NemProject company, who directed their activities towards the creation of a long-term and promising project, and they succeeded. The key goal was presented by the speed and security of financial transactions, and they also achieved this.
Peculiarities
The key feature of the cryptocurrency in question is a completely unique, open source code. The platform works on the basis of the POI algorithm, which, before generating the next block, analyzes the contribution of each user to the promotion and development of the currency. Compared to POS, the size of the share of the miner will be a priority. The considered approach is more open and honest.
According to this system, validators and miners are commonly referred to as harvesters, and harvesting is presented as a block reward. The role of a harvester can be assumed by any user who has installed a masternode, however, it is worth observing the obligatory condition - having at least 10,000 XEM coins on your balance. It takes only a minute to generate one block, wallets are easy to use, and installation software won't take long. The final issue size is 9 billion XEM.
Another feature worth focusing on is the special rules for calculating commissions for ongoing transactions. The calculation depends on the amount of balance on both sides of the transaction, the activity of participants in the system, the level of security of the transaction. The amount of the commission will be increased in proportion to the size of the user's balance. This mechanism was deliberately used by the developers so that the coins would not be accumulated en masse and the cryptocurrency would be widely used.
Advantages
The advantages of this platform include the following factors:
- the currency is aimed at the existing financial economic sector, which is guaranteed to use innovative cryptocurrency schemes sooner or later;
- the algorithms of work are unique and involve rewarding active users with success, and not more wealthy ones.
Flaws
The novelty of this cryptocurrency is its main disadvantage, but at the same time it is also an advantage, since the project does not cease to expand and improve. Developers provide users with related products, and in the future, the struggle for leadership is clearly visible.
How to buy NEM?
There are three ways to buy NEM cryptocurrency.
- Using to buy the Livecoin exchange is a fast, profitable and convenient way. However, it is worth remembering that trading takes place in small volumes. With transactions in the amount of 300-700 dollars this method still suitable, but not at higher rates.
- Using fiat money to buy bitcoins and further transfer to the Poloniex exchange. Buying coins in large volumes is available here. The process in this case is not so comfortable and longer. Additionally, it is necessary to pass verification before bidding.
- Using the Changelly exchange is just as easy and fast way like the first one. The purchase is made with a Visa/Mastercard. Purchase commissions can be quite impressive.
Where to store?
To store coins and operate with currency, you should use special NEM wallets, for downloading which you should use only reliable sources.
An example is the official website https://nem.io, where the developer provided all the necessary information about the product. For convenience, users can choose the version of the wallet depending on the device they are using.
After downloading and installing, it is worth registering, after which you will have a personal NEM address. This address is unique and is issued personally to each participant, it allows you to send funds directly to your account, no matter on which resource you carry out a financial transaction. The considered version of the wallet can be represented by different formats, the differences between which are in the level of security, which is provided by different types of keys. Even beginners have no problems with the interface.
How to mine (extract) NEM - instructions for beginners
Since the project is not yet very widespread and the purchase is not possible on every exchange, it is possible to analyze each available resource and choose the best conditions. This nuance is also an advantage, since the new cryptocurrency product gives miners a field for action if mining is originally intended by the developers. Therefore, the user can act as a discoverer and get a good profit by mining the coin. As for mining methods, the following methods are relevant for NEM:
- Mining farms are presented as complex and very costly resources, but the efficiency in this case will be maximum. The payback is fast and if you invest with a long-term perspective, this method is great. The disadvantage is the lack of instant income.
- An easier way is to use capacities. Powerful video cards in combination with the appropriate software allow you to detect blocks. Income in this case is regular, fast, but small. However, the creation of capacities does not require spending large sums and this is the main advantage.
The legalization of the electronic currency market will negatively affect the growth in the value of NEM in the near future, but the United States and China are not yet striving for legalization. In any case, the currency in question will develop, since these processes in the market are temporary.
In our case, the installation of the NanoWallet wallet is due to the fact that the developers no longer support the version for XEM.
The standalone version contains only the NIS distribution to organize your node, but more on that later.
Developers strongly advise to use current versions wallets, especially those who have used a braine wallet.
I didn't manage to import the old wallet wallet into NanoWallet, but I'll write about it.
First, let's export the wallet files from old version NIS, the maximum was 0.6.91.
Export the .json file through the NIS wallet menu - Export for Lightwallet:
Now you need to import the wallet files, click import wallet:
Specify the file created in the NCC wallet and the password for it, Nanowallet will say that it needs to be updated:
But on both wallets I get unknown error wallet encryption method:
Because the option with the wallet file did not work for me, we will connect via privat-key, but in this case we lose the harvesting settings, but as it turned out in fact, it does not matter.
Now we will import private keys, first we export them from NCC - View Account Details:
And click Show Account private key:
It is better not to use copying to the clipboard and write it down on a piece of paper.
Now run Nanowallet and click Login(Sign UP) and Login with Private Key(Private Key Wallet).
If the private key is correct, we will be shown the address, and we need to specify a new password:
We agree that we are familiar with and have copies of the wallet file and private key:
The wallet is created, we will see our transactions, the amount on the wallet and the harvesting history:
Even if the wallet file is successfully imported into Nanowallet, harvesting cannot be started, an error like this will appear - Error at unlocking account, reason: remote x.x.x.x attempted to call local /account/unlock with non-remote address x.x.x.x:
As you can see, we have delegated harvesting activated, but we cannot start harvesting, because The address of the deleted account is already different:
And after 360 blocks, which is about 6 hours, we do activation to the address that Nanowallet offers and wait again, 360 blocks.
Now you can write down the privat and public key for the delegated address, although you don't need them.
To change the node or specify the local NIS, click on the pencil and enter your address:
Now you can start delegated harvesting.
And for a snack, is it a glitch? The harvesting status on both wallets is not connected in any way. Those. can be started and stopped in one wallet, but it does not appear in another wallet
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