The Vice President of NEM Foundation, Jeff McDonald, offered some insights regarding blockchain innovation, NEM’s clever contracts as well as the future innovative applications of cryptocurrencies.
He shared the future innovation plan to integrate the coin’s blockchain right into the WeChat application. The blockchain created by NEM Foundation makes WeChat a lot more safe and secure and also tamper-proof.
He additionally discussed exactly how features of the electronic asset’s system were different from traditional blockchain systems of cryptocurrencies such as Bitcoin as well as Ethereum. It utilizes a plugin function that permits continuous as well as smooth interactions and also purchases. McDonald strongly believes that the plugin- part of a product called Catapult will significantly transform the blockchain innovation.
He was quoted as saying,” The items that NEM and also Catapult produce is not just a step in the right direction for blockchain modern technology but likewise for mainstream public intake. As an example, we have partnered up with LoyalCoin in the Philippines to create a system where individuals could stroll right into a café and spend for their food making use of Loyalcoin.”
Likewise, he explained how the cryptocurrency’s blockchain is different from Ethereum blockchain. The Ethereum blockchain has one token based on it, which is the ETH. The ETH token authorizations it to be refined for deals. On the other hand, NEM blockchain uploads all of its coins right into the cloud utilizing Application Programs Interfaces [APIs]
Jeff with confidence specified that no customer had lost any kind of coin on its blockchain and that their coins were present on their wallets every single time.
In addition to this, he explained that Bitcoin uses a consecutive blockchain that makes it secure as well as secure for deals. According to McDonald, NEM blockchain utilizes a layer-based system and all the information kept in the very first plugin layer can be moved to the MongoDB layer. This layer will certainly enable to enable to control and establish items by their design.
He stressed the positive side of one-step transactions and also discussed just how NEM’s blockchain innovation will certainly aid to bring progress in the field of cryptocurrency.