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An Overview Of NEM Delegated Harvesting Mainly For Security Purpose

The New Economy Movement (NEM) is the platform for the blockchain system to bring new features. Smart Asset blockchain is a technology platform aimed at managing assets and data easily and cost-effectively. A better blockchain utilizing a method called harvesting is established on the NEM platform and its coin XEM.

Harvesting in other cryptocurrencies is similar to mining, but it uses unique methods known as proof of importance to determine who harvests the next block. In order to maintain the network and confirm transactions, harvesting is necessary.

An earning participant simply linking their accounts to an existing supernode and uses this computing power to make blocks on his behalf rather than cumulatively contributing mining capacity to a computing node. Essentially, one gives the supernode its POI score, which increases the chances of a joint block harvest without increasing production capacity.

There are two types of harvesting process, namely local and delegated harvesting.

When the user is connected to a remote NIS and wants to start harvest, the delegated harvesting takes place. When a delegate is taken, a chain block transaction will be initiated, and a fee of 6 XEM will consequently be charged. Only once for an account must the activation be done. The activation is complete, and you can start harvesting after 360 confirmations.

You can even shut down the NEM software on your local computer once you have started harvesting a remote NIS. The remote NIS will continue to collect for your account as far as it is operated.

During a delegate harvesting, the NCC initiates a “transfer of importance” operation that is carried out on the blockchain. This maps the account value to an empty “proxy” account. When delegate harvesting is activated and collected from a remote NIS, the proxy’s private key will be forwarded to the remote NIS to sign blocks generated, but your fee will still be directly transferred to your original account. With the proxy’s private key, you cannot transfer a value score to any other account, nor can funds be stolen because there is a balance of zero.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
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