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Cryptocurrency

Say Hello to NEM (XEM) Version 2.0 Blockchain Engine- The Catapult

On 12th of this month, ‘NEM official’ announced about the launch of its blockchain engine’s version 2.0 on Twitter. Audience’s excitement can be well estimated by the two hundred and sixteen likes and eighty-seven re-tweets of the post. What is unique about this blockchain engine is that it is backed up with smart contract plugins that enable the engine to be compatible with both the private as well as the public networks. It is also much more efficient and faster as well as there are huge improvements made on the scalability factor.

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Let’s dig into Catapult a little further:

NEM’s official blog gives us a deeper insight into the construction, features, and uses of the blockchain engine. So here is a quick run through a few insights,

  • The smart contract plugin serves beyond the private and public networks too. They help in the creation of the “bulletproof digital asset, decentralized swaps, advanced account systems, and business logic modeling.” As per the blog, this will turn into NEM engine in the next phase.
  • It comes with ‘multi-signature at various levels’ accounts.
  • It also allows “Aggregated Transactions” which are responsible for clubbing numerous transactions into one. This requires all the involved parties to sign the transaction so that the transaction goes through in one go. According to the blog- “Catapult is the only blockchain with this feature.”
  • Other features include “Decentralized Swaps, Automatic Transaction Fee Payment, Multi-Asset Escrowed Transactions.”
  • Privacy is taken care of even in the multi-level, multi-signature structure. During the transactions, the sensitive information, such as the private keys, and other details are not revealed that renders users’ data safe and secure.
  • The four-layered structure of this blockchain engine gives it unmatched speed. The four layers easily handle “heavy traffic, API calls, data queries”, and further improvement of the platform without any compromise on regular functions of the platform.

The official blog NEM lists numerous uses of the blockchain engine- Catapult such as cross-border remittance, secure trading, IOT micropayments, notarizations, KYC records, medical records, and so on. For further details, you can visit the site and learn more.

More on NEM:

Recently, Exodus made an announcement on Twitter that it has added NEM (XEM) on its desktop platform. The asset has been added to the platform as the 100th asset.

On the other hand, XEM, NEM’s token has been performing quite well in the market lately. At the press time, its market rate was 0.062157 U.S Dollars, with a growth rate of 10.41 percent. The one day period ending at 23:00 PM E.T. on May 13th, it was reported that the total market cap of the token was 528.91 million U.S Dollars. Around 28.09 million U.S Dollars worth of NEM were traded on exchanges in the last 24 hours.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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