What is NEM?
NEM is a peer-to-peer cryptocurrency and a blockchain platform launched in March of 2015. It was started by a Bitcoin Talk user called UtopianFuture inspired that time by NXT. That is why the initial plan for NEM was to create a fork of NXT, but later it was replaced by a completely new codebase. Thus, NEM’s blockchain platform was designed and coded from the ground up.
NEM is not “just another altcoin” for at least one peculiar reason: instead of “mining” you “harvest” XEM. This process is obviously very similar to mining in other cryptocurrencies but uses unique algorithms called Proof of Importance (POI) and Delegated Harvesting to determine who harvests the next block. Mind, that harvesting is more than just some perks from the system, it is one of the major innovations of NEM which is necessary to keep the network online and to confirm transactions.
Another advantage is that NEM uses a hundred times less power to harvest than, for example, Bitcoin to mine. The transaction fees for NEM are also ultra-low — this feature, in particular, makes it so popular as a payment method. At the moment, NEM is one of the top cryptocurrencies in Japan.
NEM price on CoinMarketCap.
Where to store NEM (XEM) cryptocurrency?
As a cryptocurrency on its own blockchain, NEM can be stored in a number of dedicated wallets. At this stage, it is essential to choose a trustworthy and convenient one. The Guarda team made a quick research in the field of cryptocurrency wallets supporting XEM and prepared for you a detailed guide. Follow the tips below in order to find and create a proper NEM wallet:
Choose a safe storage for your NEM
When it comes to managing crypto, security should be your first priority. Basically, we recommend getting a non-custodial wallet. This type of storage is known to significantly reduce the risks of losing money. With a custody-free wallet, the user is always in charge of the private keys, backups and personal data, because the company doesn’t store any of them.
Look for an actively developing wallet
Before handling your funds to a new cryptocurrency wallet, check if it’s being updated frequently enough. Mind, that in a financial sphere, constant development directly corresponds to security and convenience. All information about the wallet’s recent updates, bug fixes and new features usually can be found on the official website along with the social media, blogs, community chats and other close sources. Thus, the long silence of the development team is definitely a bad sign.
Explore the user feedback on your NEM wallet
Take your time to check the reviews for the NEM wallet you’re going to get. It can be helpful for several reasons — from understanding the level of wallet’s trustworthy to learning more about its features and functions. It’s always better to find out all the pitfalls beforehand.
While reading the users’ comments, pay attention to the developer’s replays as well. For example, numerous unattended inquiries should make you really suspicious about the company and its product.
Get familiar with the community of your NEM wallet
People join cryptocurrency communities not only for sharing local memes and jokes but also for exchanging of valuable information and experience. If you’re new to blockchain and crypto, finding your wallet’s community can be especially useful. Its mature members definitely know the answers to most of your questions and ready to help the novice. Look for like-minded crypto enthusiasts on Twitter, Facebook, Telegram, Reddit, Discord, Steemit and GitHub.
Create a new wallet for NEM
When the choice is finally made, it’s time to create a new cryptocurrency wallet for your NEM assets. Follow the detailed instructions from the next paragraph to set it up in just a few quick steps.
How to set up NEM wallet
A new cryptocurrency wallet for NEM can be easily created on Guarda. In this comprehensive guide, we’ll explain how to get Guarda NEM Web wallet step-by-step. As well as the desktop, mobile and Chrome extension wallets, our web version perfectly meets the requirements listed above in terms of security, regular updates, community and team activity. Its multiple useful features make the wallet a great tool both for a beginner and an experienced user since Guarda allows to store, send, receive, sell, buy NEM for fiat and exchange it for any other crypto from the list (we support over 40 major blockchains and their tokens).
Create a NEM wallet by following these 4 easy steps:
- Go to Guarda Wallet website and click “Create Wallet”;
- Think of a strong password for your new NEM wallet;
- Download the backup file and store it in a safe place;
- Your NEM wallet has just been created!
Step 1. Find the creation button in the upper right corner of the Guarda Wallet website. Once you’ll click it, you’ll be redirected to the welcome screen. Choose to create a new wallet again in order to proceed. If you would like to find some additional information on the NEM wallet you’re about to create, please, check the Web Wallet page.
Step 2. Making up a strong password for your new NEM wallet is essential. To protect your assets properly, try not to repeat the same password you already use for some other services. Choose a combination of upper/lowercase letters, numbers and symbols. You can find some extra information on cryptocurrency wallet passwords in our guide.
Step 3. Downloading your backup and finding a safe place to keep it in is extremely important. You can only log into your NEM wallet with a combination of Guarda wallet backup and the wallet password. As we already mentioned, all Guarda wallets are non-custodial. Hence, the company doesn’t store your backups and cannot access them. Due to this, we won’t be able to restore them in case of loss. Please, make sure to save your backup file and never share it with anyone.
Step 4. Your new wallet for NEM is all set up! Now you can manage XEM coins safely and smoothly with all the features that the Guarda team has prepared for you. Enjoy!