What’s in the future for NEM, where is it used in real life and what is Catapult?
Today we interviewed Jeff McDonald and Stephen Chia, board members of the NEM Foundation. Jeff and Stephen shared with us details of NEM projects and its prospects for the future.
NEM was initially created to develop a blockchain for enterprise level. A private chain for companies or organizations where data can be stored. Through the usage of microservices architecture, NEM provides a ledger architecture divided into different parts, it makes it easier for the developers to update one part while the rest remains functional. This particular aspect of NEM blockchain is what sets it apart, according to Jeff.
When asked about decentralized exchanges, Jeff points out a key aspect in order for exchanges to work, which is trust. Although centralized systems provide cheaper and faster results, decentralization allows for a more secure system. Jeff believes this will be the next step forward.
As for Stephen, he shared with us what they call a multi-level signature security system. NEM designed a multilevel that fits enterprise needs, where multiple signatures are needed in order to process payments.
“This architecture allows a lot of companies to look at it and say, hey now it can actually fit within what I’m trying to do within my organization.”
Stephen and Jeff also shared with us other NEM related projects such as Proxima X. This project bases its technology in storage solutions, providing security in a distributed form within the NEM Blockchain to avoid any security breach, creating a decentralized storage.
When commenting on use cases for NEM, Jeff explained how this blockchain can be used in a lot of different areas, ranging from databases, storage, and transactions, going all the way to identity, property titles, credit scores and even voting.
“Blockchain technology is showing exponential growth.”
As for Jeff and Stephen’s perspective on the current bear market, they both commented on how NEM is not focused on price, but rather on good technology so people can build on it and eventually change the world. Jeff commented on how bear markets allow for new investors to come in and how this generates the funding for technologies to be further developed.
Finally, Jeff and Stephen address the cryptocurrency exchange hack where over $500m worth of NEM were stolen. The Coincheck hack propmted NEM’s team to develop new technology to prevent future problems such as this one.