In this episode of NEM Focus, NEM Group CEO – David Shaw – takes us through his priorities for the NEM ecosystem, Symbol and NEM NIS1. September 18, 2020 Introducing Kristy-Leigh Minehan, CTO of NEM. One odd thing to note with regards to NEM is that there is no online wallets available to store your NEM and Mosaic tokens unlike Ethereum’s MyCrypto or MyEtherWallet online wallet. To access NEM on your desktop, you will first have to download the NEM Nano Wallet from its website. Creating a Wallet. 2 Creating a Wallet. From the NanoWallet starting interface, select 'SIGN UP.' In this guide, we will create a simple wallet. If you want to learn about the different wallet types, it's covered later in this guide. Make sure the Simple Wallet tab is selected. Enter a wallet name. Example: LonsFirstWallet; Choose a network.
New Economy Movement (NEM) is a is a peer-to-peer cryptocurrency and blockchain platform built specifically for developers. NEM is an exciting cryptocurrency due to the unique features it has introduced to the blockchain technology. Courtesy of NEM, we have proof-of-importance (POI) algorithm, multi-signature accounts, encrypted messaging, and an Eigentrust++ reputation system features.
It is worth highlighting that NEM is a dual-layer blockchain with similarities to Ethereum but built on Java. The technology makes it possible for multiple ledgers to coexist on one blockchain. The NEM Smart Assets allows mosaics which represent any store of value. The NEM proprietary cryptocurrency is called XEM, mined using a Proof-of-Importance (PoI) algorithm. If you are planning to invest in NEM in 2019 here are the best wallets to store the asset.
Things to Consider Before Buying a NEM Wallet
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.
Before settling on a wallet to store your NEM, you need to ensure a number of things are in order.
The security of your assets should be the number one priority. Go for a wallet that ensures no third party can access your assets. Wallets, where private keys are stored offline, should be top on the list. Additionally, the wallet must be up to date with security protocols.
Ensure the wallet is compatible with XEM. If the wallet of your choice supports multiple coins, ensure that XEM is among them. Furthermore, for online wallets, they should be compatible with your device. Lastly, the wallet should have a friendly user interface that is easy to navigate.
NEM Nano Wallet
The NEM Nano wallet is among the efficient and secure storage platforms for the crypto. The wallet allows you to store, manage and send XEM. Additionally, the NEM Nano Wallet allows you to send mosaics alongside messages to a different address.
This NEM wallet is easy to use with a user-friendly interface supported on multiple devices like Windows, OSX, Linux, and macOS. You will be guaranteed safety of your assets based on the security features linked to the NEM Nano Wallet. The wallet has On-Chain Multisignature and Multi-User Accounts for easy control of your private keys.
If you wish to exchange your XEM coins, the NEM Nano Wallet has integrated with the Changelly Instant Exchange. Additionally, the wallet can be integrated with the Trezor Hardware wallet.
This wallet can be downloaded from the NEM official website. After downloading the files, and installing the software, you will have to create your own wallet. Click on the signup button and then click on the create a simple wallet button to proceed. You will then create a password and then log in to start using the wallet. This process is simple and straight forward.
Guarda Wallet
As we dive into the list of the best wallet to keep XEM, we couldn’t miss Guarda wallet. This wallet is another great option to keep your XEM tokens on as the security is pretty much flawless into the hands of someone who knows how to protect himself from hackers.
The Guarda wallet has multiple benefits, but among the best ones are the fact that it is a non custodial wallet – you can only access your funds using your private key that you’re controlling and owning.
Another huge bonus is the fact that you can access the wallet from a mobile device and even use the instant exchange which allows you to swap a cryptocurrency for another one. It’s simple, easy to use and developed continuously from 2017 until now.
NEM Mobile Wallet
This is the official wallet for storing and managing the XEM cryptocurrency. The NEM Mobile wallet is an open source application that boasts of a user-friendly interface and easy to use on both Android and iOS platforms. Transactions are completed quickly, and it’s simple to navigate your way around the user interface.
Users can generate, import and export NEM accounts, create multisig contracts and manage multiple accounts and local address books through the NEM mobile wallet. No third party can access your funds since all the private keys are stored locally on your device.
Unlike most mobile wallets, the NEM Mobile wallet does not allow blockchain download since it is lite and uses the NEM APIs. Additionally, the wallet enables users to make NEM addresses with QR codes.
Freewallet
The Freewallet is a mobile wallet compatible with iOS and Android with support for different cryptocurrencies among them XEM. The wallet also supports Bitcoin and Ethereum. The Freewallet ranks high among top XEM wallets since all the assets are in offline vaults.
The Freewallet for XEM is ahead of the game based on its unique back feature. As a user, you can restore your wallet from a backup, freeze it from any Android or iOS device. This takes care of instances where your device gets lost. Other security features include PIN code, touch ID and the two-factor authentication.
You also get real-time XEM chats, balance in fiat and optional email confirmation for all transactions. The wallet also allows a user to share their address on various social media platforms like Facebook and Twitter directly. Additionally, the wallet supports different languages including Chinese, German, French, Spanish, Russian and more. The Freewallet for XEM is among the few that come with an efficient customer support service 24/7.Heist coin game.
Trezor Wallet
Trezor is a cryptocurrency hardware wallet that supports multiple assets including XEM. Note that for guaranteed security of your assets, hardware wallets are mostly recommended as opposed to hot wallets. With hot wallets, hackers can make away with your cryptocurrencies with little or no chance of recovering them. The Trezor wallet for XEM tries to deliver on both security and convenience. To secure your coins, simply keep your wallet in a safe place.
Trezor wallet is small and accessible through a USB cable. Interestingly, the wallet works well even on a computer infected with malware. After acquiring the wallet, you can access it by visiting wallet.trezor.io on Google Chrome, or via a thing called TREZOR bridge. The interface seamlessly connects with your TREZOR device. This is where you control, manage and initiate transfers of your XEM cryptocurrency.
Key Security Tips For Storing XEM Coins
Use a strong password. Create a password that is hard to guess. Incorporate letters, numbers, upper and lower case letters alongside other characters in your password.
Back up your wallet. Sometimes, you can lose access to your device. If you don’t have a back-up, it means your funds will be lost too.
Nem Online Wallet App
Privately store security keys. All your private keys should remain private. Don’t share them with another party.
Maximize existing security features. Most wallets have the PIN and two-factor authentication features. Ensure you activate such features to give your wallet an extra layer of security.
Conclusion
Generally, when it comes to selecting a cryptocurrency wallet, security should be the top priority. The market has various NEM wallets, equipped with different security features, however, hardware wallets carry the day.
The highlighted wallets are best for storing XEM, but the Trezor wallet stands out. Note that, some of the wallets are perfect for desktop and mobile. If you want to manage your asset on PC then the NEM Nano Wallet is ideal while the NEM Mobile wallet goes for mobile devices.
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Create a NEM wallet in 4 easy steps on Guarda — the world’s leading provider of non-custodial cryptocurrency wallets. In this practical guide, we’ll show you how to set it up step by step.
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.
Normally, you can find user feedback on dedicated pages of App Store and Google Play for mobile applications, as well as on specialized review platforms such as Trustpilot and CryptoCompare.
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).
Nem Desktop Wallet
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.
Nem Coin
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.
Nem Nano Wallet
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!