NEM –The magic begins

NEM is cool. And even cooler when it works as advertised. For those who don't know, NEM has a consensus algorithm called "proof of importance". A concept that is unique. It is similar to mining as it verifies transactions in the network. And as a thank you for doing so, you get to keep the fees. That is: IF you have 10 000 vested XEM in your balance.

I harvested my first block!

Yuhuuu! Finally after researching NEM and trying to find a suitable time to buy in, I did so about 2 weeks ago. It has been vesting ever since and tonight was the first payout...

Not bad! I have tried much mining and made some. But this beats it. Very little effort and with today's price ~60 bucks.

I have been warned it is not normally this lucrative. But the payout is a function of fee sizes and network activity. High activity yields greater results. According to the nerds, the highest payout last week was over 1600 XEM for one block.

Harvesting is great

Sick and tired of gazillions in network fees? NEM has a very compelling alternative to mining and everything associated with it. You can power small countries with the electricity consumption from bitcoin alone. Harvesting don't require more than a normal computer and it is good to know you contribute to securing the network just by holding.

Will it keep up?

Well that is the big question. So far I have only harvested one block. I don't know how frequent it will be, nor is there any guarantee they will contain anything. I only know one thing: NEM is working hard to increase adoption. They also work hard to add use cases for the network. And finally after studying the various initiatives, I'm proud to say I'm part of it.