Private or public chain? All here on NEM blockchain
XEM token is currently the world’s 23rd largest cryptocurrency as of August 1 2019, according to CoinMarketCap. People used to hold negative attitude toward this token because of the financial difficulties of NEM foundation. However, with the development in planned “Catapult” protocol upgrade and the improving operation of the NEM foundation, the NEM blockchain project seems to move towards a bright future.
What is the NEM blockchain?
What is the NEM blockchain? Jeff McDonald, co-founder of the NEM foundation, part of the core team that helped to launch the NEM blockchain, and the co-founder of LuxTag, introduced NEM blockchain to Jinse Finance & Cointime at the 2019 Asia Blockchain Summit on July 2.
Jeff McDonald said that NEM blockchain is an API driven blockchain. It’s easy for people to build on and there has never been a security breach. He also stated that NEM was the only blockchain that was designed from scratch to be both public and private. This design originates from various customers’ needs that the developers found a long time ago.
Jeff McDonald further explained the logic behind the choice between private and public chain. If customers need high privacy and scalability, or need to control certain parameters, they should choose the private chain. In contrast, if customers want to make sure censorship-resistance and don't want to maintain the network and infrastructure by having their own blockchain, launching on the public chain is a better choice. Basically, the permission private chain offers better flexibility and the public chain provides an open and more secure network. Jeff McDonald also claimed that the team communicates with customers and gives them corresponding advise.
What are the applications?
Speaking of cooperation with government and companies, Jeff McDonald said that his company LuxTag in Malaysia had quite a few projects in both the private sector and the public sector. He cited 2 examples to explain the applications of blockchain in real life.
The first example is a chain his team made for the Ministry of Education. Diplomas for IIUM(International Islamic University Malaysia) are put on the blockchain, which is an open permission chain in order for people to review it and certify diplomas. The chain is anchored to the NEM public chain.
Another example is a private chain for the Malaysian Bar Association, on which information of 17,000 registered lawyers and extra information are stored. This is a permission chain that's kept very private and very secure to prevent information from leaking. The information is not available to anybody and it’s also anchored to the public chain.
What is the future of blockchain technology?
When asked about the future of blockchain technology, Jeff McDonald said that he is very optimistic about the future of blockchain technology. There are more adoptions and increasing government integrations of blockchain technology.
As for regulation, he mentioned what people have done in the field. Jason Hsu in Taipei is doing a great job of regulating blockchain in Taiwan. Naokazu Takemoto works well for V20 as a member of the House of Representatives for Osaka Congressman in Japan. As more people are involved in the industry, Jeff McDonald thought the blockchain industry will continue growing.
Jeff McDonald also claimed that the quality of projects, developers and CEOs for blockchain companies has all improved over the years. So he summarized that the industry’s got better in every way.
Executive editor： Fangrui Guo