Lon Wong shares details on NEM 2.0’s (XEM) development

Posted: 21 March 2018 11:00 pm
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Interview from Blockchain Week London on 23 January 2018

The president of the NEM Foundation explains to Crypto Finder how the NEM 2.0 (XEM) smart-asset blockchain will operate, and what's next for the platform in 2018.

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How NEM plans to scale

Read the transcript:

You said that you're introducing a NEM 2.0 with some unique smart features. Can you tell me about those?

NEM 2.0 or, as we code name it, Catapult. One of the more important features that the NEM 2.0 includes is a transaction called a pull transaction. And what it means by having a pull transaction is that traditionally, you have what we call a push transaction, where I send a transaction to you and then you receive that.

In the case of a pull transaction, I send a request to you to pull a value or a transaction off of you, and when you approve of it you just sign it off. It's a very important feature because it allows us now to have more flexibility in a transaction. We have also the option to do a forward transaction as well, so it is a pull and a push transaction all happening at the same time. So the pull will be pulling in the XEM native coin so that I could use that coin to pay the fees for the transaction that I'm going to push to you. So in as far as the user's concerned, you will see that it is just a push transaction with the pull transaction happening in the background without his knowledge.

So the roadmap for us today is to be able to go out there and establish lots of points of presence and finance all these points of presence around the world and to propagate this technology – beautiful technology – and hopefully make it the de facto technology that we would like it to be in the future, say two years or three years from now.

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