NEM.io president Lon Wong explains what’s next for NEM

Posted: 16 March 2018 2:00 pm
News

Lon Wong, founder and president of NEM.io, spoke with Crypto Finder about what's new at the company, and what's in store for the future.

Interview from Blockchain Week London on 23 January 2018.

Be the first to know

For daily news, interviews and video — follow Crypto Finder on Twitter, Facebook, LinkedIn or YouTube.

See part one of the interview

Read the transcript:

What's new for NEM? What are you offering now?

We have been around for four years. We've understood, we have seen how the NEM version 1 has performed. I must say that I'm very happy with the performance so far. It hasn't failed us and what we have done now is to release, in fact, we have actually released version 2.0.

And version 2.0 essentially gives us much more power in its performance, and one of the most outstanding features is the ability for us to transact at 4000 transactions per second. And the other feature is the way the architecture of the servers are being designed.

And if one understands the web architecture, which is the multi-tiered solution, we follow strictly to that, and therefore, it is very much a scalable solution that we can actually make use of with this technology that we have.

Your blockchain technology can be bought individually or as part of an existing blockchain. Do you think this sets you apart?

Buying into an existing blockchain is more so of a business decision, but we do have things like it being used separately and downloaded from our GitHub sort of thing. But having said that, I must qualify that we are not there yet in terms of giving this option of downloading it for free at the moment, and then use and modify upon the blockchain that we have as an open-source project. So, essentially, this will happen sometime this quarter.

Is there any conflict between offering both a native currency and operating what essentially turned into multiple blockchains?

Yeah, well you could say that, but I think we are looking at the greater scheme of things, right? I mean, there are times when enterprises or even individuals who just like to use the public blockchain to do simple tasks and to supplement their businesses. Or, enterprising, choosing to use the enterprise class to power their businesses. So there will be a mix of use, both the public and what we call the private chain, which is the enterprise-class solution.

Can you tell me how you see that being scalable?

If you were to look at how the web architecture is done, basically it is a multi-tier solution where you can have an application server and we have what we call the application gateway servers that sits on top that serves the transaction requests. And then we have the database solution that's where the blockchain sits, so we segregate that and we allow that to scale horizontally so that we could actually accept more transactions per second. And that's essentially what it is.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

The step-by-step guide to XEM

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site