What is NEM?
How to create and set up NEM wallet?
NEM is a peer-to-peer cryptocurrency and blockchain platform launched on March 31, 2015. NEM has a stated goal of a wide distribution model and has introduced new features to blockchain technology such as its proof-of-importance (POI) algorithm, multisignature accounts, encrypted messaging, and an Eigentrust++ reputation system.
- Download and install the NEM Nano Wallet from the official website: https://nem.io/downloads/
- Launch the wallet, click “Sign Up” button and choose the “Brain wallet” tab:
- Choose the Wallet name, Mainnet network and set the passphrase, which is at least 40 symbols length, containing numbers and different case of letters. Keep that passphrase safe, because if you lose your passphrase you lose your coins. After that click the “Create brain wallet” button:
- On the next step you have to save your private key encrypted into a special .wlt file. It is a priority to make sure it is stored safely somewhere offline: USB drive or piece of paper. Whoever has knowledge of a private key has full control over the associated funds. Think of your private key like a bank card + pin number together. If someone has access to both, he can access your funds. This is why you should keep it top secret but also never lose it.
- After that you will see your raw wallet file and private key again. Be sure you saved it safely. As soon as you completed all the steps click “I agree” button:
How to get the wallet address?
- On the main wallet page select from the drop-down menu the wallet, type the passphrase and click “Sign In”.
- Check the Node status, its color has to be green. If the status is red, you need to click on it and change the node.
- You can see all information about your wallet and make a backup (if you have not done this before) on the “Account” tab. From the left side you can see your wallet address and from the right - your private key:
How to launch Masternode?
- First of all make sure you have at least 3 000 030 XEM in an account. 3 milion XEM to be able to participate in the program, and 30 XEM to be able to pay the fees for activating delegated harvesting and sending the enrollment message to the official node reward account. The message fee depends on the size of the message text, so 30 XEM might be a little bit more than you really need.
- Go to your account on AllNodes, click the “Launch Masternode” button and select NEM from the list. After that you need to set your delegated private key (please make sure to get the private key from the delegated harvesting account, not your main account). You can find it in your wallet in “Services” - “Manage delegated account”:
- On the next step you just need to send an empty transaction to the official node reward account with a special message from AllNodes instructions. You have to add your delegated public key to the end of the message. You can find delegated public key in your wallet right upper delegated private key.
- Once you complete all the instructions please wait a few hours, while your transaction will be processed in NEM network. You can check your Masternode status in your account on AllNodes.
How much does it cost?
All the AllNodes services are completely free till the end of the Open Beta and $5/month after that as a promo until you cancel your Masternode. You can always find the current cost of the services on the Pricing page.