NEM (XEM) is one of the many platforms that are angling for dominance in the smart contracts space. Though it has had its ups and downs, it has been resilient, and remains one of the most popular blockchain projects in Japan. Going forward, one thing that will drive NEM going forward is its Dapps crowdfunding project.
This project entails funding developers who have brilliant ideas, but don’t have the money to jump start their ideas. According to the NEM website, NEM allocates around 300 million NEM to fund Dapps, and each qualifying blockchain project receives not more than $15 million in funding.
This project is a big deal because, there is a sizeable number of good developers out there who can develop revolutionary applications, but they lack the resources to get started. Such individuals are going to look to NEM (XEM) as their lifeline in the future. This is a win for NEM in the sense that the number of Dapps launched on this platform will increase over time, and with this, the volumes of traded NEM’s will increase too.
To give you an idea of what an increase in projects can do to a smart contracts platform, you just need to look at Ethereum. The reason why Ethereum managed to grow from under $1 to over $1000 is because it has been the primary platform for Dapps developers up to this point. Most of the ICOs launched in 2017 were on the Ethereum blockchain. If NEM can manage to pull through similar volumes through this funding program, we could be staring at a price explosion in the future.
Besides, this financing program will help drive traffic to an already fundamentally strong crypto. NEM was built for scalability from the ground up. Scalability is one of the issues that have become a thorn in the flesh for most smart contract platforms. Ethereum, for instance, has had a serious scalability problem that they are still figuring out how to deal with. Given that NEM is highly scalable, it is already one of the best platforms for enterprise-scale Dapps developers. In essence combining the idea of funding with such a highly scalable blockchain is likely to drive developers to this platform. This combination will play a key role in pushing up the value of NEM in the long-run.
NEM (XEM) also has some inbuilt features that make it easier for developers to come up with Dapps, without too much hassle. If you couple this with funding for developers, it is only logical to anticipate an influx of developers to shift to NEM over time. The idea of getting funded, plus the tools to help hasten the development process is every developers dream.
You now have a good idea why NEM’s funding proposal is one of the best things that has ever happened to NEM. Once this gains momentum, NEM has the potential to hit a $1 in the short-term, and even higher valuations going forward. The bottom-line is that NEM (XEM) is probably one of the best investments you can make right now.