Jamie McNeill
NEM (ticker symbol XEM) has been pumping significantly over the course of the last few weeks, with an appreciation of approximately 45% in the last seven days.
There are many who are bullish on the project, particularly now that positive sentiment is returning to the crypto markets.
The NEM blockchain has experienced a chain halt
As is the case with many centralised blockchains, there is often a high degree of risk since they aren’t very security resistant.
The NEM blockchain had to confront this issue, and managed to do so promptly, fixing the issue within 12 hours.
PSA: The client team is currently investigating a chain halt that occurred at block height 4129631. We have advised all exchanges to halt withdrawals and deposits.
— NEM (@nemofficial) February 27, 2023
The issue meant that the XEM team was forced to contact all exchanges and ask them to halt withdrawals and deposits, but the root cause of the issue was soon identified and the problem was fixed shortly after; the chain is once again active, but investors ought to be wary with smaller blockchains that this sort of risk is common – one has to look no further than FTX favourite Solana to recognise that highly centralised blockchains do not have high degrees of security.
Should you invest in XEM?
Aside from the recent update to indicate that their chain had briefly stopped working, the team at NEM aren’t very active on social media and don’t spend a lot of time building their community, which functions as the heart of a crypto ecosystem.
In fact, the team cares so little about community building that they have eschewed a full website in favour of simply publishing a Gitbook.
For those who are looking to capitalise on future bull markets, which are often highly retail-driven, one may wish to allocate to other projects that either have stronger communities, or are less dependent on centralised infrastructure.
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This article was written for Business 2 Community by Jamie McNeill.
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