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NEM Project Releases Hard Fork with Domain-linked Digital Assets

Blockchain 2.0 project NEM is releasing a hard fork of its protocol that introduces domain names, called Namespaces, that are linked digital assets created on the blockchain.

Users who want to create a digital asset, called a Mosaic, need to register a root domain name.

A project spokesperson stated:

Each individual who wishes to create a mosaic needs to register a root domain name. This domain name can be thought of very much like a website domain and in NEM is known as a namespace. This can be bought for an amount of XEM (to be defined later). The namespace length shall be limited to 16 alphanumeric characters.

An asset creator owning an NEM Namespace can create as many sub-domains as wanted, using a convention similar to the Java namespace convention. The sub-levels of a NEM Namespace can act as the actual name of the asset, or in some cases can be a class of assets as it is itself a sub-domain with lots of assets under that sub-domain name.

NEM Namespace & Sub-Domain Assets

nem-namespace-withsubdomains
In the above example there are 6 assets. They include: 1. jabo38.jeffsilver * halfounce; 2. jabo38.jeffsilver * ounce2015; 3. jabo38 * iposhares; 4. jabo38.exchange * usd; 5. jabo38.exchange * eur; 6. jabo38.exchange * zar

The linking of NEM digital assets to Namespace mitigates against the creation of fake assets that use the same name as legitimate ones.

 

The new NEM release, numbered 0.6.72 and dubbed “Ninja”, also includes an experimental light wallet, which enables transactions on any node.  From wallet, transaction serialization and signing are done purely in javascript within the browser.

nem-lightwallet

NEM has in the past four months been the technology behind a number of banking and systems integration projects announced in Japan. In September, Tech Bureau revealed that it was using a fork of NEM, called Mijin, to offer permissioned blockchains to financial institutions. In December 2015, Tech Bureau formed a partnership with XML specialist Infoteria to develop an adapter for system integration between existing infrastructure and Mijin private blockchains, which both companies say will eventually provide access to over 5,000 companies.

Also in December, Dragonfly Fintech announced that it formed a partnership with Nomura Research Institute (NRI), a leading Japanese think tank and systems integrator, and Japanese SBI Sumishin Net Bank to provide practical financial solutions, particularly automated clearing and settlement on a private blockchain.

Journalist, policy analyst, and evangelist of new, disruptive technologies including big data analytics, Internet of Things, and cryptocurrencies. Internet industry veteran with regional c-suite experience, and journalist credentials earned at internet.com, Internet World magazine, and Mecklermedia Corporation.
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