NEM Blockchain Platform Doubles the Rewards for its Supernode Program

The peer-to-peer blockchain solutions platform, NEM has announced a 100 percent increase in the XEM rewards for high-performance nodes as a part of its Supernode rewards program.

The New Economy Movement (NEM) has successfully completed its trial Supernode rewards program. With the completion of its alpha phase, the platform has now increased the rewards offered to high-performance nodes on the network from 70,000 XEM to 140,000 XEM per day. Starting September 1, 2016, the daily reward amount is split between node operators meeting the set criteria.

NEM is a blockchain 2.0 platform written from scratch using Java and JavaScript. It shares much of its architecture with Mijin, a private chain being deployed through the Tech Bureau of Japan. Both Mijin and NEM share common APIs. NEM has been running for over one year and has unique multisignature, asset creation, namespace and messaging capabilities.

Supernodes are the backbone of NEM blockchain solutions platform. These “high-performance” nodes play a crucial role in supporting light wallets, mobile apps and other third party applications that utilize NEM APIs. These Supernodes essentially form the backbone of NEM network and for that, the operators are rewarded from the Supernode Rewards Fund, set aside for this specific purpose. In spite of the rewards program, light client users are charged the normal transaction fee on the NEM network for transactions processed on Supernode. Supernodes are responsible for facilitating safe and secure transactions over the NEM blockchain for no additional charges.

Speaking about the Supernode rewards program, NEM developer Bloody Rookie says,

“The node rewards program offers the opportunity to earn money by running a Supernode while helping to strengthen the NEM network. This is truly a win-win situation.”

Proof of Importance (POI), the consensus mechanism used by NEM network is designed to be energy efficient. This undemanding consensus mechanism makes it possible for an NEM node to run even on a Raspberry Pi device. Even though nodes running on Raspberry Pis are capable of earning fees by processing transactions and discovering new blocks, they don’t contribute much towards network throughput. Supernode rewards are designed to encourage the community members to run high-performance nodes. The rewards offered by NEM through its Supernode rewards program is enough to cover the incurred expenses while making a profit at the rate of 6 percent ROI.

Nodes on NEM network are constantly monitored and tested throughout the day. These tests verify that the nodes meet required threshold bandwidth levels, block height, the accuracy of uploaded data, processing power, responsiveness, ping and bonded XEMs. In order to ensure consistent performance of high-performance nodes, the node admins are required to use a delegated account bonded with at least 3,000,000 XEM to boot the Supernodes.

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