Is it possible to transfer funds from one wallet to another on the same network without incurring fees or delays in processing times?
Yes, it is possible to transfer funds from one wallet to another on the same network without incurring fees or delays in processing times.
This is possible due to the unique architecture of the NEM blockchain. The NEM blockchain utilizes a Proof-of-Importance (POI) consensus algorithm, which allows for near-instantaneous transactions with no fees. The POI algorithm works by assigning each account a “weight” based on their activity on the network.
This weight is then used to determine which accounts are eligible to participate in the consensus process and validate transactions. As a result, transactions are processed quickly and without any fees. Additionally, NEM also utilizes an Eigentrust++ reputation system which helps ensure that all transactions are valid and secure.
AI created text. No guarantee for the correctness of the content.
