The New Economy Movement – widely know as NEM – is a smart contract platform. The Proof-of-Importance (PoI) consensus algorithm was first introduced by NEM when the blockchain platform launched on 31st March 2015, with XEM as the native token.
Unlike for the Ethereum platform’s ETH and ERC20 tokens, online wallets similar to MyEtherWallet and MyCrypto for storing XEM and Mosaic tokens are not available.
Mosaic tokens are built on the NEM blockchain. They are created and used to bring utility to blockchain projects, applications and platforms that are powered by NEM.
This guide will show you how to easily setup a NEM Nano Wallet on your macOS, Windows, Linux and other devices.
Please make sure that your desktop/laptop is virus-free and you choose a unique password when asked to choose one. This should not be a password you use elsewhere. Use a password manager to generate and manage strong, unique passwords.
Here’s how you can easily setup the NEM Nano Wallet desktop client:
1. Go to https://nem.io/downloads/ and click on the icon of the operating system you use. Please use only the hyperlink provided, and ensure there is a green lock suggesting a https:// connection next to the URL.
2. Unzip the downloaded .zip file. This contains the application you’ll be using in a folder. Store it in a safe folder – do not keep the application folder on your desktop or C:// on Windows, you can lose all your data in case you need to reinstall your OS.
3. Double click on the NanoWallet file within the folder.
4. You’ll see a launch screen like this…
5. Click on the ‘Sign Up’ tab in the top right corner. We are going to create a ‘Simple wallet‘ for your XEM and Mosaic tokens…
6. You’ll be taken a caution screen.
It is advisable you turn off your WiFi or unplug your LAN cable. (Keep this page open so you can refer to it.)
7. With ‘Mainnet‘ selected, click on ‘Next‘.
8. Enter a name for the wallet. This can be your name or any other name that is memorable. Your wallet .wlt file that stores your private key will also be created with this name. Click ‘Next‘.
9. Type a strong password and re-enter it to confirm. Click ‘Next’
Remember: You cannot recover or change this password. Make sure you use a unique password.
10. This screen will ask you to randomly move your mouse across the screen so that a less predictable private key can be generated. You’ll have to keep moving the cursor for entropy until the key generation is completed.
Once done, you know it… hit ‘Next‘!
11. You can download your .wlt Wallet file directly by selecting ‘Download wallet‘. Our file was called ‘lattice80 NEM Nano Wallet guide.wlt‘ (because step 8).
Click on ‘I have my wallet file‘.
12. Optional: Instead of downloading the file, you can copy the base 64 key by clicking on ‘Show raw wallet file‘ into a Notepad or TextEdit file. Save the file as yourWalletName.wlt.
DO NOT DISCLOSE THIS KEY TO ANYONE.
13. Once you have saved your .wlt file / base 64 key using step 11 or 12, the next step will display your private key. Write it down and store it in a safe place.
Do not EVER share it this key with anyone. It is advisable to not store this key digitally, for example in your email or on your computer.
14. Agree to the Account Safety Protocol. It is to reconfirm that you have saved your wallet file and your private key.
15. And we are done! Your brand new NEM address is displayed, and a green notification on the right corner confirms that your wallet is loaded into the client and ready to use.
The address we created is: NCRF6EI2JXPX6ZRNEPKZOBTX3BZHPGLGNSEMYAOI
This is the address you’ll use to send and receive NEM and Mosaic tokens from.
Click ‘Login‘ to see the next step after you have copy-pasted your NEM address somewhere. This address will also be available to copy from the account information section once you login.
16. Agree to the Account Safety Protocol. This is to reconfirm that you will always have your private key backed up before sending any transactions using the client.
17. From the ‘Select wallet‘ dropdown, choose the wallet name you created in step 8. Enter the password you created in step 9 and click ‘Sign In‘.
18. Welcome to your NEM Nano Wallet Dashboard. You can see your balance on the top, check your transaction history, send NEM and access other options.
19. You can click on Account: Primary to access your NEM address and other information such as your Private Key.
Please note that the NEM address is sometimes written in this format, with dashes: NCRF6E-I2JXPX-6ZRNEP-KZOBTX-3BZHPG-LGNSEM-YAOI. Both, this and the address format displayed in step 15, are acceptable unless otherwise specified.