An Explanation of NEM's Namespaces and Mosaics (Digital Assets)

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This guide will cover the basic setup of namespaces and mosaics in the NanoWallet.

To create a namespace you need:

100 XEM for the root namespace 10 XEM for every subnamespace

To create a mosaic you need:

Example

You are a farmer with 50 potato fields. Since 50 fields are too many for yourself, you start to think about selling some of the fields to investors.

How can this be done with NEM and NanoWallet? With namespaces and mosaics of course...

Creating a namespace Introduction

Before we create a mosaic to represent the 50 fields, we need to create a namespace and we will also create a sub-namespace. For this example, we create a root-namespace for the farmer and a sub-namespace for the potato fields.

A root-namespace can be compared to a web domain, for example, nem.io. A sub-namespace can be compared to a sub-domain such as blog.nem.io.

Following namespaces have to be created: Root-namespace: farmer Sub-namespace: potato (farmer.potato)

Creation of root- and sub-namespaces

Login to the NanoWallet, go to Services and choose "Create namespace". First, we create the root namespace.

Parent Namespace: select ". (New root Namespace)" Namespace: farmer (this is the name of the namespace) Password: Your wallet-password

Once you have entered the values, click "Register". Go to the Dashboard and check, if the registration was successful:

Now that the root-namespace exists, we can create a sub-namespace.

Parent Namespace: select "farmer" Namespace: potato (this is the name of the sub-namespace) Password: Your wallet-password

Once you have entered the values, click "Register". Go to the Dashboard and check, if the registration was successful:

Creating a Mosaic Asset

After the creation of the Namespaces, we move on to create a mosaic for the 50 potato fields. Mosaic definition

Parent Namespace: select "farmer.po...