“The Smart Asset Blockchain: Built for Performance”
NEM is a peer-to-peer cryptocurrency and blockchain platform similar to Ethereum but written in Java. Launched in March of 2015, NEM is one of the older blockchain-based projects in the space and currently supports multiple ledgers on its blockchain.
NEM stands for “New Economy Movement” and is built on its own unique consensus mechanism called the proof-of-importance (POI) algorithm which includes multi-signatures and end-to-end encryption. The POI system assigns a rating for each account participant in the network based on an algorithm, from which responsibilities are distributed based on the ranking of these ratings. The POI system thus works well to dissuade and cut off bad actors before they wreak havoc on the NEM network.
NEM is currently used in a commercial blockchain called Mijin and is quite popular in Japan where it is being tested by financial firms and a few private companies. Through the use of its NEM Smart Assets technology, multiple ledgers are able to exist on one blockchain. All transactions on NEM have a cost to them which are paid in their own native cryptocurrency, XEM.
NEM has played a prominent role in the cryptocurrency space since its inception and has remained one of the better-known cryptocurrencies and blockchain platforms since then. In July 2018, the NEM Foundation established a new center in Malaysia to accelerate the adoption of their platform in the Southeast Asia region. However, although NEM has a long history, it is currently also one of the least used cryptocurrencies out of all the most prominent ones: it does not support many decentralized applications like Ethereum does, for example, but recent indications seem to suggest that NEM is restructuring and now focusing on accelerating projects on its platform through the establishment of new incubators and international offices.
NEM did not hold an ICO. Because of its underlying philosophy of being an “ultra-accessible” cryptocurrency, NEM began its distribution in 2015 by allowing users to request a stake in the project by simply commenting on a BitcoinTalk forum. Some of them still remain unclaimed but regardless, there was no cost associated with acquiring NEM at its inception.
Due to NEM’s unique consensus algorithm, NEM has many key features that set it apart from other cryptocurrencies. Currently, there are 8,999,999,999 XEM In circulation.
For more details on NEM’s key features, please read its technical whitepaper.
- High transaction speeds and throughput, with blocks processed every minute.
- Written in Java, development on NEM is easier than most other blockchain projects.
- Deeply customizable, NEM allows multiple ledgers to exist on its network without the need to split the chain.
- The POI system makes NEM secure due to its unique algorithmic rating system.
- Already in use for commercial purposes by financial partners and industry-makers
- Has a long history in the cryptocurrency space, being created in 2015.
About the Team
There is sparse information on the NEM team. Although their core developers are mentioned in their original BitcoinTalk forum post, they are not mentioned on their main website. Currently, NEM is represented globally by the NEM Foundation and their President is Lon Wong.
NEM experienced a price spike like the rest of the cryptocurrency market in December 2018 and peaked at around $1.66 then. At the time of writing, due to the bearish market winter, the price has since collapsed to $0.061.
Website and Social Media
You can keep up-to-date on all the latest NEM developments through their many social media channels, especially Twitter and Reddit. Also, be sure to check out the official NEM website for more information.
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