What is Nem (Xem)?
NEM (XEM) is a coin and a progressive blockchain-based platform that uses Smart Asset tools. It is more than another type of cryptocurrency since NEM is a data management technology. If you are looking for the easiest and most profitable way to bring the technology of blockchain to any business, NEM (XEM) is perfect for this purpose.
The abbreviation NEM stands for the New Economy Movement, but now the developers prefer to call their project just NEM. The coin of this SAS platform is indicated as XEM. Initially, the NEM project was launched as an NXT fork, but further development led to a gradual transition to a new platform created from scratch. It is popular in Asian countries the most, and first of all in Japan. Among a list of innovations, NEM is unique for its 1-minute block time, the POI algorithm (proof of importance), and multi-valued accounts. But the greatest achievement of the NEM blockchain is the suitability of the platform for various projects and startups beyond the cryptocurrency field. It is best known for being used, for example, in a commercial blockchain called Mijin.
Major NEM (XEM) Features
A new codebase created from scratch.
The POI algorithm instead of POW (proof of work). Proof of importance is used for time-stamped financial transactions. The parameter is calculated for each member by counting their assets and the number of transactions related to the wallet.
The Namespaces system that enables creating several subnames for different processes. If the coin amount is enough, the user has no limitations.
The system of node reputation. The site uses Eigentrust ++ for ensuring stable operation of the blockchain.
Harvesting (creating new blocks) instead of classic mining.
The software is required for rewarding users helping to develop the platform.
What NEM Started From
The first version of the project based on Java was introduced on June 25, 2014. But it turned out that a more stable version of the resource was required for a full-fledged operation in the cryptocurrency market. The plan had been fulfilled by March 31, 2015, when 9 billion coins were supplied (mining of new ones is unavailable). The project named Catapult was introduced at the global blockchain conference Consensus 2018. The second modernized coin showed higher speed and efficiency. Besides, aggregated financial transactions and tiered accounts were added, but these were not all innovations. New functions that had not previously been implemented in the blockchain were provided in a more progressive version. The platform updates every several months, this ensures not only the stable operation but also the elimination of minor flaws and errors.