Buy NEM (XEM)

What is NEM?

NEM (New Economy Movement) is a blockchain and cryptocurrency project designed to improve scalability, security, and efficiency. It aims to establish an economic framework that addresses issues found in existing systems managed by traditional authorities, promoting economic freedom and decentralisation. NEM's unique features include a Proof of Importance (PoI) consensus algorithm, which rewards participants not just for holding coins, but for their active participation in the network.

How does NEM work?

NEM operates using a consensus mechanism known as Proof of Importance (PoI). PoI considers the amount of XEM (NEM's native cryptocurrency) a user holds and their activity within the network. This mechanism incentivises active network participation over mere wealth accumulation. Additionally, NEM features "harvesting," a process akin to mining where users earn XEM for maintaining the network. NEM's blockchain supports programmable smart assets and mosaics, allowing users to create custom tokens and manage them interactively across both private and public blockchains.

What are the potential use cases for NEM?

NEM's flexible and efficient blockchain offers numerous use cases across various sectors:

• Asset Management: Facilitating secure transfers of digital assets, including tokens and contracts, across blockchains.
• Supply Chain Management: Enhancing transparency and efficiency in logistics through secure data sharing.
• Smart Contracts: Enabling automated, secure agreements for complex transactions.
• Blockchain Interfacing: Providing seamless interaction between private and public blockchain networks.
• Harvesting: Allowing users to participate in network validation through NEM's unique system, earning XEM as a reward.

What is the history of NEM?

NEM was conceptualised in January 2014 by a Bitcointalk.org user named Utopian Future. The project officially launched on March 31, 2015, with the creation of its genesis block. NEM has undergone significant development phases, including the launch of Catapult (NEM 2.0) to improve transaction speed and the subsequent release of the Symbol blockchain in 2021, transitioning to a Proof of Stake Plus (PoS+) mechanism. Throughout its history, NEM has been managed by the NEM Foundation, which has played a crucial role in promoting its adoption across various industries and sectors worldwide.