XEM is a cryptocurrency that powers the New Economy Movement blockchain. To verify transactions, NEM uses a unique consensus algorithm called Proof of Importance.
What Is NEM (XEM)?
NEM (XEM) or 'New Economy Movement' is a cryptocurrency created on advanced blockchain technology. NIS1, the principal blockchain platform for NEM (XEM), is an upgrade on the existing blockchain technologies with additional in-built features. The blockchain aims to provide individuals and businesses with flexible and tailor-made solutions. Since the launch, NIS1 is aiming to perform faultlessly, accounting for zero downtimes, no major outages, or chain hacks. Hence, NIS1 aspires to be a developer's playground. The blockchain seeks to allow developers to create features like asset exchange, reward points, and more without using smart contracts or a specific programming language. Thus, NEM (XEM) envisions to stand out as a one-stop crypto platform seeking to provide users with an upgraded, secure, and trustless computing of crypto assets.
NEM (XEM) introduces an all-new 'proof of importance' or POI mechanism intending to utilize sustainable and eco-friendly computing resources. According to the website, PoI and PoW (proof of work), employed by Bitcoin and other crypto assets, is not very distinct and, instead, a more scalable and energy-efficient alternative. The mechanism aims to simplify operating the nodes on any hardware without risking a breach of network security. Also, nodes refer to a digital ledger that records and stores blocks of transactions.
Further, NEM (XEM) introduces 'Symbol,' a next-generation blockchain platform, linking enterprises to blockchains. The framework and architecture of the platform seek to bring more flexibility, usability, and security to the enterprise landscape. Symbol is an evolved blockchain seeking to benefit enterprise users with better scalability and lower costs.
The NEM (XEM) NIS1 blockchain utilizes XEM as the native utility token. XEM aims to be a fundamental value allowing users to conduct transactions on the blockchain. Besides, the crypto-powered blockchain encourages users to participate in the network and harvest XEM to win more block rewards and tokens. The harvesting process is similar to cryptocurrency mining, except the process utilizes the 'proof-of-importance' mechanism to add new blocks to the network without running a node. Also, delegated harvesting is an efficient system to securely pool account power and protect the funds without exposing the private keys. XEM functions as the governance token of the NEM (XEM), allowing token holders to vote on matters concerning the future of the blockchain.
History of NEM (XEM)
NEM Group is the founder of NEM (XEM). The maximum total supply of NEM (XEM) is 8,999,999,999 XEM.
