What is NEM (XEM)?

May 15, 2018 at 20:02

Coin overview
NEM, formerly known as New Economy Movement, was designed and coded from scratch and launched in March 2015.

Behind the platform is NEM.io Foundation, a Singapore-based non-profit organization.

NEM is a peer-to-peer cryptocurrency platform intended to provide users faster transactions, lower fees, low power consumption and transparency.

The NEM Smart System allows users to customize applications—such as fintech systems, logistic tracking, an Initial Coin Offering (ICO), documents, decentralized authentication, among others—to be built on its blockchain.

NEM network’s token is called XEM and unlike other cryptocurrencies, these are “harvested.” Anyone can be a harvester, an individual staking their coins to assist in network validation.

Through the Proof of Importance (PoI) algorithm, those verifying the transaction to form a block are rewarded. However, they need to have over 10,000 vested XEM to be able to receive incentives.

It is among the top 20 largest cryptocurrencies in terms of market cap and is widely used in Japan.

Where to buy?
XEM is available in major cryptocurrency exchanges such as Binance, CoinSpot, YoBit, Changelly, Cryptopia, Shapeshift and Bittrex, among others.

Is it mineable?
It has a total supply of 8,999,999,999.