NEM (New Economy Movement) is an ecosystem of platforms that use blockchain and cryptography to provide solutions for businesses and individuals. XEM is the native cryptocurrency of NEM’s NIS1 public blockchain.
NIS1 operates in a similar way to Bitcoin (BTC): it has a network of distributed independent nodes that process and record transactions on a public ledger called “blockchain.” These nodes are incentivized to contribute their time and computing resources and remain incorruptible via transaction fee rewards; these rewards are paid out in XEM coins to each node that manages to add a new block of transactions to the end of the blockchain.
However, NIS1’s blockchain has a number of unique features that set it apart from Bitcoin and most other cryptocurrencies. The alpha version of NIS1 — or NEM as it was known at that time — was launched on June 25, 2014, and its mainnet went live on March 31, 2015.
What Makes NEM Unique?
XEM is a decentralized open-source cryptocurrency that has a number of unique features.
Perhaps the most important of these is the way the NIS1 blockchain is secured. NIS1 uses its own proof-of-importance (PoI) algorithm — as opposed to the far more widespread proof-of-work and proof-of-stake — for the purpose of ensuring that transactions on the network are processed and recorded in a timely and honest manner.
Proof-of-importance allows anyone to run a node on the NIS1 network and facilitate transactions via a process called “delegated harvesting.” The system takes into account every node’s amount of already held coins, how often they transact on the network and who they transact with, in order to approximate their “importance score” in NEM’s economy. Based on this score, the nodes then receive a share of the fees from the transactions they have helped to process.
NEM claims that the proof-of-importance system ensures that the network can identify and reward those that actually use it the most.
In addition to its unique PoI algorithm, NIS1 also supports such features as multisignature account contracts, encrypted messaging, the Eigentrust++ reputation system and the Apostille service for notarizing and checking the authenticity of files on blockchain.
Another important market for NIS1 are enterprise-level solutions: through a purpose-built API system, NEM allows developers to integrate its blockchain infrastructure into third-party applications.
Shaping the future
They exist to ensure that the NEM ecosystem is a significant contributor to the next evolution of blockchain by ensuring mainstream adoption and use of NEM’s blockchain solutions. This can only be achieved through a strong, healthy ecosystem that works together through collaboration, transparency and openness.
At NEM, we shape the future of blockchain by nurturing a strong and healthy ecosystem that will contribute to the development of blockchain technology for generations to come.
To energise the NEM ecosystem
We will create and sustain a strong and viable ecosystem that connects and benefits individuals, developers, businesses and society. Our focus is to always strive for improvement in the NEM ecosystem and leverage its potential for the benefit of all the constituent elements within.
Success comes from working together
The high-performance culture applies to individuals and teams across the ecosystem who trust each other to deliver. We have the desire and capability to work together, hold each other accountable and focus on intelligent problem solving with the energy, capacity, and creativity to get things done. The values are represented by four principles: Creativity. Intelligence. Delivery. Drive
Participate in the launch of Symbol: 1 XEM = 1 XEM + 1 XYM after Snapshot
In February 2021, NEM is launching the Symbol public blockchain. Click here for everything you need to know about the migration from NEM NIS1 to Symbol, including Opt-in, Snapshot, and your opportunity to participate in XYM. By opting-in, XEM holders will obtain an XYM balance equal to that of their XEM balance at the time of the Snapshot
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One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.