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XEM
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NEM
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The price NEM today is 0.139952 USD, and the trading volume in 24 hours - 47,839,352 USD. The crypto asset has grown by -6.13% over the day. Currently, the coin’s market capitalization is 1,259,568,000 USD, and has 8,999,999,999 coins in circulation with the max supply of 100,000,000 coins XEM.

What is NEM (XEM)?

The NEM coin (XEM) is a unit of cryptocurrency on the platform of the same name. The platform aims to make blockchain-based projects more flexible and easy to manage, relying on its Proof-of-Importance (poi) algorithm and Smart Asset system.

NEM is a coin supporting the Movement for a New Economy( NEM), a blockchain-based platform. It began its existence as a favorite project of a Bitcointalk forum user called "utopianfuture". It was originally intended to be built on the Nxt platform, but it was eventually built from scratch and launched in 2015. 

At the heart of NEM is the Smart Asset System, whose blockchain is used to manage transactions and develop applications on the network with a focus on customizability. This is achieved by eliminating the need to use NEM software to run applications, since the platform allows configuration through API calls (Application programming Interface). Thus, it is possible to control its functions using any programming language.

Unlike its competitor Ethereum, which focuses on decentralization and transparency, the NEM platform seeks partial centralization. This allows users to run private and public blockchains, as is the case with the Mijin blockchain building system. This way, users have more control over who can see the stored data and assets on the network. In addition to Ethereum, NEM competes with NEO and Lisk, which also play an important role in promoting blockchain solutions for businesses.

As for assets, NEM uses a system of so-called mosaics, which denote any type of asset, such as currency, coin, vote or signature. Assets are stored in addresses and can be transferred and configured depending on the individual needs of the user.

The NEM platform uses a Proof-of-importance (poi) consensus mechanism. In this case, the consensus is compared to the importance score assigned to each node. This is done with XEM coins. The coins that users keep in their wallets belong to them and will make their accounts more important over time. Once they collect at least 10,000 XEM coins, their importance score will increase. In addition, the more transactions are made on the network, the more important" the participant can become. Finally, the score will be checked by the system to determine if the user can add blocks to the block chain in a process called "collecting".

What makes NEM unique?

XEM is an open source decentralized cryptocurrency that has a number of unique features.

Perhaps the most important of these is the way the NIS1 block chain is protected. NIS1 uses its own Proof-of-Importance (poi) algorithm, as opposed to the much more common proof-of-work and proof-of-stake, in order to ensure timely processing and registration of transactions on the network.

Proof of importance allows anyone to start a node on the NIS1 network and facilitate transactions through a process called "delegated harvesting". The system takes into account the number of coins that are already stored on each node, how often they make transactions on the network, and with whom they make transactions to roughly determine their "importance score" in the NEM economy. Based on this estimate, the nodes then receive a portion of the commission from the transactions they helped process.

NEM claims that the importance verification system ensures that the network can identify and reward those who actually use it the most.

Another important market for NIS1 is enterprise-level solutions: using a specially designed API system, NEM allows developers to integrate their blockchain infrastructure into third-party applications.

How many NEM (XEM) coins are in circulation?

To date, 8.9 billion coins have been created, and all of them are in circulation. 

Summary

  • To own your crypto assets, you need to manage your own private keys.
  • Ledger hardware wallets make private key management easy and secure.
  • Each unique 24-word recovery phrase creates a new set of private keys.
  • Make sure you secure your 24-word recovery phrase properly.
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