NEM, or New Economic Movement, is a dual-layer blockchain written in Java. This project is trying to build a more technologically advanced blockchain. NEM originally started as a fork of NXT in January 2014 as an effort to create an original community-oriented cryptocurrency. NEM is developed and supported by the NEM Foundation, a non-profit based in Singapore, which consists of an international network of developers and entrepreneurs.
But in 2015, NEM developed its own code from scratch. It aimed at providing an improved platform to maintain multiple secure ledgers for transactions and supporting the NEM Smart Assets layer, which can represent any store of value.
NEM is an enterprise-grade solution that was created to run using API calls. It means that any program can be easily adapted to use the network and build blockchain-powered apps without any special software. NEM also uses a domain/subdomain naming system, which is pretty similar to the internet as we love and know it, making it easier still to adapt apps across all platforms.
All this brings NEM to the level of flexibility that allows seamless integration of various apps into the network.
NEM coin review
Unlike Bitcoin and similar cryptocurrencies, NEM coin is called XEM, and it can't be mined. Instead, it is harvested using a Proof-of-Importance (PoI) algorithm. It's a process in which the first computer that verifies the transaction notifies users around him, generating a block.
But to be rewarded, you need to have an importance score, which is only possible whenever someone has 10,000 "vested" coins, or more than 10,000 XEM because of how vesting works. Every 24 hours, 10% of your non-vested coins become vested.
Getting rid of mining in the conventional sense, and the necessity for expensive hardware, transactions in the NEM system are much more efficient than in other blockchains. XEM harvested through a hybrid process reduces energy consumption and the time required for a transaction. This model accounts for balance and prevents ASIC-powered mining nodes from controlling the network.
The nodes are verified using an Eigentrust++ algorithm so that when a node provides correct data, its reputation increases.
NEM coin wallet
Of course, if you want to own NEM coins, you need to have a wallet first. And that brings us to the importance of making the right choice while searching for a secure wallet. The wrong one can cost you dearly like it did to the clients of the Japanese exchange Coincheck, who stored their money on Coincheck and lost more than $0.5B worth of XEM cryptocurrency.
The top NEM wallets in 2020 are:
- NEM Desktop Client
- Guarda Wallet
- Trezor Wallet
- NEM Mobile Wallet
The circulating supply of XEM is 8,999,999,999. The current market cap of NEM (as of June 2018) is around $533,731,050, with approximately $50,000,000 worth of XEM traded daily. Exchanges that accept XEM include Poloniex, Binance, Pkryptono, Upbit, and Zaif.
NEM is unique for many reasons, among them consensus system, versatile use cases, and stability. Flexibility and the ease of integration make NEM a very attractive platform for anybody who is looking to build out a blockchain solution. NEM offers a truly impressive system that can potentially power the looming blockchain economy.