What Is NEM (XEM)?
NEM, short for “New Economy Movement,” is a peer-to-peer (P2P) open-source cryptocurrency token and blockchain platform that intends to create the “NASDAQ of the new economy.” In particular, the NEM foundation offers businesses the architecture and programming interface for businesses to develop upon the blockchain.
It was one of the forerunners of the cryptocurrency sector and aimed to fix flaws in existing chains at the time. It was one of the first non-turing full chains to support namespaces, multisignature accounts, user-defined tokens (called mosaics), and a P2P reputation system based on EigenTrust++.
The proof-of-importance consensus method, which aimed to promote on-chain activity and discourage the wealth concentration frequently associated with proof-of-stake, is its most notable addition to the field. NIS, its client, is created in Java.
As a hard fork of NXT, another open source cryptocurrency and payment network, the NEM project started in March 2015. A team of anonymous cryptocurrency professionals and fans hard forked NEM in December 2021.
The community’s intention to transform NEM from a shell of its previous self into the top payments platform for on-chain and off-chain media content was made clear by the hard fork called Harlock. NEM debuted Symbol, a brand-new enterprise blockchain platform, in March 2021.
Who Are the Founders of NEM?
Co-founder of NEM Lon Wong is no longer a member of the group. Wong is an engineer and software entrepreneur with a base in Malaysia.
He left in April 2018 and has subsequently moved on to other projects, including ProxiMax, a blockchain-powered storage and infrastructure initiative, and Dragonfly Fintech, a blockchain fintech startup, where Wong is currently the project’s founder and CEO.
The NEM foundation’s president at the moment is Alexandra Tinsman. She works as a marketing strategist and blockchain consultant for a variety of Web3 and blockchain businesses, such as Predixa, Baobab Studios, and Nemus.
In December 2018, just before the business collapsed into financial disaster, she was chosen to lead NEM as president. Tinsman handled this financial turbulence and started from scratch to repair and restructure the NEM basis.
NEM’s Apostille protocol was created by Jeff McDonald, a member of the NEM Founding Board. As an early proponent of blockchain, McDonald has spent a significant portion of his career working with the NEM foundation, contributing to its growth to a $15 million market cap.
In addition to NEM, McDonald is a co-founder of LuxTag, a firm that wants to create blockchain-based digital certifications of validity.
What Makes NEM Unique?
Early in 2021, NEM released Symbol, an enterprise-friendly blockchain that enables companies to create their own customisable blockchain solutions using Java, a well-liked and extensively used programming language.
Through their software, the NEM foundation has helped the governments of nations like Lithuania, Malaysia, and Ukraine create their own blockchain initiatives. Even a blockchain-based electronic voting system was developed in cooperation between the Ukrainian government and NEM.
The Proof-of-Importance (PoI) consensus mechanism used by NEM promotes genuine blockchain adoption and development. The PoI method, which was created to stop token hoarding and give priority to users who support the network, was invented by NEM.
How Many XEM Coins Are There in Circulation?
As there are 9 billion XEM coins in circulation and a maximum circulating quantity of 9 billion NEM coins, the currency is fully diluted.
When the business was experiencing financial difficulties in January 2019, the Foundation asked to withdraw 160 million XEM from the marketing funds.
How Is the NEM Network Secured?
A Proof of Importance consensus algorithm, which improves upon the proof-of-stake mechanism, secures NEM. Every account on the network is given a rating via an algorithm used by PoI, which prioritises accounts that assist the network and rewards users with high importance ratings.
When Will XEM Trading Begin?
XEM started trading on April 1st, 2015, when NXT split into two.
Can XEM Hit $10?
On January 7, 2018, NEM reached an all-time high of $1.87; however, it has subsequently declined.
Where Can You Buy NEM?
All significant cryptocurrency exchanges, such as Binance, Zaif, Gate.io, KuCoin, and Poloniex, allow you to buy and sell NEM.