NEM XEM

1. Summary

Ranks

Liquidity

97

Developer

57

Social

98

Momentum (beta)

24

Stack Rank™

52

Price

$0.04 -3.9%

Market Cap

$339.62M (#201)

Supply

9.00B / 9.00B

Tags

Smart Contracts

More Metrics

Price
52W High price	$0.06
52W High date	28th Feb 2023 (1 year ago)
All Time High (ATH) Date	7th Jan 2018 (6 years ago)
ATH Price	$1.87
% From ATH	-98.14%
All Time Low (ATL) Date	5th Sep 2015 (8 years ago)
ATL Price	$0.000084820000
% From ATL	40970.44%

Supply & Trading Volume
Trading Volume (24h)	$8.21M
Total Supply	9.00B
Circulating Supply	9.00B

Less Metrics

Description

NEM is actually short for New Economy Movement and it is intended to be a smart asset blockchain. It started out life as a fork of another open-source cryptocurrency payment network platform known as NXT, the NEM development team actually ended up rebuilding everything from the very start. Today it can be defined as an open, customizable blockchain...

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NEM is actually short for New Economy Movement and it is intended to be a smart asset blockchain. It started out life as a fork of another open-source cryptocurrency payment network platform known as NXT, the NEM development team actually ended up rebuilding everything from the very start. Today it can be defined as an open, customizable blockchain solution that fills the need of specific use-cases that are built on top of simple and powerful API calls. NEM seeks to be a technology platform that offers an efficient way through which you can manage assets as well as data at a lower cost.

The XEM Token Explained

Discussing the XEM Token, you can think of it like this. Proof-of-Work (PoW) consensus leads to a high level of power consumption. Proof-of-Stake (PoS) incentivizes cryptocurrency saving instead of spending. The participants who hold the most coins, hold the most power.

Proof-of-Importance (PoI) rewards users that make transactions with other users of the network and conduct more transactions above a minimum size which also adds to a participant’s PoI score. This helps that participant gain a lot more chances to gain a reward. They cannot be mined, and the new coins are produced through harvesting in order to determine who harvests the next block. Throughout time, every time a transaction ends up getting initiated, the first computer that sees the transaction notifies the other users about it and generates a new block. Whenever a user that has 10,000 vested XEM ends up generating a block in NEM, they get the transaction fees as their reward.

Features of NEM

Aside from harvesting, which is the process through which users get XEM, you also have a unique consensus system. The idea behind the Proof-of-Importance or PoI algorithm is to reward people that not only hold the native token XRM but actively participate in the network.

Alongside this, you also have the adaptable API interface that is introduced in NEM, which can be used with just about any programming language, the most common ones being Java and C++. This makes it user-friendly as well as flexible, and it means that just about any business has the opportunity to use the NEM blockchain in order to process transactions securely without needing to change their pre-existing infrastructure.

Founders of NEM (XEM)

Discussing the founders of New Economy Movement (NEM), it was originally created by a total of three developers. They were known by their pseudonyms on the Bitcointalk.org forum.

You have Jaguar0625, BloodyRookie, and gimre.

Now, since its creation between 2014 and 2015, the project has grown from a personal project to a large ecosystem that has several platforms.

The overall development is now managed by the NEM Group, this is a parent company that is designed to support its growth, specifically to the launch of Symbol, which you can think of as a parallel blockchain or NEM 2.0, as well as further. This group was formed by a team of experienced NEM representatives that realized what exactly would benefit the ecosystem most and promoted more community input and engagement.

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