What is NEM (XEM)?
NEM’s ecosystem is designed from inception for scalability and speed.
Proof of Importance (PoI)
XEM uses a different algorithm (as compared to the more common Proof-of-Work or Proof-of-Stake) to secure their blockchain. In essence, it functions similarly to Google’s PageRank to assign trust scores to different individuals. The higher their score, the more chance they have of being rewarded for mining.
Due to XEM’s PoI consensus, even individuals with a smaller account balance of XEM can be rewarded more. They can do this by contributing more towards the NEM network, as an egalitarian caveat to conventional Proof-of-Stake methods where the more coins you earn, the more you make.
Ease of Development
NEM has modularity built in to allow customization for any use case you can imagine. As an example, NEMPay is a payment app that is already in use, but other uses may include loyalty rewards points tracking for customers, or supply chain management.
NEM is API compatible, meaning that existing applications can be connected to and used within the NEM ecosystem. As an example, mobile or web apps can connect to the XEM blockchain, and then interact in a secure manner using the API.